Hut 8 Partners With Eric and Donald Trump Jr. to Launch American Bitcoin Corp, Industrial-Scale BTC Mining
Energy infrastructure company Hut 8 Corp has partnered with former US President Donald Trump’s sons, Eric Trump and Donald Trump Jr., to launch American Bitcoin Corp, a company focused on industrial-scale Bitcoin mining and strategic reserve development.
American Bitcoin Corp: The Future of BTC Mining
American Bitcoin’s leadership team includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer (CSO). The board also includes Asher Genoot, CEO of Hut 8, along with Justin Mateen and Michael Broukhim.
According to the official announcement, Hut 8 holds an 80% stake in American Bitcoin. This comes after Hut 8 donated ASIC mining equipment to American Data Centers Inc., a company founded by investors including the Trump brothers. The company was later rebranded and relaunched as American Bitcoin Corp, with the goal of reaching a mining capacity of over 50 EH/s (exahash per second). Meanwhile, Hut 8 continues to serve as a key infrastructure partner, securing financing under its brand.
Eric Trump and the Bitcoin Vision
Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin, expressed excitement about the partnership. He emphasized that the combination of Hut 8’s operational excellence and their shared passion for Bitcoin and decentralized finance (DeFi) will drive tremendous growth in the future.
“…We are combining Hut 8’s proven operational excellence with our shared passion for Bitcoin and DeFi to strengthen our foundation and drive significant growth going forward,” Eric Trump said in the announcement.
Donald Trump Jr. also reaffirmed their long-term commitment to Bitcoin, highlighting the family’s belief in the currency, not only in their personal lives but also through their businesses. He said this is a great opportunity to participate in Bitcoin mining in a favorable economic environment.
American Bitcoin Strategic Development
Asher Genoot, CEO of Hut 8, described the launch of American Bitcoin as part of Hut 8’s long-term strategy. The creation of a subsidiary focused entirely on Bitcoin mining will allow for a clear division of capital expenditures and resources for each business segment. This means Hut 8 will have two focused but complementary businesses.
The Trump Family and the Crypto Industry
This joint venture is part of the Trump family’s broader expansion into the cryptocurrency space. World Liberty Financial, another Trump family-affiliated project, recently launched the USD1 stablecoin backed by US currency reserves, aiming to facilitate more secure cross-border transactions.
In addition, there are reports that the Trump family is in discussions about acquiring a stake in Binance.US, the US branch of the world’s largest cryptocurrency exchange Binance. If this comes to fruition, the Trump family’s investment could have a major impact on the cryptocurrency market.
These initiatives reflect the Trump family’s commitment to promoting the United States as a global leader in the digital asset industry. At the same time, this is also in line with former President Donald Trump’s ambition to make the United States the center of global cryptocurrency.
“While many people are worried about prices on a daily basis, President Trump and Eric Trump are building infrastructure to elevate the crypto industry,” crypto investor Gordon commented.
Bitcoin Markets on News
Data from BeInCrypto shows that the BTC price is at $82,199 at the time of writing, down 1.13% over the past 24 hours. However, with positive news about American Bitcoin, this drop may be temporary, and the US market may react positively when it reopens.