Scam Fam
The meme coin named after Donald Trump is
all but worthless now
—but that’s not preventing his children from starting their upcoming cryptocurrency venture. As
Bloomberg
Other sources indicate that the president’s sons, Eric and Donald Jr., are planning to make their Bitcoin mining business available through an initial public offering on conventional stock exchanges.
Referred to as American Bitcoin Inc., the enterprise owned by the Trump sons, which focuses on cryptocurrency mining and strategic reserves, is set to be taken over by Gryphon, a different crypto mining company. Upon the announcement of this acquisition, Gryphon’s stock price surged dramatically by 460 percent to reach $2.93 per share; however, it has since then fluctuated.
dropped down below $2.00
.
Previously known as
American Data Centers Inc.
In February, the project was initiated by Donald Trump’s older brothers along with several investors. Following the merger, current stakeholders will hold approximately 98% ownership of the firm, which will be listed under the stock symbol ABTC.
As
CNBC
notes
Eric Trump, who co-founded the company and served as its chief strategy officer, has stepped back from involvement with his father’s administration to concentrate solely on cryptocurrency efforts, thereby avoiding any potential conflicts of interest.
“The space race was ours,” they said.
middle Trump son told
CNBC
Back in early April. “We need to take the lead in the cryptocurrency competition.”
Little Wins
Significantly, this merger coincides with the president’s struggling crypto project, his self-named $TRUMP token, which initiated an odd competition: a dinner with the President himself for individuals holding the highest amount of the meme coin.
Though new buyers
spent nearly $150 million
to get the chance to dine with Trump at one of his golf clubs, savvier investors figured out a smarter scheme.
According to the
New York Times
At least 17 out of the 220 successful bidders in the competition ended up with none of the coins by the conclusion of the three-week contest duration. It appears they took advantage of a loophole which specified that only leading bidders needed to hold $TRUMP coin in their wallets.
before
The contest period concluded, instead of being open until the exact closing moment—basically indicating that these holders liquidated their coins to meet the demands of enthusiastic buyers while securing victories for themselves.
Regardless of the probable corrupt controversy surrounding that plan, Trump is still only valued at
about $12.75 per token
— lower than its all-time low of approximately $7.50 last month, which occurred following the
president’s tariffs announcement
, but that doesn’t mean too much.
More on crypto scams:
Hawk Tuah’s Daughter Expresses Shock Over Issues Surrounding Her Cryptocurrency Release
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Trump’s Memecoins Plunge, but His Kin Have a Fresh Cryptocurrency Scheme
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