The Trump family is entering the Bitcoin (BTC) mining business, further expanding its presence in the cryptocurrency space.
BTC miner Hut 8. said Monday it is launching a U.S.-focused mining firm called American Bitcoin Corp., with the Trump family holding a significant role.
The venture follows Hut 8’s acquisition of a controlling stake in American Data Centers, a company backed by Eric and Donald Trump Jr., which has now been renamed, Bloomberg reports. Eric will take on the role of chief strategy officer on the newly formed firm, which will focus on mining Bitcoin within the U.S. and will be developing what it called the “strategic BTC reserve deployment.”
Hut 8 has transferred most of its mining equipment to the new entity in return for an 80% ownership stake, according to the report.
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Donald Trump Moves Further Into Bitcoin
The partnership marks another shift in the President’s stance on crypto. After years of skepticism, Trump has embraced crypto assets during his 2024 campaign, pledging to ensure that all remaining BTC is mined in the U.S. and supporting crypto-friendly policy measures.
His family has also backed projects like World Liberty Financial’s DeFi initiative and launched a series of non-fungible token (NFT) collectibles, as well as memecoins earlier this year.
The timing comes as the U.S. crypto mining sector regains political traction, with BTC mining growing into a multibillion-dollar domestic industry, though U.S.-based miners still contribute less than half of global computing power.
The President’s push to bring more of that activity onshore could resonate with parts of the crypto community seeking regulatory clarity and infrastructure support.
Hut 8 shares rose 5.8% in early trading following the announcement. The stock remains down more than 46% year to date.
Recently, Trump made several comments regarding the state of the crypto market during the Digital Asset Summit (DAS) in New York on March 20.
The President also urged the US Congress to pass stablecoin legislation, outlining the need for a robust legal environment for financial institutions.
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