Hut 8 Corp. Partners with Eric Trump to Launch American Bitcoin Corp.

Hut 8 Corp., one of the leading cryptocurrency mining companies in North America, has partnered with Eric Trump to launch American Bitcoin Corp.

Hut 8, one of North America’s largest cryptocurrency mining companies, has partnered with Eric Trump to launch American Bitcoin Corp. The company will focus on large-scale Bitcoin mining and strategic reserve development.

This initiative follows Hut 8’s contribution of most of its ASIC miners to American Data Centers, Inc., a company backed by Eric Trump and Donald Trump Jr.

The newly formed entity has now been rebranded as American Bitcoin Corp. Hut 8 will retain a majority stake of 80% in American Bitcoin, serving as its exclusive infrastructure and operations partner.

This partnership will allow Hut 8 to generate stable, long-term revenue streams through colocation and managed services agreements, while American Bitcoin expands its mining operations and builds a substantial BTC reserve.

American Bitcoin’s leadership team includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. The Board of Directors will feature Hut 8’s CEO Asher Genoot, along with Justin Mateen and Michael Broukhim.

This standalone structure also enables American Bitcoin to raise its own capital independently of Hut 8, positioning both companies for greater financial efficiency.

Trump expressed his enthusiasm for the venture, highlighting Hut 8’s operational excellence and the team’s shared passion for Bitcoin and DeFi, which will strengthen American Bitcoin’s foundation and drive significant future growth.

Trump and Crypto

This initiative aligns with the Donald Trump family’s crypto-friendly stance, with the 47th U.S. president aiming to make the country the “Crypto capital of the world.”

Apart from American Bitcoin, the family has previously launched several ventures and initiatives, including World Liberty Financial (WLF), to support the industry.

WLF has bought at least $85 million worth of cryptocurrencies since its inception last year. The digital asset firm also revealed intentions of debuting a stablecoin in the near future, putting WLF at competition with Ripple’s RLUSD alongside Tether’s USDT and Circle’s USDC.

Eric Trump has shared his bullish sentiments surrounding Bitcoin and cryptocurrencies multiple times. The entrepreneur has been recently appointed to Metaplanet’s Strategic Board of Advisors to strengthen the company’s position in the space.

U.S. Emerges as the Global Bitcoin Mining Leader

Meanwhile, the U.S. continues to dominate the global Bitcoin mining scene. In 2024, the U.S. accounted for 37.84% of the total hash rate, surpassing 40% by the year-end. The mining industry contributed $4.14 billion to the U.S. economy, with Texas leading the growth by generating 40% of national mining revenue.

However, the sector also faces challenges, including high energy consumption, regulatory scrutiny, and environmental concerns. The U.S. mining industry consumes around 160 terawatt-hours of electricity annually, equivalent to 2% of the world’s total energy usage.

This post was originally published on Benzinga and has been adapted for CC.

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