
Back in 2020 Eric Trump talked a lot about how Hunter Biden profited off his father’s VP position and how he and his siblings did the opposite:
When my father became President, we stepped out of all international business. When Hunter Biden’s father became Vice President, he stepped into international business.

Fast forward to 2025 and the Trump family cannot stop launching new ways to profit off Trump’s U.S. presidency. It’s the grift that keeps on giving.
Earlier this week I reported that Eric and Donald Trump Jr. are investors in a newly formed company, America Acquisition I Corp., that plans an initial public offering to raise $300 million to invest in businesses “aligned with the advancement of U.S. industrial capacity, technological leadership and innovation, and economic resilience.” However, in an ironic twist, I broke the news that the company sponsoring the deal was set up by two people, and one is an executive of financial firm ARC Group that is based in Shanghai, China. The sponsor will own just under 30% of the shares after the IPO and it is not clear if China-based ARC Group owns some of those shares.
From crypto deals to investing in publicly listed companies, the Trump family is raking in billions of dollars and much of their fees and earnings come from foreign and anonymous investors.
Conflict of interest is too quaint a term to describe what is happening. We seem to be converging into the perfect storm of Authoritarianism, Fascism, Oligarch and Kleptocracy. The richest and most powerful people in the U.S. are moving at breakneck speed to enrich themselves as they dismantle rights and protections for everyone else, and they are gaslighting everyone along the way.
I have been following the money and the people and networks around Trump for years, and more recently have been closely following new investments and business ventures of Trump’s eldest sons Eric and Don Jr. One of these crypto ventures is about to make Eric Trump very rich and is going to make his business partners even richer.
Eric Trump may own a stake worth $367 million when American Bitcoin merges with Gryphon Digital Media this year
Earlier this year Eric and Donald Trump Jr. became advisors and investors in a small financial services firm, Dominari Holdings, that operates out of Trump Tower in New York City. Don Jr. also invested in a firm called Unusual Machines that is aligned closely with Dominari. Then Eric, Don Jr. and Dominari formed a company called American Data Centers. Then American Data Centers merged with another company Hut 8 to form a new company called American Bitcoin (or American BTC). Now American Bitcoin is merging with another company called Gryphon Digital Mining and the newly merged company will also be called American Bitcoin.
Anyone confused yet?
Last week Bloomberg reported that Eric Trump’s stake in American Bitcoin Corp., which was formed four months ago in March, could be worth $367 million when it merges with Gryphon Digital Mining Inc.
The second son of President Donald Trump holds a large stake in closely held American Bitcoin Corp., which he co-founded in March. In a planned merger, his interest will be exchanged for about 367 million new shares of Nasdaq-listed Gryphon Digital Mining Inc., according to a securities filing Tuesday. Gryphon traded at about $1 on Thursday. The combined company will be called American Bitcoin. American Bitcoin was formed in March by combining the mining computers owned by a Miami-based company, Hut 8 Corp., with a newly formed entity whose investors included Eric Trump and Donald Trump Jr.
I first wrote about Gryphon Digital Mining before it was in a deal with two sons of the U.S. President, because it was indirectly linked to some people covered here who were in business with Don Jr. and Eric Trump.
I reported that Gryphon Digital had been involved in a $5 million deal, partly financed by cannabis company Alleaves, which had been linked to Michael Shvartsman who was convicted of insider trading in a company, DWAC, that later merged with Trump Media. I reported that Hartley Wasko, who led a $40 million investment round in Alleaves, appears to have received $10.8 million from a Russian businessman who also loaned $8 million to Trump Media.
Because the people I research are like characters in a game of whac-a-mole, it turns out that the former Board Chair and a current Director of Gryphon Digital Mining is Brittany Kaiser, a former Cambridge Analytic executive. There is more on Kaiser further on – but first some highlights on the planned merger of American Bitcoin and Gryphon Digital.
Highlights from a recent filing on the merger of American Bitcoin and Gryphon Digital Mining
The prospectus filed on July 31, 2025 for Gryphon Digital Mining has a notice of a special meeting of stockholders on August 27, 2025 to approve the proposed merger of Gryphon Digital Mining, Inc. and American Bitcoin Corp. (“ABTC”).
The prospectus notes that on March 31, 2025 Eric Trump and ABTC entered into a three year advisory agreement and that Eric does not receive compensation for this role.
