Hut 8 Partners with Trump Family to Form American Bitcoin Mining Subsidiary

The publicly-traded Bitcoin (BTC) mining company Hut 8 is partnering with US President Donald Trump's family to form a new mining subsidiary called American Bitcoin.

This news segment reports on a partnership between publicly-traded Bitcoin (BTC) mining company Hut 8 and US President Donald Trump’s family to form a new mining subsidiary called American Bitcoin.

The partnership will see Hut 8 merge the majority of its ASIC mining operations for an 80% interest in American Bitcoin, which is being created by a group of investors including president Donald Trump’s sons Eric Trump and Donald Trump Jr., formerly known as American Data Centers Inc.

"From the start, we've backed our conviction in Bitcoin—personally and through our businesses. But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity," says Donald Trump Jr.

Eric Trump will serve as chief strategy officer for the company, which is planning to apply for a public listing. Mike Ho will serve as executive chairman and Matt Prusak as CEO.

"We believe that this partnership will be mutually beneficial and that it will enable both companies to achieve their strategic goals," says Asher Genoot, CEO of Hut 8. "American Bitcoin is a new, pure-play mining platform built for exahash growth, Bitcoin production and operating leverage."

Hut 8 plans to host a conference call on April 1, 2024, to discuss the subsidiary launch and related matters.

"Initially, American Bitcoin’s results will be consolidated within the Company’s financial statements for reporting purposes. Hut 8 will serve as American Bitcoin’s exclusive infrastructure and operations partner through a series of long-term commercial agreements that will generate stable, contracted revenue streams in Hut 8’s power and digital Infrastructure segments."