Hut 8’s CEO, Asher Genoot, shared insights about the recently launched American Bitcoin initiative in a Bloomberg television interview.
During the joint appearance with Eric Trump, Genoot explained that Hut 8 is not entering this venture from square one with the Trump family. Rather, it is initiating as a “scaled mining operation from day one.”
Hut 8 will provide its mining equipment in exchange for an 80% equity share in American Bitcoin, thereby enabling the new venture to commence with significant infrastructure and the operational capacity necessary to mine Bitcoins (BTC).
“We’ll contribute our rigs to the entity in exchange for an 80% stake,” Genoot stated. “Then we’ll collaborate to build and scale this business, rather than starting from a traditional startup phase,” he added.
Bitcoin Mining Attracts Investors
He also emphasized the company’s intention to go public down the line, positioning itself as a “pure play” Bitcoin miner, capable of producing BTC at a lower cost than purchasing it outright.
American Bitcoin will prioritize holding Bitcoin as assets, creating a strategic reserve, and establishing itself as a significant entity within the industry.
“The aim here is to provide shareholders with a pure mining company that can produce Bitcoin more economically than simply buying it,” he stated. “The goal is to continue building the strategic reserve and become one of the largest Bitcoin miners and holders.”
Genoot characterized the collaboration with Eric Trump and American Data Centers as a synergy between cryptocurrency and America’s energy framework. He expressed, “We believe in Bitcoin, we believe in America,” highlighting confidence in the existing energy infrastructure.
Additionally, he indicated strong advocacy for increased Bitcoin adoption at both state and federal levels, noting that numerous state governments are considering their own strategic reserves, while his venture aims to “lead by example.”