Bitmain’s Trump Card

Bitmain is looking to shed its ties to blacklisted Sophgo as it wins customers including Eric Trump’s new bitcoin venture. |  |   
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#### News & Analysis | July 15th, 2025  
  
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|  **Good afternoon.** Chinese company Bitmain has become a vital part of the cryptocurrency ecosystem, supplying around 80 percent of the global market for the machines used to mine bitcoin. Now, it is expanding its footprint in the United States, where it has been gaining customers already — including ventures backed by members of President Trump’s family. American Bitcoin, a cryptocurrency venture co-founded in March by Eric Trump with Donald Trump Jr. as one of its investors, is set to buy up to $320 million worth of Bitmain equipment.  
  
In our latest News Analysis piece, Noah Berman reveals Bitmain’s plans to set up a new U.S. headquarters in Florida or Texas — just as it has also been trying to loosen its links to Xiamen Sophgo Technologies, a Chinese semiconductor designer that the U.S. government blacklisted in January. The outgoing Biden administration took that step after Taiwanese chip manufacturing giant TSMC had reported last autumn that a type of chip it delivered to Sophgo may have ended up in the hands of Chinese telecom giant Huawei — another company sanctioned by the United States.  
  
Bitmain’s corporate reshuffling and U.S. expansion plans show how it is aiming to take full advantage of the Trump administration’s support for cryptocurrencies, balancing that with adapting to Washington's tough-on-trade approach to its home country.  
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_Credit: Travis P Ball/Sipa USA via AP Images_  
|  **Bitmain’s Trump Card** Bitmain is looking to shed its ties to blacklisted Sophgo as it wins customers including Eric Trump’s new bitcoin venture. Noah Berman reports.  
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