Bitcoin (BTC) Mining Firm Hut 8 Partners with Trump Family to Launch New Subsidiary, American Bitcoin

1st April 2025 – (Washington) Hut 8 Mining Corp., a publicly-listed Bitcoin (BTC) mining firm, has announced a partnership with the family of U.S. President Donald Trump to establish a new mining subsidiary, American Bitcoin.

Publicly-listed Bitcoin (BTC) mining firm Hut 8 Mining Corp. is partnering with the family of U.S. President Donald Trump to establish a new mining subsidiary, American Bitcoin.

According to a recent statement, Florida-based Hut 8 is merging the majority of its ASIC mining operations in exchange for an 80% stake in American Bitcoin, a company formed by a group of investors, including Trump’s sons, Eric Trump and Donald Trump Jr., via their investment firm.

The subsidiary will be named American Bitcoin and is based in Virginia. It's worth noting that this isn't the first time the Trump family is venturing into the crypto space.

Earlier this year, Eric Trump and Donald Trump Jr. formed a company called American Data Centers Inc., which will be investing in and launching a new Bitcoin mining subsidiary.

American Bitcoin will leverage Hut 8’s existing infrastructure to enhance its mining capabilities.

“From the outset, we have supported our belief in Bitcoin—both personally and through our ventures. However, purchasing Bitcoin is only part of the equation. Mining it under advantageous economics presents an even greater opportunity,” added Donald Trump Jr.

At American Bitcoin, Eric Trump will serve as Chief Strategy Officer, while Mike Ho has been appointed Executive Chairman and Matt Prusak will assume the position of CEO.

Asher Genoot, CEO of Hut 8, described American Bitcoin as “a pure-play mining platform designed for exahash growth, Bitcoin production, and operational leverage.”

Hut 8 has scheduled a conference call for April 1 to discuss the launch of the subsidiary.

According to Hut 8, “Initially, the results of American Bitcoin will be included in the Company’s financial statements for reporting purposes. Hut 8 will act as the exclusive infrastructure and operations partner for American Bitcoin through several long-term commercial agreements, generating stable, contracted revenue streams in the energy and digital infrastructure sectors.”

The Trump family is expanding its cryptocurrency business portfolio with this investment in a Bitcoin mining operation. Eric Trump and Donald Trump Jr. will be merging their American Data Centers with Hut 8, retaining a 20% stake in American Bitcoin. Together, they aim to create one of the world’s largest Bitcoin mining operations and plan to establish a strategic Bitcoin reserve.

The move highlights the growing involvement of the Trump family in the cryptocurrency market as it gains traction towards mainstream adoption. Former President Trump has previously pledged to become the “crypto president,” promoting its integration into American society.

Following the announcement, shares of Hut 8 surged by 6.4% in premarket trading, although they have seen a year-to-date decline of 42.8%.

“We’ve backed our conviction in Bitcoin personally and through our businesses. But buying Bitcoin is only part of the journey. Mining it with favorable economics opens an even larger avenue of opportunity,” said Donald Trump Jr.

American Bitcoin will primarily focus on Bitcoin mining and also build a strategic reserve of the cryptocurrency. The longer-term vision includes plans for American Bitcoin to become publicly listed to enhance its capital access, while the strategic carve-out of the mining operation will enable Hut 8 to concentrate more on its lower-volatility energy and digital infrastructure business. Hut 8 will continue to serve as the exclusive infrastructure and operating partner for American Bitcoin.