Trump Family Enters Bitcoin Mining Arena: Hut 8 and Eric Trump Launch American Bitcoin

Hut 8 Corp. (Nasdaq | TSX: HUT) and Eric Trump announced today the formation of American Bitcoin Corp., a new joint venture focused on industrial-scale Bitcoin mining and strategic Bitcoin reserve development.

The Miami-based operation, announced on March 31, 2025, represents a strategic restructuring where Hut 8 has contributed the majority of its ASIC miners to American Data Centers, Inc.—a company formed by investors including Eric Trump and Donald Trump Jr.—in exchange for an 80% ownership stake in the newly renamed American Bitcoin.

"It is a great honor to partner with Hut 8, a recognized leader in the Bitcoin space, as we launch American Bitcoin," said Eric Trump, who will serve as Chief Strategy Officer for the new venture. "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 future growth."

The ambitious venture has outlined clear technical targets, aiming to achieve a mining capacity exceeding 50 EH/s with an average fleet efficiency of less than 15 J/TH, positioning it to potentially become the world's most efficient pure-play Bitcoin mining operation. The company has also expressed intentions to pursue public listing in the future.

Donald Trump Jr., commenting on the partnership, emphasized their long-standing conviction in cryptocurrency: "From the start, we've backed our conviction in Bitcoin—personally and through our businesses. But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity."

Under the new arrangement, Hut 8 will maintain its involvement by serving as American Bitcoin's exclusive infrastructure and operations partner through long-term commercial agreements, generating stable revenue streams for Hut 8's Power and Digital Infrastructure segments.

The leadership structure of American Bitcoin will feature Mike Ho as Executive Chairman, Matt Prusak as Chief Executive Officer, and Eric Trump as Chief Strategy Officer. The initial Board of Directors consists of Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.

Asher Genoot, CEO of Hut 8, described the transaction as "a pivotal evolution in our platform strategy," explaining that "by carving out our mining business into a standalone entity, which will raise its own capital, we align each segment of the business with its respective cost of capital."

The move strategically positions both companies for their specific objectives—evolving Hut 8 toward more predictable, financeable operations while establishing American Bitcoin as a dedicated mining platform focused on exponential growth and Bitcoin production.

Additional information about the transaction is available on Hut 8's website and in the Form 8-K filed with the Securities and Exchange Commission.

This announcement was officially released by Hut 8 Corp. via GLOBE NEWSWIRE on March 31, 2025.