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Hut 8 partners with Eric and Donald Trump Jr. to launch American Bitcoin Corp, focusing on industrial-scale Bitcoin mining and a strategic reserve.
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American Bitcoin aims for 50+ EH/s efficiency, with Hut 8 owning 80% and serving as infrastructure and financial consolidator.
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Trump family’s crypto push includes World Liberty Financial’s USD1 stablecoin and potential Binance.US stake acquisition.
Hut 8 Corp teams up with the Trump family to establish American Bitcoin Corp, focusing on large-scale Bitcoin mining and innovative financial strategies.
All You Need to Know about American Bitcoin
American Bitcoin’s leadership team includes Mike Ho as executive chair, Matt Prusak as CEO, and Eric Trump as CSO. The Board of Directors comprises Mike Ho, Asher Genoot (also Hut 8 CEO), Justin Mateen, and Michael Broukhim.
According to the announcement, Hut 8 holds an 80% ownership stake in American Bitcoin. This follows the contribution of its ASIC miners to American Data Centers Inc., a company formed by investors including the Trump brothers.
Subsequently, they renamed and relaunched the entity as American Bitcoin. As a new subsidiary focused on industrial-scale Bitcoin mining, this move aims for an efficiency of 50+ EH/s (exahashes per second). Meanwhile, Hut 8 remains the key infrastructure partner, consolidating financials under its brand.
Eric Trump, co-founder and chief strategy officer of American Bitcoin, expressed enthusiasm about the collaboration. He also emphasized the synergy between Hut 8’s operational excellence and shared passion for decentralized finance (DeFi) as a foundation for significant future growth.
“By combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we are poised to strengthen our foundation and drive significant future growth,” an excerpt in the announcement read, citing Eric Trump.
Donald Trump Jr. highlighted their longstanding commitment to Bitcoin, noting their conviction in Bitcoin personally and through their businesses. He reiterated the opportunity presented by mining Bitcoin under favorable economics and the potential for investors to participate in Bitcoin’s growth through this new platform.
Similarly, Genoot described the launch of American Bitcoin as a pivotal evolution in their platform strategy. By establishing a standalone entity for mining operations, Hut 8 aims to align each business segment with its respective cost of capital. Specifically, they would create two focused yet complementary companies.
Meanwhile, this venture is part of the Trump family’s broader engagement in the crypto industry. World Liberty Financial, the crypto venture linked to the Trump family, recently launched USD1. US treasuries, dollars, and cash equivalents back the stablecoin. The venture aims to facilitate secure cross-border transactions for investors and institutions.
Furthermore, reports indicate that the Trump family is discussing acquiring a stake in Binance.US. This is the American arm of the world’s largest cryptocurrency exchange, Binance. Given the family’s growing involvement in the sector, such an investment could significantly influence the crypto market.
These initiatives reflect the Trump family’s commitment to positioning the US at the forefront of the crypto industry. It also aligns with President Donald Trump’s ambition to establish the US as a global leader in digital assets.
“While people are worrying about the daily price action, President Trump and Eric Trump are building the infrastructure to take crypto to the next level,” crypto investor Gordon noted.
COINOTAG data shows BTC was trading for $82,199 as of this writing. It is down by over 1.13% in the last 24 hours, unmoved by news of American Bitcoin. However, this could change once US markets open.
Conclusion
The establishment of American Bitcoin marks a significant development in both Hut 8’s and the Trump family’s ventures into the cryptocurrency space. As the landscape continues to evolve, stakeholders will be keen to monitor how these strategic maneuvers impact market dynamics moving forward.
