Hut 8 traded most ASIC miners for a majority stake in American Bitcoin.
American Bitcoin, formerly American Data Centers, is backed by Eric Trump and Donald Trump Jr.
Hut 8 Corp., a Wall Street-listed Bitcoin miner, has
launched American Bitcoin Corp. The new subsidiary will focus on
industrial-scale Bitcoin mining and strategic Bitcoin reserve development.
The launch follows Hut 8’s contribution of most of its ASIC
miners in exchange for a majority stake in American Data Centers, Inc. The
company was later renamed American Bitcoin. The investor group behind American
Data Centers included Eric Trump and Donald Trump Jr.
Hut 8 to Support American Bitcoin Operations
Asher Genoot, CEO of Hut 8, Source: LinkedIn
“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,” Asher Genoot, CEO of Hut 8.
American Bitcoin will operate under Hut 8’s Compute segment.
The results will be consolidated into Hut 8’s financial statements. Hut 8 will
provide infrastructure and operational support under long-term agreements.
These agreements will generate revenue for Hut 8’s Power and Digital
Infrastructure segments.
“The transaction creates two focused yet complementary
businesses, each purpose-built for its respective mandate. It evolves Hut 8
toward more predictable, financeable, lower-cost-of-capital segments and
establishes American Bitcoin as a pure-play mining platform built for exahash
growth, Bitcoin production, and operating leverage,” said Genoot, CEO of Hut 8.
Expanding Mining, Building Bitcoin Reserve
“By combining Hut 8’s proven operational excellence in
data centers with our shared passion for Bitcoin and decentralized finance, we
are poised to strengthen our foundation and drive significant future growth,”
said Eric Trump, Co-founder of American Bitcoin.
American Bitcoin plans to expand its mining operations and
build a strategic Bitcoin reserve. The company will leverage Hut 8’s mining
expertise and infrastructure development capabilities.
“But simply buying Bitcoin is only half the story.
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. added.
Hut 8 Corp., a Wall Street-listed Bitcoin miner, has
launched American Bitcoin Corp. The new subsidiary will focus on
industrial-scale Bitcoin mining and strategic Bitcoin reserve development.
The launch follows Hut 8’s contribution of most of its ASIC
miners in exchange for a majority stake in American Data Centers, Inc. The
company was later renamed American Bitcoin. The investor group behind American
Data Centers included Eric Trump and Donald Trump Jr.
Hut 8 to Support American Bitcoin Operations
Asher Genoot, CEO of Hut 8, Source: LinkedIn
“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,” Asher Genoot, CEO of Hut 8.
American Bitcoin will operate under Hut 8’s Compute segment.
The results will be consolidated into Hut 8’s financial statements. Hut 8 will
provide infrastructure and operational support under long-term agreements.
These agreements will generate revenue for Hut 8’s Power and Digital
Infrastructure segments.
“The transaction creates two focused yet complementary
businesses, each purpose-built for its respective mandate. It evolves Hut 8
toward more predictable, financeable, lower-cost-of-capital segments and
establishes American Bitcoin as a pure-play mining platform built for exahash
growth, Bitcoin production, and operating leverage,” said Genoot, CEO of Hut 8.
Expanding Mining, Building Bitcoin Reserve
“By combining Hut 8’s proven operational excellence in
data centers with our shared passion for Bitcoin and decentralized finance, we
are poised to strengthen our foundation and drive significant future growth,”
said Eric Trump, Co-founder of American Bitcoin.
American Bitcoin plans to expand its mining operations and
build a strategic Bitcoin reserve. The company will leverage Hut 8’s mining
expertise and infrastructure development capabilities.
“But simply buying Bitcoin is only half the story.
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. added.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
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