The Trump family is getting involved in an ambitious cryptocurrency project, supporting American Bitcoin's goal to become a leader in bitcoin mining.
Ambitious plans for bitcoin mining
On March 31, Hut 8 announced the acquisition of a majority stake in American Bitcoin. This firm was founded by investors, including President Trump's sons Donald Trump Jr. and Eric Trump. As part of the deal, American Bitcoin will take ownership of bitcoin mining equipment owned by Hut 8, aiming to become the largest and most efficient pure-play bitcoin miner.
Trump family's deepening involvement in cryptosphere
President Trump continues to push policies favorable to the cryptocurrency industry, while his family expands its presence in the digital asset sphere. On March 28, he pardoned three co-founders of cryptocurrency exchange BitMEX who had pleaded guilty to money laundering. The family was also involved in launching a decentralized finance protocol on Aave and introducing a new stablecoin USD1.
Hut 8 performance metrics
U.S. mining company Hut 8 announced the launch of a share repurchase program worth up to $500 million to create a strategic bitcoin reserve. The proceeds are expected to be used for developing energy and digital infrastructure and other corporate purposes. Initially, Hut 8 shares fell, but later recovered by 326%. The company has filed a motion to dismiss the shareholder lawsuit, claiming it's based solely on a traders' report.
The Trump family and Hut 8 are actively developing initiatives in the crypto sphere, aiming to strengthen its presence and role in the industry.
