Canadian crypto mining company Hut 8 has announced the creation of a new subsidiary, American Bitcoin Corp. This move follows their strategic decision to contribute nearly all of their ASIC miners to American Data Centers, Inc. in exchange for a majority stake.
Launch of American Bitcoin Corp
According to an official press release, all Bitcoin mining operations previously categorized under Hut 8's Compute segment will now be handled by the American Bitcoin brand while remaining in the same segment. Initially, American Bitcoin's results will be consolidated into Hut 8's financial reports.
Partnership with Hut 8
Hut 8 will become the exclusive infrastructure and operations partner for American Bitcoin, aiming to generate steady revenue through long-term contracts in Hut 8's Power and Digital Infrastructure sectors. Meanwhile, American Bitcoin plans to become the largest and most efficient Bitcoin miner globally, focusing also on creating a strategic Bitcoin reserve.
Trump Family’s Crypto Expansion
The latest development comes after Eric Trump recently joined Metaplanet's Strategic Board of Advisors. The Trump family is actively working to position the US as a key player in the crypto industry through their ongoing initiatives. Besides American Bitcoin, they have also launched World Liberty Financial (WLF), which has invested $85 million in cryptocurrencies and is considering introducing a stablecoin.
The launch of American Bitcoin Corp and partnership with Hut 8 underscore the Trump family's active involvement in the cryptocurrency industry and their efforts to develop projects in this field.
