• Hut8 announced a new Bitcoin mining subsidiary in partnership with Eric Trump
• Trump told CNBC that his interest in bitcoin stemmed from cancel culture, saying his family was "the most canceled company on earth"
• American Bitcoin has set out to be "the world's largest, most efficient pure-play miner"

Bitcoin mining company Hut 8 (NASDAQ:HUT) said last week that it is launching a new subsidiary with Eric Trump. American Bitcoin "aims to be the world's largest, most efficient pure-play miner while building a robust strategic Bitcoin reserve," according to a company statement.

Trump told CNBC on Wednesday why he turned to cryptocurrency. His family's namesake firm became "the most canceled company, probably on earth. It's actually what drove us towards cryptocurrency. You realize that cryptocurrency was a lot faster, it was a lot more pragmatic, it was a lot more transparent, it was exponentially cheaper." 

Don't Miss:

• Hasbro, MGM, and Skechers trust this AI marketing firm — invest pre-IPO from $0.55 per share now.
• It’s no wonder Jeff Bezos holds over $250 million in art — this alternative asset has outpaced the S&P 500 since 1995, delivering an average annual return of 11.4%. Here’s how everyday investors are getting started.

The "cancellation" Trump is referring to happened in 2022, when two Trump Organization units were convicted in New York of multiple crimes. There were 17 charges, including things like tax fraud, falsifying business records, and conspiracy. Guilty verdicts on all counts were handed down just two weeks after Trump's father, Donald Trump, announced his candidacy for the 2024 presidential election. 

There is also the lawsuit the Trump Organization filed against Capital One (NYSE:COF), alleging that the bank illegally closed over 300 of the company's accounts following the Jan. 6, 2021 riot at the US Capitol. According to the lawsuit, Capital One was acting on "unsubstantiated ‘woke' beliefs that it needed to distance itself from President Trump and his conservative political views" rather than any legal precedent. 

Trending: Have $200K saved? Here's how to turn it into lasting wealth

Eric Trump told CNBC that after "falling in love with the cryptocurrency industry and realizing that "every sophisticated country is using their excess power to mine Bitcoin," he concluded that launching his own coin would be the best way to push back against an economy that has "launched a war on [cryptocurrencies]."

Eric also claimed that, despite his father being back in the White House, there is no conflict of interest with this new venture as he "[doesn't] have anything to do with government and... frankly, doesn't want anything to do with government." President Trump has taken a very pro-crypto stance, creating a strategic crypto reserve and launching a meme coin just before his inauguration.

Eric is pushing the government to adopt a regulatory framework that will allow crypto to grow. "You better believe that China is running very hard at this. The entire Middle East is running very hard. We won the space race. We better win the crypto race," he told CNBC.

Read Next:

• Are you rich? Here’s what Americans think you need to be considered wealthy.
• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now

Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.

Get the latest stock analysis from Benzinga?

This article 'It Actually Is What Drove Us Toward Cryptocurrency.' Eric Trump Says Cancel Culture Caused Family Shift to Bitcoin originally appeared on Benzinga.com

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.