Trump sons back new Bitcoin mining venture with Hut 8

Several members of US President Donald Trump’s family are backing a new venture to launch what aims to become the world’s largest Bitcoin mining firm.Hut 8, a digital asset mining and infrastructure company, announced on March 31 that it is acquiring a majority stake in American Bitcoin, formerly known as American Data Center. The firm was founded by a group of investors, including Trump’s sons, Donald Trump Jr. and Eric Trump.As part of the deal, American Bitcoin will take ownership of Hut 8’s Bitcoin (BTC) mining hardware. Donald Trump Jr. said that the entrepreneurs behind American Data Centers have backed their conviction in Bitcoin personally and through business.The new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve.” Mining operations will remain under Hut 8’s compute segment but will operate through the American Bitcoin brand.“Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”The Trump family bets on cryptoUS President Donald Trump is strongly pushing for policy favorable to the crypto industry as his family and companies continue to bet on it. Last week, he pardoned three co-founders of crypto exchange BitMEX who previously pleaded guilty to federal money laundering charges.The United States Treasury recently also dropped decentralized crypto mixer Tornado Cash from its sanction lists, invalidating related legal proceedings. The United States Securities and Exchange Commission (SEC) also recently declared that memecoins are not securities and the Strategic shift for Hut 8Hut 8 CEO Asher Genoot recognized the launch of American Bitcoin as a “pivotal evolution” in the firm‘s strategy. He said that separating the mining business from the rest of the corporate activities would allow it to raise its own capital and “align each segment of the business with its respective cost of capital.” He added:“It evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments and establishes American Bitcoin as a pure-play mining platform built for exahash growth, Bitcoin production, and operating leverage.”The report follows Hut 8 surpassing $1 billion worth of Bitcoin holdings after acquiring 990 BTC for $100 million at the end of 2024. At the time, the company’s total Bitcoin mining stood at 10,096 BTC acquired at an average price of $24,484 per Bitcoin.This is a developing story, and further information will be added as it becomes available.