Trump Jr. & Eric Trump Enter Bitcoin Mining
Trump Sons Launch Major Bitcoin Mining Venture
Eric Trump and Donald Trump Jr. have joined forces with Hut 8 Mining Corp. to establish American Bitcoin, a new Bitcoin mining company with ambitious goals.
Key Highlights:
- Partnership: American Bitcoin is a joint venture between the Trump sons' company and Hut 8.
- Scale: The company aims to achieve a mining hash rate exceeding 50 EH/s.
- Efficiency: American Bitcoin targets a fleet efficiency of under 15 J/TH.
- Public Listing: The company plans to be publicly listed.
- Hut 8 Role: Hut 8 will act as the exclusive infrastructure and operations partner.
This announcement follows a strategic merger with American Data Centers (ADC), an AI infrastructure company co-founded by the Trump brothers. ADC will hold a 20% stake in American Bitcoin, while Hut 8 retains 80% ownership. Both Eric and Donald Trump Jr. sit on Dominari Holding's advisory board, the parent company of ADC.
American Bitcoin’s leadership team includes Mike Ho as Executive Chairman, Matt Prusak as CEO, and Eric Trump as Chief Strategy Officer. The Board of Directors will also feature Asher Genoot (Hut 8 CEO), Justin Mateen, and Michael Broukhim.
Strategic Rationale:
According to Asher Genoot, Hut 8 CEO, this move represents a significant step in their platform strategy. Separating the mining operations into a standalone, capital-raising entity allows for better alignment of each business segment with its respective cost of capital.
Statements from Leadership:
Eric Trump stated, "It is a great honor to partner with Hut 8... We are poised to strengthen our foundation and drive significant future growth."
Donald Trump Jr. added, "From the start, we’ve backed our conviction in Bitcoin... Mining it on favorable economics opens an even bigger opportunity. We’re excited to bring investors into that equation."
American Bitcoin’s focus is on expanding mining operations, achieving high hash rates, and maintaining excellent energy efficiency. The addition of Bitcoin to the company's balance sheet is also a stated goal.
Codeum Note: Codeum provides comprehensive blockchain security solutions, including smart contract audits, KYC verification, and custom smart contract/DApp development. We help secure the future of blockchain through robust security and development expertise. Contact us to learn more about how we can protect your project.