Eric Trump and Donald Trump Jr. have officially joined the Bitcoin mining sector, teaming up with Hut 8 to launch a new venture called American Bitcoin, a company that aims to become the largest and most efficient mining business in the world.
The announcement, published on March 31, follows a strategic merger between American Data Centers and American Bitcoin, which will now operate as a majority-owned subsidiary of Hut 8. The deal gives American Data Centers a 20% stake in American Bitcoin, while Hut 8 retains an 80% stake.
American Data Centers (ADC) is an AI infrastructure company created by Dominari Holdings in partnership with Trump's two sons. They are also members of Dominari Holdings' advisory board.
American Bitcoin has ambitious growth targets, planning to expand beyond 50 EH/s and achieve a mining fleet efficiency of less than 15 J/TH. The company is also laying the groundwork for the formation of a Bitcoin strategic reserve, demonstrating their long-term confidence in the digital asset.
“We are honored to partner with Hut 8, a proven leader in Bitcoin, to launch American 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 are poised to strengthen our foundation and drive significant growth in the future.”
Donald Trump Jr. added:
“We've maintained our belief in Bitcoin from the beginning, both personally and through our businesses. But simply buying Bitcoin is only half the battle. Mining it in a favorable economy opens up even greater possibilities. We're excited to bring investors into the equation through a platform designed to realize this thesis and provide real, tangible participation in Bitcoin's growth.”
“The launch of American Bitcoin represents a significant milestone in our platform strategy,” said Asher Genout, CEO of Hut 8. “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.”
The new company's leadership team will include Mike Ho as executive chairman, Matt Prusak as chief executive officer, and Eric Trump as chief strategy officer. The board of directors will consist of Mike Ho, Asher Genoth, Justin Mateen, and Michael Broekhim.
Hut 8 will become American Bitcoin's exclusive infrastructure and operations partner based on long-term commercial agreements, providing ASIC hosting services, managed services, and day-to-day management under a shared services agreement.
Source: cryptonews.net
