Eric Trump has publicly lashed out at a Forbes magazine article about American Bitcoin, a US-based cryptocurrency mining firm, accusing it of being politically motivated propaganda. Posting on X, Trump criticized Forbes’ journalism and urged his followers to scrutinize their news sources following the publication’s critical coverage of the company’s operations and financials.
Rapid growth and key financial figures
Founded in 2023, American Bitcoin swiftly rose within the crypto mining sector, listing on Nasdaq and disclosing holdings exceeding 7,000 BTC. The company has become one of the world’s sixteen largest publicly traded bitcoin mining firms, with an infrastructure supporting roughly 90,000 mining machines and a total capacity of 28 exahash. In the fourth quarter of last year, it increased its BTC holdings by 58 percent and reported revenues of $78.3 million, a jump of 22 percent compared to the previous quarter.
Production costs for BTC at American Bitcoin are cited as 53 percent lower than the prevailing market price. Meanwhile, reports indicate that the company’s owners have faced issues with major US banks, pushing them towards decentralized finance alternatives and away from the traditional financial sector.
Forbes’ claims: workforce, value loss, and investor setbacks
Forbes reported that Eric Trump actively promoted the company as a rising brand, yet when it first went public, American Bitcoin employed only two full-time staff members. CEO Mike Ho also serves as chief strategy officer at Hut 8, with Asher Genoot and several independent directors rounding out the management team.
On September 3, the day American Bitcoin debuted on Nasdaq, the firm’s market capitalization reached $13.2 billion, with total BTC holdings valued at around $270 million. However, following the IPO, company shares plummeted by 92 percent from their peak. During this period, Eric Trump’s net worth reportedly rose from $190 million to $280 million, while individual investors suffered collective losses of approximately $500 million.
Forbes notes that around 70 percent of American Bitcoin’s crypto assets were acquired not through mining, but via share sales. In the first 27 days post-IPO, the company raised $90 million by selling 11 million shares, acquiring 725 BTC with those proceeds.
In a company meeting this February, Eric Trump said American Bitcoin was positioned to become a leader in the cryptocurrency sector and thanked the team for their efforts. Despite these ambitions, the workforce outside the executive suite remains sparse, and a dedicated social media team was only recently established.
Investment timeline, third-party ties, and costs
During the company’s formation, Dubai-based businessman Hussain Sajwani, who has business connections with the Trump family, announced a $20 billion plan for US data centers. Initially, Eric and Donald Trump Jr. participated in an artificial intelligence data center venture, later joining Asher Genoot and Mike Ho’s mining business. While American Bitcoin was first envisioned as an AI data center, its focus shifted to crypto mining.
American Bitcoin conducted further share sales in late 2025 and early 2026. From mid-October to mid-November, the company raised $44 million by selling 7 million shares and an additional $106 million with a 47 million-share offering at November’s end. Between January 1 and March 25, 84 million shares were sold, securing $111 million. Altogether, Bitcoin purchases reached a value of $525 million, though current holdings have dropped to around $390 million, creating a $135 million gap.
Forbes estimated American Bitcoin’s direct mining cost per BTC at around $47,000, but when all expenses are factored in, the average cost rises to approximately $90,000 per bitcoin.
