10x Research's Markus Thielen thinks that American Bitcoin's market debut on the Nasdaq is another example of the growing adoption of crypto into the mainstream.

New York

Members of the Trump family are investing in bitcoin mining, primarily benefiting from a merger involving Hut 8 and Griffin. The merger is expected to create a significant entity in the bitcoin mining sector, with Hut 8 set to own a majority stake. Recent months have seen a surge in bitcoin mining stocks, partly driven by favorable seasonal factors and increased investor interest.

The new entity is anticipated to trade similarly to other bitcoin mining companies, with performance closely tied to bitcoin’s volatility. Market observers note that while volatility has recently decreased, future catalysts could impact the sector. The investment strategy appears to mirror trends seen with other bitcoin treasury companies, focusing on maximizing returns during periods of momentum.

Why Trump's sons are investing in Bitcoin Mining

Marcus, who really benefits from this? Is it the end user or the Trump family? Well, thanks for having me. Obviously, you know, it's the Trump family in this case, but I think also the investors that I got in early. And I think that's really the story with a lot of these Bitcoin mining, Bitcoin treasury companies. It's really, you know, getting in when the premium is very low. And of course, the premium is very much dependent on the volatility of Bitcoin itself. And of course, if the volatility is low, then, of course, the premium is also low. So it's really like a matter of catching the wave when actually the momentum increases. But I think here, of course, this merger with Griffin, I think it was a long time expected. You know, a lot of people knew about it. It's just that there's more clarity when those shares are going to list, when those shares are going to converge. But I think it's also very interesting, of course, that they have a serious player with HUD 8 and the merger is really going ahead and making really like a big entity out of it. And I think the other aspect, what we have seen really since April is a lot of the Bitcoin mining stocks have gone through some data AI wave and basically the index of Bitcoin mining stocks has actually doubled since the last kind of like three or four months. So there has been a lot of momentum. And usually this momentum is very much driven also by some, you know, summer seasonality that tends to benefit the miners because they have access to electricity that they can release into the grid release. So there's a lot of factors here that have been playing into this theme right now. And I think investors, they got in early. They really were the beneficiaries of these stories. Some are calling this MAGA coin economics. What is it going to look like when we see this thing list on the NASDAQ, Markus? Well, I think it's going to trade similarly as, you know, all these other Bitcoin miners. Of course, we have heard that 80 percent of this new entity is going to be owned by Hut 8. Hut 8 is, of course, a Bitcoin miner. So it pretty much resembles a Bitcoin mining company. Of course, the story is, of course, how many Bitcoins are they going to put in the balance sheet? Are they going to ride the wave of the treasury companies? And can they actually do a lot more with the BTC? So in the end, you know, the NAV premium can be, of course, used to drive the Bitcoin per share. This is what we have seen with MicroStrategy, but it definitely is dependent on the underlying volatility. And here we have seen that Bitcoin's volatility has dropped from 60 to the lower 30s. And even like for next month, when there's a lot of catalyst, anything from, you know, non-fund payrolls, the labor market data, the BLS employment revisions, really, the CPI and even the FOMC meeting, not a lot of volatility is really being priced in the market. So there's not a lot of expectation that a lot will happen next month. But I think in Q4, a lot can happen. And of course, that's usually the time when also being long these Bitcoin mining companies can be very beneficial for investors, despite the rally we have already been seeing over the last couple of months.

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