Numerous major donors and investors from Donald Trump’s campaign, with significant financial links to the president, stand to gain from a potential US acquisition of Greenland, intensifying ethical concerns regarding Trump’s interest in the territory. The administration’s aims include securing rare minerals critical for technology and national security, alongside renewed prospects for oil and gas exploration. Trump’s national security adviser, Mike Waltz, emphasized that the focus is on natural resources.
According to a Guardian analysis, US tech billionaires, fossil fuel executives, and cryptocurrency investors connected to mining in Greenland have contributed at least $243 million to Trump’s 2024 campaign. These institutional investors have also amassed $314 million in shares in Trump Media prior to the election. Emily DiVito of the Groundwork Collaborative highlighted a “closed loop” among these players, suggesting their donations are strategic investments aimed at specific outcomes.
Vice-President JD Vance’s recent visit to Greenland, an autonomous territory of Denmark, accompanies ongoing tensions between the US and Denmark over potential acquisition. High-profile Trump backers like Mark Zuckerberg, Sam Altman, and Jeff Bezos, among others, have invested millions in KoBold Metals, a key player in extracting rare minerals from Greenland. Other major investors include hedge funds and institutional giants such as Vanguard and BlackRock, who also hold substantial stakes in Trump Media, reinforcing their connection to the administration.
Support for the Greenland acquisition also comes from crypto moguls, who view the region as an “investment frontier” for data centres crucial for AI and cryptocurrency operations. Notably, Praxis, a group associated with the tech elite, envisions establishing a libertarian utopia in Greenland, which has been criticized as a neo-colonialist venture exploiting a vulnerable nation under Danish influence.
Robert Weissman from Public Citizen described the dynamics as a “circle of grift”, suggesting that financial contributions to Trump lead to favourable policy decisions, including those that could enrich investors involved in Greenland’s resources. The minerals in question are pivotal for various technologies; however, the local Greenlandic population largely opposes the notion of a US takeover.
Geologically, Greenland presents significant challenges for mining operations, characterised by harsh conditions and limited infrastructure. Critics argue that the projected “gold rush” is unrealistic given the region’s terrain and history of failed resource extraction efforts.
Despite pushback from Greenland’s residents and experts casting doubt on the economic viability of mining efforts, enthusiasm from the tech and mining sectors persists, bolstered by various stakeholders advocating for governmental support of their interests. Meanwhile, crypto industry figures have echoed similar ambitions for the region, seeing it as a prime location for industry expansion due to its cold climate and renewable energy potential.
The Trump administration has suggested that reopening oil and gas exploration is feasible if Greenland is acquired, despite previous failures and a 2021 government ban on such activities due to environmental concerns. This has raised skepticism regarding the administration’s genuine interest in resource development versus political leverage.