Trump Family Hut8 Mining Venture

More details have emerged around the joint venture between American Data Centers and mining behemoth, Hut8. Eric Trump, CSO of American Bitcoin, and CEO of Hut8, Asher Genoot, went on Bloomberg Crypto to talk about their new joint venture and what it means for Bitcoin and crypto more broadly.

American Bitcoin is the new venture, a new subsidiary, majority-owned by Hut 8, dedicated exclusively to industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The launch follows Hut 8’s strategic move to contribute nearly all of its ASIC miners in exchange for a majority stake in American Data Centers, Inc., a company initially formed by investors including Eric Trump and Donald Trump Jr. After the transaction, American Data Centers, Inc. was renamed and relaunched as American Bitcoin.

Moving forward, all Bitcoin mining operations previously reported under Hut 8’s Compute segment will continue within that segment but will operate under the American Bitcoin brand. Initially, American Bitcoin’s financial results will be consolidated into Hut 8’s financial reports. Additionally, Hut 8 will remain American Bitcoin’s exclusive infrastructure and operations partner, securing long-term commercial agreements that will generate stable, contracted revenue streams within Hut 8’s Power and Digital Infrastructure segments.