Hut 8, in partnership with American Data Centers backed by Eric and Donald Trump, has launched a new company, American Bitcoin, marking deeper involvement of the Trump family in the cryptocurrency industry.
New Company American Bitcoin
American Bitcoin is a new venture formed from the merger of Hut 8 and American Data Centers, aimed at expanding bitcoin mining operations. Through this merger, Hut 8 will hold an 80% stake and oversee operational processes.
Details of the Merger between Hut 8 and American Data Centers
Hut 8 plans to deploy over 60,000 ASIC machines for bitcoin mining. The executive chairman of American Bitcoin will be Mike Ho, with Eric Trump as the chief strategy officer. Following the announcement, Hut 8’s stock surged more than 6% in pre-market trading despite a 46% year-to-date decrease.
Future Plans and Trump's Crypto Ambitions
Donald Trump Jr. emphasized broader family plans in cryptocurrency beyond just mining. American Bitcoin may attract private investments before going public. The Trump family also supports other crypto ventures, including the decentralized finance protocol World Liberty Financial.
The creation of American Bitcoin underscores the expanded involvement of the Trump family in the cryptocurrency sector and signals a long-term interest in mining as a promising area of their business.