The prospectus shows the beneficial ownership of ABTC before the merger in the table below. Eric Trump has 9.3% and American Bitcoin Holdings LLC has 80%. Per a footnote, American Bitcoin Holdings LLC is a wholly owned subsidiary of Hut 8, which is run by CEO Asher Genoot and Director and Chief Strategy Officer Michael Ho.

The Beneficial Ownership of the combined company, in the next table below, shows that Eric Trump will have 9.3% of the combined company and 366,973,778 shares – which Bloomberg reported at a $1 valuation would be worth approximately $367 million.
The value of the shares after the merger could fall below or rise far above $1, so the potential windfall from this deal for Eric Trump and his partners is unknown at this stage.
American Bitcoin Holdings LLC run by Asher Genoot and Michael Ho will have 80% and 3,154,412,898 shares which at $1 per share would be worth more than $3 billion.

The newly merged company American Bitcoin will be led by Asher Genoot and Michael Ho
The prospectus shows that Asher Genoot is 30 years old and Michael Ho is 32 years old – which means they may soon become some of the world’s youngest billionaires.
However, a footnote in the filing on American Bitcoin Holdings LLC, which has 80% ownership, says:
Represents the shares held by ABH, which is a wholly owned subsidiary of Hut 8. Mr. Genoot is the Chief Executive Officer of ABH and is a director and the Chief Executive Officer of Hut 8. Mr. Ho is the Chief Strategy Officer of ABH and is a director and the Chief Strategy Officer of Hut 8. Mr. Genoot and Mr. Ho disclaim beneficial ownership of these shares.
The last section on disclaiming beneficial ownership of the shares indicates that Genoot and Ho may not be the direct owners. If that is the case, it is not clear who the owners are in this venture with Eric Trump, the son of the U.S. president. Both Genoot and Ho have previously been in business with some interesting people.
Last month I reported briefly on the joint venture between Hut 8 and American Data Centers – which was formed by Eric Trump, Donald Trump Jr. and Dominari Holdings – to create American BTC (aka American Bitcoin). Eric Trump was listed on a presentation as the Co-Founder and Chief Strategy Officer of the new company.
I also reported here and here that Hut 8, led by Asher Genoot and Michael Ho, has links to Barry Honig and his network, who were charged by the SEC in 2018 for a $27 million stock fraud.
In January 2024 activist research and investment company J Capital Research published a report on ‘The Coming HUT Pump and Dump” that provides a deep dive into Hut 8, which merged into American Bitcoin, and highlights the links from Hut 8 to the Barry Honig network. The report has information on the background of Asher Genoot and Michael Ho and some prior business activities they were involved with that were linked to the Barry Honig network.
As noted earlier, it is not entirely clear if Genoot and Ho are the ultimate beneficial owners of the 80% stake and, if not, who the owners are that may soon be making a billion dollar fortune in this new venture with Eric Trump.
Gryphon Digital pre-merger ownership information
The Gryphon Pre-Mergers Beneficial Ownership table below shows that former Gryphon CEO Rob Chang owned 4.3%.
Anchorage Lending CA, LLC owned 16,611,848 shares or 19.3% of Gryphon and had provided earlier loan financing to Gryphon. Another section of the filing shows that American Bitcoin Corp. also has loans and notes payable to Anchorage Lending CA, LLC.

The table also shows that before the merger Brittany Kaiser owns 996,289 shares or 1.2% of Gryphon. If she continues to own these shares after the merger, at the recent $1 valuation her shares would be worth just under $1 million.
Current Director, former Chairperson and 1.2% owner of Gryphon Digital Mining Brittany Kaiser is a former Cambridge Analytica executive
I have been following Cambridge Analytica since 2017, including the odd career of Brittany Kaiser. She helped Cambridge Analytica bring Trump to power in 2016 and then left the company and claimed to be a ‘whistleblower’ after the media exposure brought Cambridge Analytica down and most of the business was shuttered – except for one part that still trods on, Emerdata run by Rebekah Mercer.
Brittany Kaiser now runs a nonprofit called Own Your Data and dabbles in many other business ventures. Despite her ‘whistleblower’ moniker, she keeps appearing in odd places with some dubious people.
In 2020 she was the campaign manager for the failed U.S. presidential campaign of Tether co-founder Brock Pierce. More recently Politico reported that Kaiser gave $25,000 to a PAC supporting Eric Adams for Mayor of New York City – other PAC donors include Alexander Rovt and Len Blavatnik, who both made early fortunes in business deals with Russian oligarchs. Kaiser now runs a “luxury hospitality and lifestyle” crypto business called Chateaushi, that is hard to decipher but appears to leverage crypto and aims to preserve historic properties in Europe. She is also a director of Lucy Scientific Discovery Inc., a psychotropics contract manufacturing company with the stock symbol LSDI. Last year Kaiser became an advisor to DrumWave, which purports to help people monetize their personal data and plans to launch a citizen digital wallet in Brazil.
