Bitcoin News Today: Trump Brothers Bet Big on Crypto, Prediction Markets and Washington Influence

Donald Trump Jr. has positioned himself at the forefront of the growing U.S. prediction market sector by joining as a strategic adviser to Polymarket, the world’s largest prediction market. His venture-capital firm, 1789 Capital, recently announced a strategic investment in the private company, with terms of the investment not disclosed [1]. This move aligns with a broader regulatory shift that is lowering barriers for prediction markets in the U.S., a development that has sparked interest among investors and market participants.

At the same time, Donald Trump Jr. and his brother, Eric Trump, have launched another high-profile initiative with the Nasdaq listing of American Bitcoin, a company focused on bitcoin mining and treasury operations. The firm began trading under the ticker symbol ABTC on Wednesday, with its share price surging by as much as 90% during its first hour of trading before settling to a 40% gain by midday [2]. The company, which emerged from a merger with Gryphon Digital Mining, is backed by Hut 8, a publicly traded mining firm, and aims to combine mining operations with strategic market purchases to drive Bitcoin-per-share growth [2].

The listing of American Bitcoin has intensified scrutiny over the Trump family's expanding presence in the crypto sector. The brothers, alongside other family members, own 98% of the company, raising concerns about potential conflicts of interest amid the administration’s efforts to reduce regulatory oversight of the crypto industry [3]. Ethics experts have highlighted these concerns, with one noting that the president’s influence on regulatory appointments could create an uneven playing field for competitors. Critics, including Democratic Senator Elizabeth Warren, have accused the Trumps of leveraging their political connections to benefit from their crypto ventures [3].

In addition to the American Bitcoin listing, the Trump family has also seen significant value creation through World Liberty Financial, a crypto project co-founded by the president and his sons. The project’s token, which listed earlier this week, created as much as $5 billion in paper wealth for the Trumps and other insiders. At current market values, the Trump family’s holdings in World Liberty tokens are worth approximately $4.8 billion [2]. Meanwhile, Trump Media and Technology Group, the parent company of Truth Social, has announced a deal to accumulate the native token of Crypto.com, further cementing the family’s involvement in the crypto ecosystem [3].

The Trump brothers have also announced advisory roles with New America, a firm focused on revitalizing domestic manufacturing and innovation ecosystems, which reflects the administration’s broader policy goals. The brothers are set to receive 5 million shares in the company, as it seeks to raise $300 million from investors prior to a potential public listing [3]. These business moves, combined with the recent developments in the crypto and prediction markets, signal a broader strategy by the Trump family to align with the administration’s agenda and capitalize on the evolving financial landscape.

Source:

[1] Polymarket authorized U.S. return after Donald Trump Jr. (https://www.marketwatch.com/story/polymarket-authorized-for-u-s-return-days-after-donald-trump-jr-joins-as-advisor-c3c8b348)

[2] American Bitcoin listed on the Nasdaq - Yahoo Finance (https://finance.yahoo.com/news/american-bitcoin-listed-on-the-nasdaq-141359159.html)

[3] Trump family's American Bitcoin makes stock market debut (https://www.nbcnews.com/business/business-news/trump-american-bitcoin-crypto-venture-raises-conflict-interest-alarms-rcna228837)