Some of Donald Trump’s biggest campaign donors could make a fortune if the United States takes over Greenland.
Big Money Behind Greenland Interest
These donors, who have contributed at least $243 million to Trump’s 2024 campaign, are linked to mining, oil, and cryptocurrency companies interested in Greenland’s resources.
Greenland, controlled by Denmark, is rich in minerals like cobalt, nickel, and platinum, crucial for technology, clean energy, and military uses. With China dominating the rare earth minerals market, the US seeks to secure access to these resources. Trump’s team argues that this is vital for national security.
Tech billionaires like Jeff Bezos, Sam Altman, and Mark Zuckerberg, major donors to Trump, have investments in mining companies in Greenland, including KoBold Metals, valued at $3 billion. The donors have financial stakes in these ventures, raising concerns about potential exploitation of Greenland’s resources for profit.
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Critical Metals Corp, another company with mining rights in Greenland, counts Cantor Fitzgerald, a hedge fund linked to Trump’s commerce secretary, as a major investor. Financial giants like BlackRock and Vanguard, which invested in Trump Media, also back the company.
While these financial interests grow, Greenlanders oppose the US taking control of their land, citing the dangerous, unstable environment and the high cost of mining in the region.
Mining, Crypto, and the Dream of a New State
Despite the risks, Trump’s wealthy backers, including some of his major donors, see Greenland as a goldmine. Tech investor firm Andreessen Horowitz, which helped launch KoBold Metals, donated $5 million to a pro-Trump group. Other tech leaders, who are also key donors to Trump’s campaign, have contributed millions over the years.
Crypto tycoons, including Trump donors, are eyeing Greenland for data centers, citing its cold climate and access to renewable energy. One startup, Lympid, even turned a Greenland property into digital coins for online purchases.
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The cryptocurrency sector aims to create a new civilisation in addition to mining. A group called Praxis, backed by $525 million and supported by Trump donors like PayPal co-founder Ken Howery, aims to create a tech city for elites in Greenland. Critics argue this could be a new form of colonialism, with locals seeing it as outsiders exploiting their land for profit.
Oil, Politics, and Suspicious Timing
The oil and gas industry also sees big potential in Greenland. Though Greenland banned oil exploration in 2021, the Trump administration has said that it might reopen the land for drilling. Trump received at least $75 million in donations from oil industry leaders before the election.
However, experts are doubtful. Paul Bierman says oil drilling in Greenland is dangerous, expensive, and hasn’t worked in the past. The country allowed oil companies to try for 50 years, with little success. Some people believe the push for oil is just an excuse to support the US taking over Greenland.
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Behind the scenes, former Trump officials are continuing at work. Drew Horn, who once worked in Trump’s energy department, now runs a company called GreenMet. It promotes mining in Greenland and tries to get political and financial backing for mining companies. Horn has appeared on Fox News, saying Greenland is a great place for American investment.
But Bierman said many glowing reports about Greenland’s mining potential come from companies trying to attract investors – not from science or the Danish government.
All of this – from mining to crypto to oil – is being pushed by a network of Trump supporters and investors. Critics call it a “circle of grift.” That means wealthy people donate to Trump, and in return, they may get government help that helps them get richer.
As Robert Weissman from the group Public Citizen put it: “Put money into the Trump family bank and the money comes back to you in the form of some government policy.”
Meanwhile, the people of Greenland are left watching as powerful outsiders talk about turning their land into a business opportunity.