Trump sons join Hut 8 deal to launch American Bitcoin Miner
Trump sons aim to become co-owners of worlds largest Bitcoin mining compan
Energy infrastructure firm Hut 8 Corp has announced the launch of a new subsidiary, American Bitcoin Corp, focused exclusively on industrial-scale Bitcoin mining and the development of a strategic Bitcoin reserve.
The launch follows a transaction in which Hut 8 exchanged its fleet of ASIC miners for a controlling stake in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., the sons of U.S. President Donald Trump. As a result of the deal, American Data Centers, Inc. was renamed and relaunched as American Bitcoin.
Following this transaction, all Bitcoin mining operations will remain part of Hut 8’s compute segment, but will now operate under the American Bitcoin brand and be reported under its financials.
American Bitcoin emerges as a new crypto mining brand
Hut 8 will serve as American Bitcoin’s exclusive partner for infrastructure and operations, under a series of long-term commercial agreements. These contracts are expected to generate stable, recurring revenue for Hut 8’s power and digital infrastructure segments.
“The launch of American Bitcoin marks a turning point in our platform strategy. By spinning off our mining business into a separate entity that will raise its own capital, we are aligning each business segment with its respective cost of capital,” said Asher Genoot, CEO of Hut 8, in an interview with Cointelegraph.
This transaction creates two focused yet complementary businesses, each purpose-built for its specific mandate. It positions Hut 8 toward more predictable, capital-efficient segments while establishing American Bitcoin as a mining platform designed purely for exahash growth, Bitcoin production, and operational leverage.
American Bitcoin aims to become the world’s largest and most efficient pure-play Bitcoin miner, while also building a robust strategic Bitcoin reserve.
“We are honored to partner with Hut 8, a recognized leader in Bitcoin, - said Eric Trump, co-founder of American Bitcoin, - by combining Hut 8’s proven operational excellence in data centers with our shared passion for Bitcoin and decentralized finance, we’re laying the foundation for strong and sustained future growth.”
According to a recent Hut 8 report, the company’s Bitcoin holdings surpassed $1 billion after acquiring 990 BTC for $100 million in late 2024. At that time, its total Bitcoin reserves reached 10,096 BTC, acquired at an average price of $24,484 per coin.
As we wrote, mining company Hut 8 has signed an agreement with Bitmain to purchase 31,145 Antminer S21+ miners. The delivery of these devices is expected at the beginning of the first quarter of 2025.