I was surprised to run across her name while researching this story on Russian-American businessman Anton Postolnikov, who once loaned Trump Media $8 million and appears to have loaned $10.8 million to a firm run by Hartley Wasko, who has links to Eric and Donald Trump Jr. and their business partner Dominari Holdings. When I reported in March that Brittany Kaiser was the Chair of Gryphon Digital and her odd connection to the network linked to Trump, there was no news yet that Gryphon would merge with American Bitcoin co-founded by Eric Trump.
When Gryphon Digital merges with American Bitcoin, Brittany Kaiser will likely have a small stake in the business led by Eric Trump.
Following are more details on Brittany Kaiser found in the recent prospectus filing on the merger of Gryphon with American Bitcoin.
Brittany Kaiser served as chairperson of Legacy Gryphon’s board of directors since February 4, 2021. She also served as Chairperson of the Gryphon Board from the Akerna Closing until September 2024, as the chairperson of Legacy Gryphon’s board of directors since February 4, 2021 and was a director of Legacy Gryphon since December 21, 2020. Ms. Kaiser is also an independent director of Lucy Scientific Discovery Inc. (Nasdaq: LSDI), a psychotropics contract manufacturing company, since December 2020, Chief Executive Officer and director of Achayot Partners LLC, a digital asset consulting firm, since April 2019, President and director of Own Your Data Foundation, a non-profit foundation implementing digital intelligence education programs since August 2019 and co-founder of Digital Asset Trade Association, an advocacy group for distributed ledger technology since February 2018. Prior to that, Ms. Kaiser served as business development director at SCL USA, a provider of consumer research, targeted advertising and other data-related services from March 2017 to January 2018 and SCL Group Ltd. (UK) from February 2015 to March 2017. Ms. Kaiser graduated from Middlesex University School of Law in 2015.
A section on the recent compensation for the Gryphon board shows that Kaiser earned $120,316 in fees and 165,578 in stock awards for a total of $285,894. There is also a section on the Director agreement with Kaiser with details on her prior compensation as Chairperson, which included $200,000 per year and stock awards.
In somewhat tangential news – I noticed a recent news story that mentioned another potential crypto venture involving Brittany Kaiser. A few details are captured below.
Brittany Kaiser is working on a potential deal to raise $200 million to buy Toncoin
The Financial Times recently reported that Brittany Kaiser was putting together a deal with a public company to buy Toncoin – the blockchain used by Telegram and built by Pavel Durov.
“Former Cambridge Analytica executive Brittany Kaiser is working on a deal to raise $200mn of equity using a public shell company to buy Toncoin at a discount to its current trading value with Canadian investment group RSV Capital, according to two people briefed on the matter. Toncoin is the token of the blockchain used by messaging app Telegram and built by its founders, including Pavel Durov.”
Pavel Durov is the Russian-born founder of Telegram and younger brother of Nikolai Durov who developed TON (The Open Network) and Toncoin, the principal token. Pavel Durov – who has over 100 children, far exceeding prolific baby-maker Elon Musk who has a mere 14 children – faces criminal charges in France over illegal content and activities on his platform.
Per the Financial Times, Kaiser is in discussions with “Canadian investment group RSV Capital.” There is a company called RSV Capital in Canada, also known as Red Shark Ventures, that has a team led by several businessmen from Russia and several who were involved with the Skolkovo high tech innovation center in Moscow, Russia. While this RSV Capital is interesting and has participated in some prior crypto deals, it is not clear if this is the same firm mentioned in the Financial Times story.
The rate at which the Trump family and the network of people around them are grifting off the Trump presidency is astounding and likely to ramp up faster in the months and years ahead.
In Trump presidency 1.0 White House denizens Jared Kushner and Ivanka Trump often grabbed the media spotlight while the two oldest Trump sons operated more quietly in the background. In Trump presidency 2.0 the roles are reversed as Eric and Don Jr. spin off new businesses faster than the media can keep up with. And in the Trumpian whac-a-mole world many old names – such as Brittany Kaiser – keep showing up as well. There is a lot going on now in the world, but following the money and the people around the money is more essential than ever. Subscribe below to stay updated!