Hut 8 CEO on Trump Family Ties: 'We'll Build This Business Together'

Hut 8 CEO Asher Genout shared his thoughts on the concept behind the newly launched US-based Bitcoin project in an interview with Bloomberg.

Speaking on Bloomberg TV in a joint interview with Eric Trump, Genout noted that Hut 8 is not starting from scratch with the Trump family. Instead, the project is being launched as a “massive mining operation from day one.”

Hut 8 will provide its mining rigs in exchange for 80% of American Bitcoin shares, allowing the company to start operations with a strong infrastructure and operational capabilities for Bitcoin (BTC) mining.

“We will contribute our installations to the company in exchange for 80% of the shares,” said Dzhenuth. “Then we will build, scale and grow this business together, not from scratch,” he added.

Read more: Eric Trump claims Bitcoin is one of the best stores of value

Bitcoin Mining Attracts Investors

He also noted that the company plans to enter the stock market in the future, positioning itself as a “pure” bitcoin miner that can mine BTC cheaper than buying it directly.

American Bitcoin will focus on accumulating Bitcoin on its balance sheet, building a strategic reserve, and strengthening its position in the industry.

“Our goal here is to provide shareholders with a pure mining company that can produce bitcoins cheaper than just buying them,” he emphasized. “In this way, we will continue to build up our strategic reserve and become one of the largest miners and holders of bitcoins.”

Genout described the collaboration with Eric Trump and American Data Centers as a synergy between cryptocurrency and the energy infrastructure of the United States. He noted, “We believe in Bitcoin, we believe in America” and in the existing energy infrastructure.

He also pointed to significant support for broader Bitcoin adoption at the state and federal government levels. He noted that many states are exploring their own strategic reserves, but his company will “lead by example.”

You May Also Like: Bitcoin in Retirement Plans? Senator Tuberville Resurrects Cryptocurrency Bill

Source: cryptonews.net