The Trump family is actively participating in the crypto industry. Eric Trump, the second son of Trump, has invested in American Bitcoin, which will collaborate with mining company Hut 8, aiming to become the world's largest and most efficient pure mining company while establishing a strong strategic BTC reserve.
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ToggleHut 8 Focuses on BTC Mining and AI Data Centers
Hut 8 is a digital asset mining company headquartered in Toronto, Canada, with five digital asset mining facilities and five high-performance computing data centers. Hut 8 supports the traditional data center industry through cloud, host hosting, and managed services, while also serving emerging next-generation technologies, including AI, machine learning, visual effects rendering, and BTC mining.
Originally listed on the Toronto Stock Exchange, Hut 8 merged with USBTC through a full stock merger in 2023 and is now listed on the NASDAQ (stock code: HUT).
Trump Family and Hut 8 Jointly Operating American Bitcoin
Hut 8 announced a collaboration with American Bitcoin, strategically investing almost all ASIC mining machines in exchange for a majority stake. American Bitcoin was created by a group of investors including Eric Trump and Donald Trump Jr., previously known as American Data Centers.
Hut 8 will own 80% of American Bitcoin's shares and manage operations through a shared services agreement. The Trump family and other investors will hold 20% of the shares, with Eric Trump serving as the Chief Strategy Officer.
Hut 8 CEO Asher Genoot stated: "The launch of American Bitcoin marks a key development in our platform strategy. By splitting our mining business into an independent entity and allowing it to raise its own capital, we will align each part of the business with its respective capital costs. This transaction creates two focused but complementary businesses, each built for larger missions and designed to produce higher-quality BTC production and operational leverage platforms."
Hut 8 Owns 10,273 BTC, Ranked Sixth Among Global Public Companies
In addition to generating BTC through its own mining, Hut 8 has also joined the BTC reserve ranks by purchasing additional BTC. According to Bitcoin Treasuries, Hut 8 currently owns 10,273 BTC, ranking sixth among global public companies, behind MicroStrategy, MARA, Riot, Tesla, and CleanSpark.
However, Hut 8's stock price has dropped 45% year-to-date, and it remains to be seen whether the Trump family effect will help boost its stock price.
Risk Warning
Cryptocurrency investment carries high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
