Eric Trump reacted harshly on the X platform to a news published in Forbes magazine about the US-based cryptocurrency mining company American Bitcoin and the company’s performance. While Eric Trump described the news in question as a propaganda text written for political purposes, he criticized Forbes’ journalism and invited his followers to question their sources of information.
The rapid growth of the company and the developments reflected in the figures
American Bitcoin stands out as a cryptocurrency mining company founded in 2023. The company began trading on Nasdaq as soon as it was established and announced that it held over 7 thousand BTC. American Bitcoin, which has become the 16th largest publicly traded bitcoin mining company in the world, has approximately 90 thousand mining devices and an infrastructure with a capacity of 28 exahash. The company announced that it increased its BTC balance by 58 percent in the last quarter of last year and generated $78.3 million in revenue. This revenue represents a 22 percent increase compared to the previous quarter.
It is stated that the BTC production cost is 53 percent lower than the market price. It is also reported that the owners of the company had problems with large banks in the USA and that they moved away from the traditional financial system and turned to decentralized finance solutions.
Forbes’ claims: personnel structure, depreciation and investor losses
In Forbes’ news, it is stated that Eric Trump supported the company with an emphasis on a fast-rising brand, but the company actually had only two full-time employees in the first days of its public offering. CEO Mike Ho also serves as Hut 8’s chief strategy officer. Directors include Asher Genoot and several independent directors.
While the market value of the company on September 3, when it was listed on Nasdaq, was 13.2 billion dollars, the total amount of BTC it owned was approximately 270 million dollars. However, after the IPO, the company’s shares lost 92 percent of their value compared to their peak. It was stated that during this period, Eric Trump’s wealth increased from $190 million to $280 million, but individual investors lost approximately $500 million.
Forbes reports that approximately 70 percent of American Bitcoin’s crypto assets are obtained through share sales, not mining. It is stated that in the first 27 days after the company went public, $90 million was collected by selling 11 million shares, and 725 BTC was purchased with this.
Additionally, at the company meeting in February, Eric Trump stated that American Bitcoin is a candidate to become a leader in the cryptocurrency industry and thanked his team. On the other hand, it seems that there are very few people in the company’s personnel structure other than senior managers, and the social media team has been newly established.
Investment process, third-party links and costs
During the establishment of the company, Dubai-based businessman Hussain Sajwani, who had business relations with the Trump family, came to the fore with a 20 billion dollar plan for data centers in the USA. In this process, Eric and Donald Trump Jr. first took part in an artificial intelligence data center initiative and then became partners in the mining business run by Asher Genoot and Mike Ho. It is stated that American Bitcoin was initially planned as an artificial intelligence data center, but later focused on mining.
The company continued selling shares in the fall of 2025 and the beginning of 2026. $44 million for 7 million shares from mid-October to mid-November; At the end of November, approximately 106 million dollars were collected for 47 million shares. From January 1 to March 25, a total of 84 million shares were sold and $111 million in revenue was generated. The total value of BTC purchased reached $525 million, but currently the market value of these assets is approximately $390 million, a difference of $135 million.
Forbes reported that the average production cost per BTC in the company’s mining operations is around 47 thousand dollars, and when all expenses are included in total, this figure increases to approximately 90 thousand dollars.
