Trump's Sons Join Forces With Hut 8 To Create 'American Bitcoin' – Bitcoin Mining Hub

Eric Trump and Donald Trump Jr. have officially entered the Bitcoin mining space, joining forces with Hut 8 to create “American Bitcoin,” a new mining company that aims to be the largest and most efficient in the world.

The announcement, made on March 31, follows a strategic merger between American Data Centers and American Bitcoin, which will now operate as a majority-owned subsidiary of Hut 8. As part of the deal, American Data Centers will receive a 20% stake in American Bitcoin, while Hut 8 will retain 80% of the shares.

American Data Centers (ADC) is an AI infrastructure company founded by Dominari Holdings in partnership with Trump's two sons. They are also members of Dominari Holdings' advisory board.

American Bitcoin has an ambitious growth target, planning to increase its hashrate to more than 50 EH/s, achieving efficiency below 15 J/TH. The company is also laying the foundations for the formation of a strategic Bitcoin reserve, which underlines its long-term confidence in the digital asset.

“We are honored to work with Hut 8, a proven leader in Bitcoin, to launch American Bitcoin,” said Eric Trump, co-founder of American Bitcoin. “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 position and drive significant growth in the future.”

Donald Trump Jr. added:

“We have maintained our belief in Bitcoin from the very beginning, both personally and through our businesses. However, simply acquiring Bitcoin is only part of the story. Mining it in a favorable economy opens up even more possibilities. We are excited to bring investors into the equation through a platform designed to realize this idea and provide real, tangible participation in the growth of Bitcoin.”

“The launch of American Bitcoin is a turning point in our platform strategy,” said Asher Genout, CEO of Hut 8. “By spinning off our mining business into a separate entity that will raise its own capital, we are aligning each business segment with its respective cost of capital.”

The new company's leadership will include Mike Ho as executive chairman, Matt Prusak as chief executive officer, and Eric Trump as chief strategy officer. The board of directors will consist of Mike Ho, Asher Genoth, Justin Mateen, and Michael Broekhim.

Hut 8 will serve as American Bitcoin's exclusive infrastructure and operations partner under long-term commercial agreements, providing ASIC hosting services, managed services, and day-to-day management under a shared services agreement.

Source: cryptonews.net