Source: Cointelegraph Original: "{title}"
Several members of U.S. President Donald Trump's family are backing a new venture aimed at becoming the world's largest Bitcoin mining company.
Digital asset mining and infrastructure company Hut 8 announced on March 31 that it will acquire a majority stake in American Bitcoin (formerly known as American Data Center). The company was founded by a group of investors, including Trump's sons Donald Trump Jr. and Eric Trump.
According to the agreement, American Bitcoin will take over Hut 8's Bitcoin mining hardware. Donald Trump Jr. stated that the entrepreneurs behind American Data Centers have expressed their belief in Bitcoin either personally or through business means.
This new venture "aims to become the largest and most efficient pure Bitcoin miner in the world while building a strong strategic Bitcoin reserve." The mining operations will continue to be housed under Hut 8's computing division but will operate under the American Bitcoin brand.
"Mining under favorable economic conditions opens up greater opportunities. We are excited to engage investors through this carefully designed platform to realize this vision and provide real, tangible participation opportunities for Bitcoin's growth."
President Trump is actively promoting policies favorable to the cryptocurrency industry, and his family and company continue to bet on it. Last week, he pardoned three co-founders of the cryptocurrency exchange BitMEX, who had previously admitted to federal money laundering charges.
The U.S. Treasury Department recently removed the decentralized crypto mixer Tornado Cash from its sanctions list, rendering related legal proceedings ineffective. The U.S. Securities and Exchange Commission (SEC) also recently announced that meme coins are not securities.
Hut 8 CEO Asher Genoot views the launch of American Bitcoin as a "key evolution" in the company's strategy. He stated that separating the mining business from other business activities will allow it to raise its own capital and "align each part of the business with its respective capital costs." He added:
"This allows Hut 8 to evolve towards a more predictable, more financeable business with lower capital costs, while building American Bitcoin into a pure mining platform focused on hash rate growth, Bitcoin production, and operational leverage."
The report comes after Hut 8 purchased 990 Bitcoins for $100 million by the end of 2024, bringing its Bitcoin holdings to over $1 billion. At that time, the company's total Bitcoin holdings reached 10,096, with an average purchase price of $24,484 per coin.
Related: Donald Trump pardons three BitMEX co-founders - Report
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