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3w ago

Trump Family and Hut 8 Launch U.S.-Based Bitcoin Mining Venture

American Bitcoin, led by Eric Trump and Hut 8, aims to capitalize on low energy costs, build a bitcoin reserve, and explore a public listing.

Souvenir tokens representing cryptocurrency Bitcoin plunge into water in this illustration taken May 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Image
Eric, Donald and Donald Trump Jr. (Desiree Navarro/WireImage)
President Donald Trump, flanked by sons Eric Trump (right) and Donald Trump Jr. (left).

Overview

  • Eric Trump and Donald Trump Jr. have partnered with Hut 8 to launch American Bitcoin, a new U.S.-based bitcoin mining company.
  • Hut 8 holds an 80% stake in the venture and has contributed nearly 61,000 mining machines, while the Trump family retains 20%.
  • Eric Trump serves as the company's chief strategy officer, with Matt Prusak as CEO, and the board includes high-profile figures like Tinder co-founder Justin Mateen.
  • American Bitcoin will focus on bitcoin mining, building a strategic bitcoin reserve, and potentially going public in the future.
  • The company plans to leverage Hut 8's 11 U.S. data centers and low energy costs to establish a competitive edge in the global cryptocurrency market.