Several members of former US President Donald Trump’s family are supporting a new initiative that seeks to establish the largest Bitcoin mining company in the world.
Hut 8, a company focused on digital asset mining and infrastructure, recently announced that it will acquire a majority stake in American Bitcoin, which was previously recognized as American Data Center. This venture was started by a group of investors, including Trump’s sons, Donald Trump Jr. and Eric Trump.
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As part of this agreement, American Bitcoin will gain control over Hut 8’s Bitcoin (BTC) mining hardware. Donald Trump Jr. stated that the entrepreneurs behind American Data Centers have demonstrated their belief in Bitcoin, both personally and as part of their business endeavors.
The new venture aims to become “the world’s largest, most efficient pure-play Bitcoin miner while developing a strong strategic Bitcoin reserve.” Mining operations will continue under Hut 8’s computation segment but will be branded as American Bitcoin.
“Mining under favorable conditions presents even greater opportunities. We’re thrilled to involve investors in this scenario through a platform specifically designed to implement this strategy and provide meaningful, tangible involvement in Bitcoin’s growth.”
Related: Hut 8 predicts a 66% boost in hashrate following acquisition of 31,000 Bitcoin miners
Strategic Change for Hut 8
The CEO of Hut 8, Asher Genoot, noted that the introduction of American Bitcoin represents a “crucial shift” in the company’s strategy. He explained that by separating the mining segment from other corporate operations, it will allow for independent capital generation and better alignment with the respective costs of capital for each business facet. He added:
“This transition steers Hut 8 towards more predictable, financeable segments with lower capital costs, while positioning American Bitcoin as a dedicated mining platform focused on exahash expansion, Bitcoin output, and operational efficiency.”
This announcement comes on the heels of Hut 8 exceeding $1 billion in Bitcoin holdings after acquiring 990 BTC for $100 million at the close of 2024. At that point, the company’s total Bitcoin mining assets stood at 10,096 BTC, purchased at an average price of $24,484 each.
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This story is still developing, and additional information will be shared as it becomes available.