PANews April 29 news, according to Forbes, Eric Trump, the second son of Trump, promotes his Bitcoin company American Bitcoin as a "money printing machine," but it is actually an arbitrage tool that exploits MAGA investor sentiment. The company attracts investors by exaggerating claims, capitalizing on the premium effect of the Trump brand to issue stocks at inflated valuations, cashing out and then buying Bitcoin, while ordinary investors suffer heavy losses. Since going public in September, the company has sold approximately 158 million shares, cashing out about $351 million, and purchasing Bitcoin worth around $390 million. The company claims that mining costs are about $58,000, but after accounting for expenses such as equipment depreciation, the actual total cost is about $90,000, exceeding the current Bitcoin price. The company faces risks through mining machine financing agreements; if Bitcoin prices do not rebound, all mined Bitcoins may be used to pay for equipment. The company actually has only two full-time employees, its stock price has dropped 92% from its peak, and investor losses are estimated at about $500 million. Eric Trump's personal wealth has increased from approximately $190 million to $280 million.
In response, Eric Trump stated on the X platform, "Forbes has become a political weapon and a disgrace to journalism." He noted that American Bitcoin has been established for just over a year, publicly listed for 7 months and 25 days, currently holds over 7,000 Bitcoins, is the 16th largest publicly traded Bitcoin company in the world, with nearly 90,000 mining machines and 28 EH/s in computing power. In the fourth quarter, the company's balance sheet Bitcoin grew by 58%, with mining costs at a 53% discount to market prices and quarterly revenue of $78.3 million, a 22% quarter-on-quarter increase. Eric Trump also urged readers to judge the source of information for themselves.
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