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Bitcoin Is the Business — and Trump’s Family Is All In

PLUS: Solana ETF fast-tracks with a staking twist, and Ethereum’s new security report reveals hidden cross-chain threats

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Cryptopolitan News
June 11, 2025 • Estimated Reading Time: 12 minutes

📬 Today’s Byte

• Bitcoin is the Business

• Solana ETF Could Land in Weeks, SEC Open to Staking Twist

• Ethereum Security Report Flags Cross-Chain & AI Code Risks

• Solana leads with $16.2M in weekly chain revenue.

💥 Bitcoin is the Business

A new name is emerging in the mining game, and it has heavyweight backing. American Bitcoin (ABTC), a mining firm tied to Donald Trump Jr. and Eric Trump, has quietly stacked 215 BTC (~$23 million) since April. But here’s the kicker, they say hoarding Bitcoin isn’t a side effect of their business, it is the business.

“Our strategy is simple, mine cheap, hold long, and scale fast.”

In a filing submitted to the SEC, ABTC revealed a bold plan to accumulate BTC as its core value proposition. The company runs a lean, infrastructure-light model by outsourcing operations to Hut 8, allowing it to mine Bitcoin below market cost.

The Mining Machine

ABTC operates over 60,000 miners across New York, Texas, and Alberta, pumping out 10.17 exahashes/sec, all while maintaining energy efficiency at 21.2 joules per terahash. Their miners join top pools like Foundry and Luxor, with sub-1% pool fees.

And they’re not just stacking, they’re securing. All Bitcoin is cold-stored with Coinbase Custody, protected by multi-factor authentication and strict withdrawal protocols.

 A 3-Layered Strategy

ABTC’s plan revolves around:

  1. A capital-efficient, infrastructure-light mining setup

  2. Using markets and strategic financing to build up BTC reserves

  3. Expanding deeper into Bitcoin’s growing ecosystem

So while most miners mine and sell, ABTC is mining to HODL.

Upcoming Merger: Gryphon + ABTC

In May, ABTC announced a merger with Gryphon Digital Mining. The stock-for-stock deal will take ABTC public, with Eric Trump joining the board and Hut 8 continuing operations post-merger.

Post-merger, 98% of the new company will be owned by existing ABTC shareholders, a strong vote of confidence in this Trump-family-powered mining startup.

But, not everyone is sold, some call it a political PR play, but the move taps into rising U.S. accumulation sentiment.

ABTC’s model reflects a shift from short-term speculation to institutional-grade Bitcoin stacking. If their strategy works, this could mark the rise of a new kind of HODLer, not just from crypto Twitter, but from Wall Street and Washington alike.

The United States and Mexico are close to reaching a deal to remove or reduce 50% tariffs on steel imports, industry officials and sources familiar with the situation said. This source said one possible scenario would be a quota system that permits a specific volume of Mexican imports into the country.

📊 Market Watch:

The SEC is quietly speeding up approvals for Solana ETFs and a surprise twist could make this the most innovative crypto ETF yet.

According to sources, the Commission has asked issuers to submit updated S-1 filings within a week, hinting at a possible approval window of just 3 to 5 weeks, potentially as early as July.

What’s fueling the fast-track?

• The SEC has already begun reviewing the proposals and plans to return comments within 30 days.
• Several firms: Grayscale, VanEck, 21Shares, Bitwise, Franklin Templeton, and Canary Capital, are actively waiting in line.
• Grayscale is aiming to convert its existing Solana Trust into a spot ETF, the same playbook it used for Bitcoin and Ethereum.

Here’s where it gets interesting: The SEC is reportedly open to allowing staking within these ETFs. That means investors could potentially earn yield on top of price exposure, something no U.S. crypto ETF has offered yet.

The SEC has asked issuers to explain:

• How investors will redeem funds in crypto
• Whether staking will be included, and if so, how rewards will be managed

Bloomberg’s James Seyffart believes this ETF could arrive faster than expected due to close coordination between issuers and the SEC’s crypto taskforce. He also noted that Solana and XRP already have futures-based ETFs, which usually makes spot ETF approval smoother.

Why it matters:

• Approval would mark the third major spot crypto ETF launch after Bitcoin (January 2024) and Ethereum (May 2025)
• A staking-enabled ETF could attract both traditional investors and crypto-native users
• It may also set a precedent for other yield-based ETF products, blurring the lines between DeFi and Wall Street

With the filing deadline pressure and backchannel optimism building, Solana might soon take its place among the ETF elite, with staking as its killer feature.

The Fed is staying put on interest rates and won’t be making any cuts until at least September, based on new data from a June 5–10 Reuters survey of 105 economists.

🧠 Report Analysis

The Ethereum Foundation just dropped its first-ever security report under the Trillion Dollar Security initiative and the findings are a wake-up call.

While massive contract bugs are becoming less frequent, new threats are emerging fast, especially as Ethereum pushes toward complex cross-chain interactions and AI-assisted development.

Here’s what the report highlights:

  • Cross-chain complexity = more risk
    Bridges remain one of Ethereum’s most vulnerable components. Poor message validation, contract mismatches, and multi-hop transfers between chains like Arbitrum have already led to exploits.

  • Access control is under pressure
    Insecure upgrade paths, unchecked external libraries, and inter-contract calls are common weak points. A recent Arbitrum attack involved a malicious contract injection via mismanaged permissions.

  • Smart accounts + AI = new frontier of risk
    Personal signature misuse is rising, with malicious apps tricking users into delegating full control of their wallets.
    Meanwhile, auto-refactored or AI-generated smart contract code is adding a layer of unpredictability — and exploitable logic flaws.

  • Monitoring is broken
    The current state of on-chain security is patchy. Detection and coordination during live attacks can take hours. Most of the defense relies on voluntary researchers or whitehats. The Foundation wants to push for a formal incident response system, and even insurance options to handle losses.

Layer 2 chains aren’t immune either:

  • Many L2s rely on centralized upgrade councils or opaque validation setups.

  • Cross-chain token transfers between L2s can trigger mismatches, potentially allowing attackers to mint unauthorized tokens.

Staking = Centralization risk?

  • Liquid staking protocols open the door for validator collusion and MEV exploitation.

  • Ethereum’s move toward 2,048 ETH validator slots concentrates power in a few whales, raising concerns about L1 consensus centralization.

The Ethereum Foundation wants to future-proof the network — but the current $66B in TVL and $124B in stablecoins under custody are still exposed to evolving, under-addressed threats. As Ethereum grows, so does the attack surface.

Elon Musk admitted Tuesday night on X that he went too far in his recent posts about President Donald Trump. “I regret some of my posts about President Trump last week. They went too far,” he said in a brief update.

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Market-moving headlines 🔥

For many decades, one of the better-known sayings in Japan has been “cash is king,” but things are changing, and in a few years, that may no longer be the case.

Asia is steadily reducing its dependence on the US dollar, driven by geopolitical uncertainties, shifts in monetary policy, and growing efforts to hedge currency risk.

United States and China officials have agreed to a barebones trade framework meant to calm tensions and delay massive tariff hikes, following two days of closed-door talks that ended late Tuesday in London, according to Reuters.

Apple’s Worldwide Developers Conference (WWDC) began with a keynote speech from CEO Tim Cook at 1 p.m. ET. Cook has unveiled several new features, including Apple Intelligence and a new Liquid Glass-centered unified design refresh of iOS 26. Apple Intelligence is the AI feature offered on the iPhone, iPad, and other devices.

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