Trump Family Supports New Bitcoin Mining Venture with Hut 8

According to Cointelegraph, several members of U.S. President Donald Trump's family are supporting a new initiative to establish what is intended to become the world's largest Bitcoin mining company. Hut 8, a digital asset mining and infrastructure firm, announced on March 31 that it is acquiring a majority stake in American Bitcoin, previously known as American Data Center. This company was founded by a group of investors, including Trump's sons, Donald Trump Jr. and Eric Trump. As part of this acquisition, American Bitcoin will assume ownership of Hut 8's Bitcoin mining hardware. Donald Trump Jr. expressed that the entrepreneurs behind American Data Centers have demonstrated their belief in Bitcoin both personally and through their business endeavors. The new venture aims to become the world's largest and most efficient pure-play Bitcoin miner while establishing a strong strategic Bitcoin reserve. Although mining operations will continue under Hut 8's compute segment, they will be conducted under the American Bitcoin brand. Hut 8 CEO Asher Genoot described the launch of American Bitcoin as a significant evolution in the company's strategy. By separating the mining business from other corporate activities, the firm aims to raise its own capital and align each segment of the business with its respective cost of capital. Genoot stated that this move positions Hut 8 towards more predictable, financeable, and lower-cost-of-capital segments, establishing American Bitcoin as a pure-play mining platform designed for exahash growth, Bitcoin production, and operating leverage. This development follows Hut 8's achievement of surpassing $1 billion in Bitcoin holdings after acquiring 990 BTC for $100 million at the end of 2024. At that time, the company's total Bitcoin mining amounted to 10,096 BTC, acquired at an average price of $24,484 per Bitcoin.