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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.
Related: Bitcoin miner Hut 8 argues to toss ‘short and distort’ shareholder suit
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 their businesses.
The new venture “aims to become the world’s largest, most efficient pure-play Bitcoin miner while building a robust strategic Bitcoin reserve,” the announcement said. Mining operations will remain under Hut 8’s compute segment but will operate through the American Bitcoin brand. Donald Trump Jr. added:
Trump family deepens involvement in crypto
President Trump continues to promote pro-crypto policy as his family and affiliated companies expand their presence in the digital asset space.
On March 28, he pardoned three co-founders of crypto exchange BitMEX who previously pleaded guilty to federal money laundering charges, according to a CNBC report.
On March 21, the US Treasury dropped the decentralized crypto mixer Tornado Cash from its sanction lists, invalidating related legal proceedings. Additionally, the Securities and Exchange Commission’s Division of Corporation Finance recently stated that memecoins do not qualify as securities under US law. Progress is underway on the creation of a national Bitcoin strategic reserve.
On the commercial front, Trump launched his Official Trump (TRUMP) memecoin. His Trump Technology Group also announced a partnership with Crypto.com, which is expected to support a new suite of crypto exchange-traded funds.
The Trump family has been involved in launching a decentralized finance protocol on Aave called World Liberty Financial (WLFI), as well as introducing a new stablecoin named USD1.
Related: Hut 8 tips 66% hashrate boost after deal to buy 31K Bitcoin miners
Strategic shift for Hut 8
Hut 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:
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.
Bitcoin mining revenue approached $3.6 billion in Q1 2025 as industry income stabilized after the last halving. Recent data also shows that miners’ daily revenue per unit of hash power remained constant at around $48 per petahash per second, despite the mining difficulty increasing.
Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
This is a developing story, and further information will be added as it becomes available.
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