Hut 8 Corp. has announced the launch of American Bitcoin Corp., a subsidiary focused on industrial Bitcoin mining and strategic reserve development. This initiative is carried out in partnership with Eric Trump and Donald Trump Jr.
Establishment of American Bitcoin
American Bitcoin emerged from the transformation of American Data Centers, Inc., a company founded by investors including the Trump brothers. Following Hut 8’s contribution of its ASIC miners, the entity has been rebranded as American Bitcoin, with Hut 8 holding an 80% stake. The new entity aims to become the world’s largest and most efficient Bitcoin miner, targeting a hashrate of over 50 EH/s while maintaining an average fleet efficiency of less than 15 J/TH. Additionally, American Bitcoin plans to build a robust strategic Bitcoin reserve.
Leadership and Operations
American Bitcoin's leadership team includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. The company’s operations will remain integrated into Hut 8’s financial reporting under the Compute segment, with Hut 8 serving as the exclusive infrastructure and operations partner through long-term commercial agreements.
Strategic Implications and Future
The launch of American Bitcoin marks a pivotal shift in Hut 8’s platform strategy, allowing the company to focus on more predictable and financeable segments. By carving out its mining business into a standalone entity, Hut 8 aligns each segment with its respective cost of capital, positioning American Bitcoin for significant growth and hashrate expansion. Following the announcement, Hut 8’s shares experienced a notable surge, reflecting investor optimism. American Bitcoin plans to pursue a public listing in the future to increase its capital accessibility.
With the launch of American Bitcoin, Hut 8 takes a significant step toward strengthening its position in the cryptocurrency mining industry. A conference scheduled for April 1, 2025, will provide further insights into the strategic partnership and future plans.
