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Trump Family Backs Bitcoin Miner Merge to Establish World’s Largest Mining Firm
- Trump family members support a new venture aimed at building the world’s largest Bitcoin mining operation, with Hut 8 taking a majority stake in American Bitcoin.
- The consolidation will merge mining hardware under the American Bitcoin brand to create a focused, efficient pure-play miner and build a strategic Bitcoin reserve.
Crypto mining and infrastructure firm Hut 8 announced its majority stake in American Bitcoin (formerly known as American Data Center), a company founded by a group of investors that includes Donald Trump Jr. and Eric Trump.
American Bitcoin
The new venture is designed to consolidate mining operations under the American Bitcoin brand, taking over Hut 8’s mining hardware while maintaining its compute segment.
According to the press release, its stated goal is to evolve into the world’s largest and most efficient pure-play Bitcoin miner while building a strategic Bitcoin reserve. Asheer Genoot, CEO of Hut 8, said the move marks a “pivotal evolution” in their platform strategy:
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 transaction creates two focused yet complementary businesses, each purpose-built for its respective mandate.
Asheer Genoot, CEO of Hut 8 Related: ATO Scrutiny Could Increase for Everyday Investors: Crypto Tax Exec
According to Donald Trump Jr., buying BTC is just “half the story” —the other half is investing in mining infrastructure because that allows for a more “direct stake” in the network’s growth,
From the start, we’ve backed our conviction in Bitcoin —personally and through our businesses (…) Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.
Donald Trump Jr. The restructuring follows Hut 8’s recent milestone, having surpassed $1B (AU$1.60B) in Bitcoin holdings after acquiring 990 BTC for US$100M (AU$160M) at the end of 2024.
Data from Bitcoin Treasuries shows Hut 8’s total mining assets stand at 10,273 BTC. Its market capitalisation currently sits at US$1.2B (AU$1.92B).
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Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
