The publicly-traded Bitcoin (BTC) mining company Hut 8 is partnering with US President Donald Trump’s family to form a new mining subsidiary called American Bitcoin.
In a new announcement, Florida-based Hut 8 says it is merging the majority of its ASIC mining operations for an 80% stake in American Bitcoin, a company formed by a group of investors including the president’s sons Eric Trump and Donald Trump Jr.
American Bitcoin was formerly known as American Data Centers Inc.
Says Donald Trump Jr.,
“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.”
Eric Trump will serve as American Bitcoin’s chief strategy officer as the company aims to become a publicly listed company. Mike Ho will serve as executive chairman and Matt Prusak as CEO.
Asher Genoot, CEO of Hut 8, describes American Bitcoin as “a pure-play mining platform built for exahash growth, Bitcoin production and operating leverage.”
Hut 8 plans to host an April 1st conference call to discuss the subsidiary launch.
Says Hut 8,
“Initially, American Bitcoin’s results will be consolidated within the Company’s financial statements for reporting purposes. Hut 8 will serve as American Bitcoin’s exclusive infrastructure and operations partner through a series of long-term commercial agreements that will generate stable, contracted revenue streams in Hut 8’s power and digital Infrastructure segments.”
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