- Hut 8 forms American Bitcoin to scale operations and optimize capital efficiency.
- Eric Trump leads American Bitcoin, aiming to become a major mining player.
- Hut 8 shifts its focus to infrastructure while American Bitcoin grows independently.
Hut 8 Corp. (Nasdaq | TSX: HUT) announced American Bitcoin Corp., a Bitcoin mining business backed by Eric Trump and Donald Trump Jr. The new entity will aim to become a leading Bitcoin mining business, with Hut 8’s infrastructure and operating expertise as its backbone.
Hut 8 Transfers Mining Assets to American Bitcoin
In a report by Altcoin Alerts, Hut 8 revamped its Bitcoin mining operations by forming American Bitcoin Corp. The firm exchanged its ASIC miners in the new entity for an 80% stake, which allowed American Bitcoin to operate as a standalone mining platform.
This step positionally allows Hut 8 to retain its core infrastructure while allowing American Bitcoin the ability to develop its operations separately. Hut 8 remains the infrastructure and operational partner with long-term stability through contract arrangements that produce recurring revenue.
Strategic Shift: Optimizing Growth and Flexibility
Hut 8 CEO Asher Genoot emphasized that spinning off the mining division improves capital efficiency and provides enhanced business flexibility. The separation enables both companies to secure financing aligned with their specific growth strategies.
American Bitcoin can now rapidly scale Bitcoin production, while Hut 8 can sharpen its focus on providing essential infrastructure and digital asset services, creating more room for future expansion.
Leadership and Expansion Plans Unveiled
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 also includes Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
Hut 8 will provide colocation and management services to ensure smooth operations for American Bitcoin. Additional transaction details will be included in a Form 8-K filing with the SEC. A conference call is scheduled for April 1, 2025, at 8:30 a.m. ET for investors seeking further insights.
