Trump Family Actively Involved in Cryptocurrency Industry
The Trump family’s involvement in the cryptocurrency sector is prominent, as Eric Trump, the second son of Donald Trump, has invested in American Bitcoin, which will collaborate with mining company Hut 8. The goal is to become the largest and most efficient pure miner globally while establishing a robust strategic Bitcoin reserve.
Hut 8 Focuses on Bitcoin Mining and AI Data Centers
Hut 8, a digital asset mining company headquartered in Toronto, Canada, operates five digital asset mining facilities and five high-performance computing data centers. Hut 8 supports the traditional data center industry through cloud, colocation, and hosting services while also catering to emerging next-generation technologies, including AI, machine learning, visual effects rendering, and Bitcoin mining.
Originally listed on the Toronto Stock Exchange, Hut 8 went public on the NASDAQ in 2023 through a full-stock merger with USBTC (stock code: HUT).
Trump Family Co-Manages American Bitcoin with Hut 8
Hut 8 announced a collaboration with American Bitcoin, strategically deploying nearly all ASIC mining machines in exchange for a majority stake. American Bitcoin was founded by a group of investors, including Eric Trump and Donald Trump Jr., previously known as American Data Centers.
Hut 8 will hold 80% of American Bitcoin’s shares and will manage operations through a shared services agreement. The Trump family and other investors will retain 20% of the shares, with Eric Trump serving as Chief Strategy Officer.
Hut 8 CEO Asher Genoot stated, “The launch of American Bitcoin marks a critical development in our platform strategy. By spinning off our mining business into an independent entity that can raise its own capital, we align every part of the business with its respective cost of capital. This transaction creates two focused yet complementary businesses, each designed to build larger, higher-quality products tailored for Bitcoin production and operational leverage as a pure mining platform.”
Hut 8 Holds 10,273 Bitcoins, Ranking Sixth Among Public Companies Globally
In addition to generating Bitcoin through its mining operations, Hut 8 has joined the ranks of Bitcoin reserves by purchasing additional Bitcoins. According to data from Bitcoin Treasuries, Hut 8 currently holds 10,273 Bitcoins, ranking sixth among publicly traded companies worldwide, following MicroStrategy, MARA, Riot, Tesla, and CleanSpark.
However, Hut 8’s stock price has declined by 45% year-to-date, and whether the Trump family effect will positively influence its stock price remains to be seen.
Risk Warning
Investment in cryptocurrencies carries high risks, and their prices can be highly volatile, leading to a potential loss of your entire principal. Please assess the risks carefully.