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Trump Brothers and Hut 8 Launch American Bitcoin Mining Venture with Plans to Go Public
- Eric Trump and Donald Trump Jr. have partnered with Hut 8 to launch American Bitcoin Corp., aiming to create one of America’s largest Bitcoin mining operations.
- Hut 8 will contribute most of its ASIC miners for an 80% ownership stake, while the Trump brothers’ American Data Centers hold 20%.
- Eric Trump sees being 'debanked' as his motivation for entering crypto, praising Bitcoin for being 'cheaper, faster, more transparent, uncancelable, global.'
- The venture plans to eventually go public and reportedly can mine Bitcoin at nearly half its current trading price.
- This move by the Trump family follows their expansion into cryptocurrencies with World Liberty Financial and USD1 stablecoin launches.
- The new Bitcoin mining operation, American Bitcoin Corp., is a partnership between the Trump brothers and Hut 8 to establish a significant U.S.-based mining operation.
- Hut 8 will merge with American Data Centers Inc., granting an 80% ownership to Hut 8 and 20% to the Trump brothers’ firm, leading to a potential public offering in the future.
- The leadership team includes figures from Hut 8 and American Data Centers, with Eric Trump as the chief strategy officer and Donald Trump Jr. emphasizing the opportunity in Bitcoin mining.
- The Trump family's move into cryptocurrency was influenced by banking challenges due to political connections, leading to a realization of the benefits of crypto such as transparency and global accessibility.
- Eric Trump highlighted the economic advantage of mining Bitcoin at nearly half its trading price and emphasized the long-term performance of Bitcoin as a promising asset.
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