PANews reported on April 22 that according to Bloomberg, Trump's son and other investors jointly established a new company American Bitcoin and merged it with the publicly listed mining company Hut 8 Corp., which is led by CEO Asher Genoot and Chief Strategy Officer Michael Ho. The two executives joined the current team through Hut 8's acquisition of their US Bitcoin company in 2023. Notably, early US Bitcoin investors Mark Groussman and John Stetson had reached a settlement with the US SEC over securities fraud allegations in 2018, involving an amount exceeding $27 million. When asked about the relationship between current CEO Genoot and Ho and investors suspected of stock manipulation, a Hut 8 spokesperson stated: "These individuals have been involved in the digital currency field for many years, and they are just a small part of the many investors in the enterprises created by Genoot and Ho. The investors involved in the SEC case have never held leadership positions or management rights in these enterprises."
Previous reports, indicated that the crypto mining company American Bitcoin, supported by the Trump family, plans to go public and seek additional private financing.
