Key Notes
- Hut 8 and Eric Trump have partnered to launch American Bitcoin Corp., focused on large-scale BTC mining.
- Hut 8 will hold 80% majority stake in the company and will act as its exclusive infrastructure partner.
- Eric Trump will serve as Chief Strategy Officer of American Bitcoin Corp.
Hut 8 Corp., one of the leading cryptocurrency mining companies in North America, has partnered with Eric Trump to launch American Bitcoin Corp., a company dedicated to large-scale Bitcoin mining and strategic reserve development.
The initiative comes after Hut 8 contributed most of its ASIC miners to American Data Centers, Inc., a company backed by Eric Trump and Donald Trump Jr. Notably, the newly formed entity has now been rebranded as American Bitcoin Corp.
Hut 8 will retain a majority stake of 80% in American Bitcoin, while serving as its exclusive infrastructure and operations partner.
The partnership will allow Hut 8 to generate stable, long-term revenue streams through colocation and managed services agreements, while American Bitcoin focuses entirely on mining expansion and building a significant BTC reserve.
Notably, American Bitcoin’s leadership team includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. The Board of Directors will feature Hut 8’s CEO Asher Genoot, along with Justin Mateen and Michael Broukhim.
This standalone structure also enables American Bitcoin to raise its own capital independently of Hut 8, positioning both companies for greater financial efficiency.
Trump commented on the venture, stating that the Hut 8’s operational excellence and the team’s shared passion for Bitcoin and DeFi will strengthen American Bitcoin’s foundation and drive significant future growth.
Trump and Crypto
Interestingly, this aligns with Donald Trump family’s crypto-friendly stance, with the 47th U.S. president aiming to make the country “Crypto capital of the world.” Apart from American Bitcoin, the family has previously launched several ventures and initiatives, including World Liberty Financial (WLF), to support the industry.
WLF has bought at least $85 million worth of cryptocurrencies since its inception last year. The digital asset firm has also revealed intentions of debuting a stablecoin in the near future, putting WLF at competition with Ripple’s RLUSD alongside Tether’s USDT and Circle’s USDC.
Eric Trump has shared his bullish sentiments surrounding Bitcoin and cryptocurrencies multiple times The entrepreneur has been recently appointed to Metaplanet’s Strategic Board of Advisors to strengthen the company’s position in the market.
U.S. Emerges as the Global Bitcoin Mining Leader
Meanwhile, the U.S. continues to dominate the global Bitcoin mining scene. In 2024, the U.S. accounted for 37.84% of the total hash rate, surpassing 40% by the end of the year. The mining industry contributed $4.14 billion to the U.S. economy, with Texas leading the growth by generating 40% of national mining revenue.
However, the sector also faces challenges, including high energy consumption, regulatory scrutiny, and environmental concerns. The U.S. mining industry consumes around 160 terawatt-hours of electricity annually, accounting for 2% of the world’s total energy usage.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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