Eric Trump Backs New Bitcoin Mining Venture With Hut 8, Plans to Go Public

The Trump family is digging deeper into Bitcoin—this time, with a mining venture backed by Eric Trump. The President’s son is teaming up with Miami-based Hut 8 to launch American Bitcoin Corp.

The mining operation aims to go public and become one of the largest in the country, according to a Bloomberg report on Tuesday.

The announcement marks another step in the family’s broader crypto strategy after the launch of World Liberty Financial in October and the USD1 stablecoin in March.

“It’s exciting to build this in America, and when you look at Hut 8’s data centers—what they’ve built and their capabilities—it made perfect sense to partner with them. They’re pragmatic, fast, and deliver results,” Eric Trump told Bloomberg TV.

“Combine that with an asset that’s appreciated 60% year-over-year for the past decade, and a company that can mine Bitcoin at nearly half its current trading price while scaling rapidly—it’s a dynamite combination,” he added.

A done deal

On Monday, Hut 8 announced the merger with American Data Centers Inc., a company formed by investors including Eric and Donald Trump Jr.

In the deal, Hut 8 would contribute the majority of its Application-Specific Integrated Circuit (ASIC) miners to American Data Centers for an 80% ownership stake, with the remaining 20% going to American Data Centers, which has since been renamed and relaunched as American Bitcoin.

Hut 8 CEO Asher Genoot described the merger as pairing two sister companies—one focused on infrastructure, the other on Bitcoin—creating a vertically integrated model with strong economic advantages.

“One that is energy, infrastructure data centers, and the other one that’s Bitcoin, ASICs, and reserves, and together they form a vertically integrated company that has some of the best economics out there,” Genoot told Bloomberg TV.

As Genoot explained, the new structure allows investors to gain direct exposure to Bitcoin through American Bitcoin while investing in the business's energy and infrastructure side through Hut 8.

“The vision here is to give shareholders a pure play mining company that has the ability to produce Bitcoin cheaper than just buying it, and so continuing to build the strategic reserve and be one of the largest Bitcoin miners,” Genoot said. “For Hut 8, this made sense because we have investors investing in the infrastructure, AI, and Bitcoin sides of the business.”

The deal with Hut 8 is the latest in Eric Trump's recent Bitcoin moves. In March, Metaplanet, a Japanese investment firm, named him to its newly formed Strategic Advisory board, highlighting his “business expertise and passion for Bitcoin.”

Debanking the Trump family

In a separate interview with Fox Business, Eric Trump railed against the banking system, calling it antiquated and inferior to Bitcoin.

"I never thought I’d fall into the world of crypto—until every bank started canceling us for no reason other than my father being in politics. We got canceled by everybody. They came after us viciously,” Trump told host Maria Bartiromo.

“That’s when I realized how important crypto is—cheaper, faster, more transparent, uncancelable, global. That’s what made me fall in love with Bitcoin, with DeFi, CeFi, and stablecoins,” he added.

Trump said his experience with banks opened his eyes to crypto.

“I truly believe in it. My epiphany was cancel culture, and how financial institutions, controlled by a powerful few, can shut out anyone they don’t like, even families like ours with plenty of zeros on the balance sheet," he said.

When asked about regulatory guidelines for Bitcoin and stablecoins, Eric Trump said the crypto industry is desperate for clarity—and that the U.S. must take the lead before it falls behind global competitors.

"Everybody in the industry does—I think everybody wants guidelines,” he said. “That’s part of the problem in the crypto industry. It’s always been so murky that people didn’t know what guidelines to follow.”

Trump emphasized the place for stablecoins in the U.S. economy, framing them as essential to the country’s financial future.

“Everybody wants a U.S. stablecoin, and I think that’s tremendously good for the U.S. economy,” he said. “Crypto is here to stay. It’s solving so many financial problems. It’s bringing parity to the markets—you better believe that. When we look out 10 years, the nature of finance and banking in this country will be very different.”

On Tuesday, USDC stablecoin issuer Circle filed an S-1 with the SEC for an initial public offering, seeking to become the second U.S.-based publicly listed crypto firm in history.

Edited by Sebastian Sinclair