Eric Trump declares a global rush to accumulate Bitcoin is underway

Eric Trump, son of US President Donald Trump, declared that a global rush to accumulate Bitcoin is underway.

Eric Trump, son of US President Donald Trump, claimed at the Consensus 2025 conference in Toronto on May 15 that there is a global rush to accumulate Bitcoin.

“I’m traveling. I’m on a plane. Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear it from the biggest companies.”

The more immediate future outlook is in the form of two races he sees currently taking place in the Bitcoin space: the race to buy Bitcoin and mine.

Trump’s Bitcoin venture joins Gryphon in pre-listing deal

Eric Trump is not only talking about Bitcoin; he’s building a business empire around it. His company, American Bitcoin, is merging with Gryphon Digital Mining in a deal that will see the two combine. The deal, which is structured as an all-stock exchange offer, will see two powerful mining companies integrate into a single entity. The two companies said the combined company is expected to be publicly listed on the Nasdaq later this year.

American Bitcoin is a unit of Hut 8 (TSX: HUT8; NASDAQ: HUT), one of the largest cryptocurrency mining companies in North America. The merged company will become one of the biggest Bitcoin miners in the US.

Trump, who launched American Bitcoin together with his brother, is bullish on the space. They aim to make American Bitcoin a vehicle for people and institutions to invest in Bitcoin, largely through the US-regulated stock markets.

After the news, shares of Gryphon (NASDAQ: GDMN) shot up over 200%, while shares of Hut 8 also traded higher. Analysts noted that this is a smart move ahead of the next Bitcoin halving cycle and follows a continuing surge in interest from corporations in crypto mining.

The deal is expected to close in the third quarter of 2025.

Lawmakers slam Trump’s growing crypto ventures

But not everyone is cheering. The Trumps’ uncloaked investments in the crypto world have drawn scrutiny from lawmakers — especially Democrats on Capitol Hill. They are concerned about potential conflicts of interest and political power over the fast-growing digital asset market.

A few Democrats have demanded an investigation into the family’s crypto ventures, which include meme coins like $TRUMP and NFT collections, mining companies and even a stablecoin project that is said to have ties to companies linked to the Trump family.

House Democrats walked out of a bipartisan hearing on digital assets earlier this month after complaining that Republicans were ignoring allegations of possible ethics breaches by the President’s inner circle.

A group of Senate Democrats also penned a letter to President Trump on May 13, urging him to divest from all his assets in cryptocurrency, which includes a yet-to-be-announced stablecoin project backed by physical assets. They stated that such links would be seen as using his presidency for personal gain, potentially exposing him to foreign influence and operating in an industry that he has the power to deregister.

It combines Trump’s unscrupulous business practices with an industry that is notorious for fraud, scams and a lack of transparency. It may also become the most lucrative venture he’s ever been involved in.

The group State Democracy Defenders Action estimated in a new report that the president’s crypto holdings now make up nearly 40% of his net worth — or about $2.9 billion.

Lawmakers are also trying to stall a bipartisan bill on stablecoins, with a second vote likely to be pushed for later this month.

President Trump recently ordered the creation of a US Strategic Bitcoin Reserve, an order that has surprised many in the political world both at home and abroad. Some have praised it as a forward-thinking move, but critics have shot back, saying it’s nothing more than a thinly veiled attempt to promote his family’s investments.

Despite this pushback, the administration has still attempted to position itself as crypto-friendly. The family’s direct influence on the sector suggests that Bitcoin will likely play a role in future economic and political discussions.