Donald Trump’s Family Ventures Into Bitcoin Mining With Hut8 Partnership

Donald Trump’s eldest sons have further deepened their ties with the nascent crypto sector with a quest into Bitcoin mining. A Wall Street Journal exposition confirmed the recent venture by the Donald Trump family. Specifically, the enterprise involved Donald Trump Jr. and Eric Trump, the eldest sons of the US president. The two brothers will invest in American Bitcoin, a company focused on mining Bitcoin, the largest cryptocurrency by market cap, in collaboration with Hut8, a Miami-based energy infrastructure and crypto miner. Trump’s Sons Launch New Business Entity In February, Eric and Donald Trump Jr. rebranded Dominari, a small investment firm, to American Data Centre after the enterprise announced the duo would join their advisory board. A little over a month later, the newly launched firm is collaborating with Hut8, one of the largest North American-based miners in the country. On Monday, the WSJ reported that the two firms formed an alliance, rebranding American Data Centre to America Bitcoin. Hut8 would hold 80% of the new firm, with the Trump sons settling with 20%. Meanwhile, the new enterprise would leverage over 61,000 machines supplied by Hut8 to mine Bitcoin, aiming to become a powerhouse in the sector. However, unlike most miners, the firm is focused on creating new batches of the premier asset for its strategic reserve. Notably, the president’s sons disclosed that the miner operates as a separate entity from the Trump Organization, an empire built by the real-estate mogul. Furthermore, American Bitcoin is unrelated to the recent executive order that President Trump signed to create a Bitcoin stockpile in the United States. Trump Family Expands Crypto Purview Since adopting a friendly stance towards Bitcoin and cryptocurrency, Trump and his family have relentlessly increased exposure to the industry. First, the president promised to make America the crypto capital of the world, attracting funding and support from the sector. Furthermore, Trump and his sons launched World Liberty Financial (WLFI) , a decentralized finance enterprise that vowed to disrupt the traditional banking system. Meanwhile, the family recently announced plans to launch a crypto exchange-traded fund (ETF) and issue stablecoins . Donald Trump Jr. reiterated the family’s unwavering support for the industry. He noted that while buying Bitcoin is just half the story, mining the premier asset opens up further opportunities for the enterprise and the American people. Eric Trump will serve as American Bitcoin’s chief strategy officer, while Matt Prusak, Hut8’s former chief commercial officer, will be its CEO. Moreover, he revealed that the miner plans to go public in the future.