Trump Sons Enter Bitcoin Mining Venture with Hut 8 Partnership
Donald Trump Jr. and Eric Trump are entering the Bitcoin mining industry through a partnership between their company, American Data Centers,
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Donald Trump Jr. and Eric Trump are entering the Bitcoin mining industry through a partnership between their company, American Data Centers, and Hut 8, a publicly traded cryptocurrency infrastructure firm, the Wall Street Journal reported.
The deal, which involves no cash exchange, will see Hut 8 transferring approximately 61,000 specialized mining machines to American Bitcoin, the newly formed venture. In return, the Trump brothers will receive a 20% stake in American Bitcoin, with Hut 8 holding the remaining 80%.
American Bitcoin aims to become a major player in the Bitcoin mining sector and establish a substantial Bitcoin reserve. Eric Trump will serve as the company's chief strategy officer.
"We are a hard-asset family," Eric Trump told the WSJ, emphasizing the strategic value of digital assets.
This move marks a significant step in the Trump family's increasing involvement in the cryptocurrency space. Notably, this venture is separate from the US strategic crypto reserve initiated by President Trump earlier this year.
Donald Trump's stance on cryptocurrency has evolved, shifting from skepticism to endorsement during his 2024 presidential campaign. He has pledged to make the US a global leader in the crypto industry.
Conversely, the Biden administration has advocated for stricter regulations and oversight of digital assets.
The Trump family's recent crypto-related activities also include the launch of World Liberty Financial, a decentralized finance project, and plans for their social media company to invest in Bitcoin and other digital assets, as well as the development of a dollar-backed stablecoin.
However, some within the crypto industry have expressed concerns about the potential impact of the Trumps' involvement in volatile meme coins featuring the president and his wife, Melania, on the credibility of the US crypto market.
