Hut 8, known for its bitcoin mining operations, has announced the establishment of a new office in Dubai, highlighting its commitment to the city’s crypto-friendly environment.
Opening an Office in Dubai
Hut 8, based in Miami, has officially registered its expansion through the Dubai International Financial Centre. The company is currently recruiting staff to lead trading and bitcoin hoarding operations in the UAE. CEO Asher Genoot stated that the Dubai expansion will enhance the precision and efficiency of the company's capital strategy.
Connection with American Bitcoin
Simultaneously, Hut 8 is entangled in a new venture with Donald Trump Jr. and Eric Trump, who hold partial ownership in American Bitcoin. This new company will absorb most of Hut 8’s existing mining hardware. American Bitcoin is expected to go public in 2025 through a merger with another listed firm.
Bitcoin Dominance in the Crypto Market
The year 2025 has proven to be challenging for most altcoins as Bitcoin has surged past all previous records, claiming a significant share of the cryptocurrency market. Bitcoin’s dominance has risen to 64%, leaving other cryptocurrencies struggling. Experts predict that many altcoins may fade out of liquidity, while firms continue to hoard Bitcoin.
Hut 8's expansion in Dubai and its involvement in American Bitcoin highlight Bitcoin’s growing influence and dominance in the cryptocurrency market for 2025.
