The Trump family is further investing in Bitcoin, this time through a mining initiative led by Eric Trump. The President’s son is collaborating with Hut 8, based in Miami, to establish American Bitcoin Corp.
According to a report from Bloomberg on Tuesday, the mining venture plans to go public and aims to be among the largest in the nation.
This announcement is a significant addition to the family’s overall cryptocurrency strategy, following the launch of World Liberty Financial in October and the USD1 stablecoin in March.
“Building this in America is thrilling, and looking at Hut 8’s data centers—their infrastructure and capabilities made partnering with them a logical choice. They’re practical, quick, and produce results,” Eric Trump shared with Bloomberg TV.
“When you combine that with an asset that has appreciated 60% year-on-year for the past ten years, and a company that can mine Bitcoin at nearly half of its current trading value while rapidly scaling—it’s an exceptional combination,” he continued.
A done deal
On Monday, Hut 8 revealed its merger with American Data Centers Inc., a firm formed by investors including Eric and Donald Trump Jr.
In this deal, Hut 8 will transfer the majority of its Application-Specific Integrated Circuit (ASIC) miners to American Data Centers in exchange for an 80% ownership interest, while American Data Centers retains the other 20% share, subsequently rebranding itself as American Bitcoin.
Hut 8 CEO Asher Genoot described the merger as uniting two sister companies—one concentrated on infrastructure and the other on Bitcoin—thereby creating a vertically integrated model with significant economic benefits.
“One focuses on energy and infrastructure data centers, while the other specializes in Bitcoin, ASICs, and reserves—together they form a vertically integrated enterprise with some of the most favorable economics available,” Genoot mentioned during Bloomberg TV.
As Genoot explained, the newly formed structure allows investors to gain direct exposure to Bitcoin through American Bitcoin and invest in the energy and infrastructure aspects through Hut 8.
“Our goal is to provide shareholders with a dedicated mining company capable of generating Bitcoin more economically than purchasing it outright, while also continuing to build a strategic reserve and grow into one of the largest Bitcoin miners,” Genoot articulated. “For Hut 8, this makes sense since we have investors interested in the infrastructure, AI, and Bitcoin sectors of the business.”
The Hut 8 agreement is Eric Trump’s most recent move in the Bitcoin realm. Earlier in March, Metaplanet, a Japanese investment firm, appointed him to its newly established Strategic Advisory board, recognizing his “business acumen and enthusiasm for Bitcoin.”
Debanking the Trump family
In a separate discussion with Fox Business, Eric Trump criticized the banking system, branding it outdated and inferior to Bitcoin.
“I never imagined I would become involved in crypto—until every bank began canceling us for no other reason than my father’s political career. We were shut down by all of them. They attacked us relentlessly,” Trump told host Maria Bartiromo.
“That’s when I understood the significance of crypto—cheaper, quicker, more transparent, uncancelable, and global. That’s what drew me to Bitcoin, DeFi, CeFi, and stablecoins,” he added.
Trump indicated that his experiences with banks opened his perspective on cryptocurrency.
“I genuinely believe in it. My revelation came from observing cancel culture and how financial institutions, dominated by a select few, can exclude anyone they dislike—even affluent families like ours with substantial resources,” he stated.
When questioned about the need for regulatory clarity surrounding Bitcoin and stablecoins, Eric Trump remarked that the crypto sector is eager for guidance, emphasizing that the U.S. must take the initiative to avoid falling behind its global competitors.
“Everyone in the industry feels it—I believe there’s a widespread desire for guidelines,” he stated. “That’s part of the issue within the crypto sector. The regulations have always been vague, leaving people uncertain about the rules to follow.”
Trump underscored the essential role of stablecoins in the U.S. economy, framing them as crucial for the nation’s financial future.
“Everyone desires a U.S. stablecoin, which I believe is incredibly beneficial for the U.S. economy,” he remarked. “Crypto is here to stay. It addresses numerous financial issues and is creating fairness in the markets—you can bet on that. Looking ahead ten years, we can expect the nature of finance and banking in this country to change significantly.”
On Tuesday, USDC stablecoin issuer Circle submitted an S-1 registration statement with the SEC for an initial public offering, aiming to become the second U.S.-based crypto firm to be publicly traded in history.
Edited by Sebastian Sinclair
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
