Hut 8 Acquires Majority Stake in American Bitcoin
Hut 8, one of the largest cryptocurrency mining companies in North America, announced on March 31 that it had acquired a majority stake in American Bitcoin, a company formerly known as American Data Center. The move has the direct participation of Donald Trump’s sons, Donald Trump Jr. and Eric Trump, who are among the company’s founders.
With the transaction, American Bitcoin will take over the mining equipment that belonged to Hut 8, becoming part of the group’s infrastructure. Donald Trump Jr. commented that the founders of American Bitcoin reinforce their commitment to bitcoin both personally and corporately. The stated goal of the new business is to “become the largest and most efficient pure-play bitcoin miner while building a robust strategic reserve of bitcoin.”
The new brand, while operating under Hut 8’s computing infrastructure, will be branded under the American Bitcoin banner. Donald Trump Jr. added: “Mining bitcoin on favorable economic terms opens up even greater opportunities. We are excited to bring investors into the equation through a platform designed to realize this thesis and provide real, tangible participation in bitcoin’s growth.”
This move further expands the Trump family’s presence in the cryptocurrency market. Donald Trump recently granted a presidential pardon to three founders of BitMEX, an exchange that has been implicated in federal money laundering charges. There have also been significant regulatory changes, such as the removal of Tornado Cash from the US Treasury Department’s sanctions list, and the SEC’s position that memecoins do not qualify as securities under current laws.
Additionally, the family is behind initiatives such as the World Liberty Financial (WLFI) protocol on Aave and the launch of the USD1 stablecoin.
On the financial side, Hut 8 announced a share buyback program worth up to $500 million, aiming to expand its strategic bitcoin reserve and invest in digital and energy infrastructure. With this, it joins other companies that have adopted bitcoin as a strategic asset.