So, the Trump family is now getting into Bitcoin (BTC) mining with a new company called American Bitcoin. What else could they possibly do with their time? 🤷♂️
According to the press release on March 31, Eric Trump and Donald Trump Jr. have teamed up with crypto infrastructure firm Hut 8 to launch this Bitcoin mining venture. Eric and Donald Jr. will own 20% of the company, while Hut 8 will take the remaining 80%. I mean, who doesn’t want a piece of the Trump family pie? 🍕
Initially, the company will focus on mining operations, but moving forward, they’ve got big plans. Trump Jr. mentioned building a strategic Bitcoin reserve and potentially going public. Because we all know the Trumps need another public company to manage. 🤑
“From the start, we’ve backed our conviction in Bitcoin – personally and through our businesses,” Donald Trump Jr. said. “But simply buying Bitcoin is only half the story. Mining it on favorable economics opens an even bigger opportunity.”
This venture is just another chapter in the Trump family’s expanding involvement in the crypto sector, which includes other projects like World Liberty Financial and a potential stablecoin. I mean, why not? They’ve got the Midas touch, right? 🏆
Despite concerns about Bitcoin mining’s environmental impact, Eric Trump, who will serve as the company’s chief strategy officer, says that lower energy costs in the U.S. will give American miners a competitive edge. Asher Genoot, CEO of Hut 8, also noted that American Bitcoin’s competitive advantage will come from low energy costs and a scalable infrastructure. Because who doesn’t love a good environmental disaster? 🌍🔥
In return for 80% stake in American Bitcoin, Hut 8 will supply 61,000 mining machines and host the operations at 11 U.S. data centers. Hut 8’s stock jumped 6.4% after the announcement, but it’s still down 42.8% this year. I guess some things never change. 🤷♂️
“By carving out our mining business into a standalone entity, which will raise its own capital, we align each segment of the business with its respective cost of capital. The transaction creates two focused yet complementary businesses, each purpose-built for its respective mandate. 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.”
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2025-03-31 16:17