Blockchain

Hut 8, Eric Trump to Launch Bitcoin Mining Company

HUT 8 said on Monday it had joined hands with President Donald Trump’s son, Eric Trump, to launch a bitcoin mining company called American Bitcoin. Miami, Florida-based Hut 8 merged the majority of its mining operations for an 80% stake in American Data Centers, a company formed by a group of investors including Eric Trump and Donald Trump Jr. that has been relaunched as American Bitcoin. The move illustrates the growing involvement of the Trump family in the crypto landscape as the industry moves towards mainstream acceptance.
President Trump has promised to be the “crypto president,” who will popularize its mainstream use in America. U.S.-listed shares of Hut 8 jumped 6.4% in premarket trading. They have fallen 42.8% so far this year as of last close. “From the start, we’ve backed our conviction in Bitcoin -personally and through our businesses,” Donald Trump Jr. said.
“But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity.”  American Bitcoin will mainly focus on bitcoin mining while building a strategic bitcoin reserve. The company will be led by CEO Matt Prusak, with Eric Trump serving as the chief strategy officer. In the longer run, American Bitcoin plans to be publicly listed to expand its access to capital. The carving out of the mining business will narrow Hut 8’s focus on lower-volatility energy and digital infrastructure company.
Terron Gold

Share
Published by
Terron Gold
Tags: American Bitcoinbitcoin miningDonald Trump Jreric trumpHut 8
1 year ago

Recent Posts

Candy Digital Announces Migration to Solana as NFT Platform Repositions for Long Term Growth

NFT platform Candy Digital has announced plans to migrate its digital collectibles ecosystem to the Solana blockchain, signaling…

6 hours ago

US Military Runs Bitcoin Node for National Security Testing, Admiral Tells Congress

The U.S. military has confirmed it is actively running a Bitcoin node as part of national security research, while…

6 hours ago

Over 90% of Web3 Games Failed After $15 Billion Boom as Players Never Showed Up

The Web3 gaming sector is facing a harsh reality check as new data reveals that more…

7 hours ago

Justin Sun Sues Trump Linked World Liberty Financial Over Frozen Crypto Assets

Justin Sun, founder of TRON, has filed a federal lawsuit against World Liberty Financial, a crypto venture…

9 hours ago

Tether Freezes $344 Million in USDT on Tron After Wallets Flagged by U.S. Authorities

Tether has frozen approximately $344 million in USDT on the Tron blockchain after the wallets were flagged by U.S. authorities, marking…

10 hours ago

Kalshi Fines and Suspends Three Congressional Candidates for Betting on Their Own Elections

Prediction market platform Kalshi has fined and suspended three U.S. congressional candidates after determining they engaged in “political…

11 hours ago