Trump-Backed American Bitcoin Eyes Japanese, Hong Kong Firms For Crypto Acquisition: Report

American Bitcoin, a U.S. cryptocurrency mining company backed by Donald Trump Jr. and Eric Trump, is reportedly looking to acquire Asian companies to bolster its Bitcoin reserves.

American Bitcoin Eyes Public Firm Buys in Japan, Hong Kong

American Bitcoin is actively seeking to purchase a listed company in Japan and potentially in Hong Kong, according to sources familiar with the matter, reported The Financial Times. The company seeks to replicate Michael Saylor's MicroStrategy (NASDAQ:MSTR), which has achieved a substantial market value increase while maintaining large Bitcoin (CRYPTO: BTC) holdings.

Unlike Strategy, American Bitcoin already generates new Bitcoin through the process called "mining."

American Bitcoin, already building its own “strategic” Bitcoin reserve, is reaching out to investors to explore potential acquisitions. The Trump family’s recent foray into the crypto space has led to a surge in Bitcoin prices and the emergence of “crypto treasury companies,” which use funds from share or debt sales to purchase tokens.

Asian markets—especially Japan and Hong Kong—have a large community of amateur crypto traders. Setting up new treasury companies in these regions could tap into a fresh wave of demand.

Meanwhile, Trump Media & Technology Group (NASDAQ:DJT) announced plans to raise $1.5 billion in new equity and an additional $1 billion via convertible bonds to establish a "bitcoin treasury."

SEE ALSO: Dave Ramsey Says Friend Invested $10,000 In Crypto To ‘Get A Rise’ Out Of Him: ‘He Wanted Me To Call Him An Idiot And I Did’

Trump-Linked Bitcoin Miner Plans September Nasdaq Debut

American Bitcoin, slated to go public in the U.S. this September via a reverse merger with Nasdaq-listed miner Gryphon Digital Mining (NASDAQ:GRYP), is already producing new Bitcoin through mining. The company's co-founder and chief strategy officer is Eric Trump.

The Trump family’s interest in crypto has been steadily growing. Eric Trump, the executive vice president of The Trump Organization, cited his personal experiences with de-banking as a major factor in their decision to embrace crypto. 

The family’s crypto business has seen billions in gains, largely driven by the performance of its stablecoin, USD1, issued by World Liberty Financial, which is deeply integrated with PancakeSwap, a decentralized exchange reportedly developed and maintained by Binance.

Warren Slams Crypto Bills Tied to Trump's Ventures

Last week, Sen. Elizabeth Warren (D-Mass.) renewed her call for robust cryptocurrency regulation, condemning the current approach as a corporate handout that she says "supercharges" President Donald Trump's corruption.

Warren reiterated concerns over crypto bills like the GENIUS Act and CLARITY Act, saying they ignore corruption linked to Trump's ventures, including the Official TRUMP memecoin and USD1 stablecoin. Trump disclosed over $57 million in income from USD1's parent firm, World Liberty Financial, but denied profiting from the memecoin.

READ MORE:

• Binance Founder Zhao Seeks Pardon From Trump For Money-Laundering Violations

Image via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.