US President Donald Trump‘s sons team up with Hut 8 to create the biggest Bitcoin mining company in the world with strategic reserves.
US President Donald Trump’s relatives are supporting a new business that intends to establish the world’s most significant Bitcoin mining company.
Hut 8 Bitcoin Mining Firm to Acquire American Bitcoin
On March 31, the infrastructure and digital asset mining firm Hut 8 revealed that it would buy most American Bitcoin, formerly American Data Center. Trump’s sons, Eric Trump and Donald Trump Jr., were among the investors who started the company.
Hut 8’s Bitcoin mining equipment will be transferred to American Bitcoin as part of the agreement. According to Donald Trump Jr., the owners of American Data Centers have supported their belief in Bitcoin both personally and commercially.
The new business aims to build a robust strategic Bitcoin reserve while becoming the world’s largest, most efficient pure-play Bitcoin miner. The American Bitcoin brand will be used to conduct mining operations, still under Hut 8’s compute segment.
Trump Family’s Involvement in Cryptocurrency is Growing
President Trump keeps pushing for pro-crypto legislation as his family and associated businesses increase their footprint in the digital asset market.
According to a CNBC report, he pardoned three BitMEX co-founders on March 28 after they had previously pleaded guilty to federal money laundering charges.
The US Treasury invalidated related legal proceedings on March 21 by removing the decentralized cryptocurrency mixer Tornado Cash from its sanction lists. Furthermore, the Division of Corporation Finance of the Securities and Exchange Commission recently declared that memecoins are not securities under US law and that work is being done to establish a national Bitcoin strategic reserve.
Regarding business, Trump introduced his Official Trump (TRUMP) memecoin. His Trump Technology Group also revealed a collaboration with Crypto.com that is anticipated to facilitate a new range of cryptocurrency exchange-traded funds.
The Trump family has also been involved in introducing a new stablecoin called USD1 and the launch of World Liberty Financial (WLFI), a decentralized finance protocol on Aave.
Change Strategy for Hut 8
The introduction of American Bitcoin was acknowledged by Hut 8 CEO Asher Genoot as a pivotal evolution in the company’s approach. According to him, the mining company could raise its funds and “align each segment of the business with its respective cost of capital” if it were separated from the other corporate operations.
The report comes after Hut 8 acquired 990 Bitcoin for $100 million at the end of 2024, surpassing $1 billion in Bitcoin holdings. The company’s total Bitcoin mining was 10,096 BTC, which it had purchased at an average price of $24,484 each.
After the last halving, industry income stabilized, and in Q1 2025, bitcoin mining revenues came close to $3.6 billion. Recent data also shows that miners’ daily revenue per unit of hash power remained constant at around $48 per peta hash per second despite the mining difficulty rising.
