Talking to a packed auditorium at Consensus 2025, Eric Trump mentioned the quiet half out loud: “All people on the earth is making an attempt to hoard Bitcoin proper now. All people. I hear it from sovereign wealth funds. I hear it from the wealthiest households. I hear it from the largest firms. I imply the adoption of it’s unbelievable. ”
The son of US President Donald Trump used the stage to clarify why his newly shaped mining enterprise, American Bitcoin, is being rushed onto public markets through a reverse-merger with Gryphon Digital Mining. Trump, who serves as the corporate’s chief technique officer, referred to as Bitcoin “digital gold” and a superior retailer of worth in contrast with the illiquid trophy properties that constructed the household fortune.
Bitcoin Is A ‘Race To The Prime’
I actually consider in digital gold, which is Bitcoin,” he instructed the viewers. Trump contrasted the portability of Bitcoin with the illiquidity of trophy actual property that constructed the household fortune. “I bought a lodge a few years in the past. It took me a 12 months and a half to actually transact that lodge as a result of title stories, escrows, lenders and managers all needed to line up,” he instructed the group. “Then swiftly you’ve obtained this digital asset you don’t want to observe, you don’t have to handle. It’s world, it’s instantaneous. I can have a glass of wine with my spouse on Saturday evening and be transferring worth on the similar time. That’s modern-day finance.”
Trump additionally defined the FOMO he’s at present experiencing: “And so each single day, guys, I’m telling you, individuals who have been type of staunchly in opposition to it, individuals who didn’t perceive it, individuals who have been closed-minded, people who find themselves type of rhinos to conventional finance are coming round in an enormous method. And I believe the type of spike in Bitcoin goes to be vital and due to this fact it truly is type of a race to the highest proper now. There’s lots of people who’re working very very exhausting at this mission.”
The velocity motif additionally dominated Trump’s merger. “The velocity at which the reverse merger occurred—and the velocity at which we’re going to get to market—goes to be fairly unparalleled for any public firm,” he mentioned, describing a round the clock inner chat with Hut 8 CEO Asher Genoot and Gryphon executives that “actually goes backwards and forwards all day, day by day, Saturday, Sunday.” Minutes later he distilled the branding rationale: “American Bitcoin, to me, is every little thing… it has to have the phrase American and it has to have the phrase Bitcoin.”
Market knowledge recommend traders are rewarding that urgency. When Hut 8 and Gryphon unveiled their stock-for-stock deal on Could 12, Gryphon shares rocketed greater than 200% in pre-market commerce and Hut 8 gained 12%. The mixed firm will hold the American Bitcoin identify, checklist on Nasdaq beneath the ticker ABTC and is scheduled to shut within the third quarter, with Hut 8 retaining majority management.
Trump’s assertion that sovereign wealth funds at the moment are energetic Bitcoin accumulators lands as giant public firms escalate their very own treasury methods. Every single day new Bitcoin treasury firms are introduced. Additionally, sovereign wealth funds are loading up on Bitcoin. Simply yesterday, Mubadala, the Abu Dhabi sovereign wealth fund, disclosed proudly owning 8,726,972 shares of BlackRock’s spot BTC ETF (IBIT) in a 13F submitting, valued at $408.5 million.
For Trump, the macro panorama divides into two contests: an accumulation race, wherein gamers reminiscent of Technique bulk-buy cash, and a mining race, which American Bitcoin intends to win by sourcing a number of the world’s least expensive electrical energy by means of Hut 8’s US infrastructure. “If I can mine an asset for actually a 3rd the associated fee that it’s buying and selling proper now, and we will try this in America utilizing the lowest-cost power anyplace on the earth, we’re on to one thing actually good,” he mentioned.
The political subtext was by no means far-off. Trump credited “political weaponization” in opposition to the household for pushing him towards crypto allies and argued {that a} liquid, censorship-resistant asset is an antidote to the hurdles confronted by exhausting property. But he saved the tone promotional, not partisan. “I don’t assume I’ve ever been extra excited a couple of challenge.”
At press time, BTC traded at $103,889.
Featured picture created with DALL.E, chart from TradingView.com
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent overview by our group of prime expertise consultants and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.