The Trump family deepens its involvement in cryptocurrency with a major movement in the Bitcoin (BTC) exploitation, according to a press release Hut 8.
Eric Trump and Donald Trump Jr. merger their business, American Data Centers, with a new mining company called American Bitcoin, taking a 20% stake in the company. The remaining 80% will belong to Hut 8, a listed cryptography infrastructure company, which contributes nearly 61,000 mining machines to the new entity. According to the press release, no money has changed hands in the agreement.
Eric Trump, who will serve as director of strategy for American Bitcoin, describes the initiative as aligned with the accent of the family on hard assets, comparing digital currencies to real estate. He stressed that the plans to build a “bitcoin reserve” and potentially make the business public.
Although American Bitcoin is separated from the Trump organization, it could possibly collaborate with World Liberty Financial – the DEFI project launched by the Trump brothers.
Hut 8 will host mining operations in its 11 American data centers. The CEO, Asher Genoot, said that low energy costs and scalable infrastructure will give American Bitcoin a competitive advantage.
The board of directors will include the co-founder of Tinder Justin Mateen and the co-founder of Fabfitfun Michael Broukhim. Despite criticism of Bitcoin Mining’s environmental impact, Eric Trump believes that lower American energy costs will help American minors overcome world competitors.
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Update (March 31, 12:50 UTC): Updates history with Hut 8 confirmation.
