Trump sons back Bitcoin mining venture with Hut 8

Hut 8, a digital asset mining firm, has partnered with investors including Donald Trump Jr. and Eric Trump to launch American Bitcoin (CRYPTO:BTC), a venture aiming to become a major Bitcoin mining operation.

The deal, announced March 31, involves Hut 8 acquiring a majority stake in American Bitcoin (formerly American Data Center), with the new entity taking ownership of Hut 8’s Bitcoin mining hardware.

“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,” stated Donald Trump Jr., highlighting the venture’s focus on leveraging favorable economics to mine Bitcoin and build strategic reserves.

American Bitcoin will operate under Hut 8’s compute segment but will function as a standalone brand focused on expanding mining capacity and accumulating Bitcoin reserves.

The move aligns with Hut 8’s broader strategy to separate its mining operations from other corporate activities, allowing each segment to raise capital independently.

“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,” described CEO Asher Genoot, calling the shift a “pivotal evolution” that enables lower-cost financing and scalability.

The Trump family’s involvement reflects their growing presence in crypto.  

President Donald Trump recently pardoned BitMEX (CRYPTO:BMEX) co-founders and supported policy changes, including removing sanctions on Tornado Cash (CRYPTO:TORN) and clarifying memecoins’ regulatory status.

Separately, Trump’s team launched the TRUMP (CRYPTO:TRUMP) memecoin and partnered with Crypto.com to develop crypto ETFs.

Hut 8’s strategic pivot follows its acquisition of 990 BTC for $100 million in late 2024, bringing its total holdings to 10,096 BTC at an average cost of $24,484 per coin.

The firm’s mining revenue has stabilised post-halving, with industry-wide daily revenue per petahash remaining steady at ~$48 despite rising mining difficulty.

American Bitcoin’s launch coincides with broader efforts to establish a national Bitcoin strategic reserve in the U.S., signaling heightened institutional interest in Bitcoin’s role in financial infrastructure.

At the time of reporting, the Bitcoin (BTC) price was $82,670.81.