Trump-linked Bitcoin company settles DOJ case for $2.5M

American Bitcoin, a mining company founded by the Trump family, disclosed it reached a $2.5 million settlement with the U.S. Department of Justice to resolve allegations of improperly receiving pandemic relief funds. The matter stemmed from the past record of Gryphon Digital Mining, which American Bitcoin merged with last year. The U.S. Small Business Administration determined Gryphon, then a cannabis-related software company, was not eligible for a Paycheck Protection Program loan and reversed its loan-forgiveness decision in 2024. American Bitcoin mentioned the settlement only in the notes to its quarterly report, limiting the negative impact, and the stock closed up about 5% after the company reported its strongest-ever quarterly Bitcoin mining results.