$2.5M Settlement for Trump-Linked Bitcoin Firm Over Pandemic Relief Funds

American Bitcoin, a mining company linked to the Trump family, has agreed to pay $2.5 million to resolve allegations that it improperly received pandemic relief funds.

The settlement stems from a Paycheck Protection Program (PPP) loan obtained by Gryphon Digital Mining before its merger with American Bitcoin last year. Initially approved for a cannabis-related software company, the SBA later determined that Gryphon was not eligible and reversed its loan-forgiveness decision in 2024.

The U.S. Department of Justice then opened an investigation, leading to the settlement announced in American Bitcoin's latest quarterly report. Industry analysts note that the relatively modest penalty will likely have a limited impact on the company's operations, given its strong quarterly performance and growing mining results.