- Eric Trump and Donald Trump Jr. partner with Hut 8 to form American Bitcoin Corp.
- New venture aims to become world's largest pure-play Bitcoin miner with 50+ EH/s capacity
- Move comes as Bitcoin surpasses $100,000 and institutional adoption accelerates
Trump Family Doubles Down on Crypto
Eric Trump and Donald Trump Jr. are diving deeper into cryptocurrency with the launch of American Bitcoin Corp., a new industrial-scale mining venture formed in partnership with publicly traded miner Hut 8. The former president's sons will fold their existing American Data Centers Inc. into the new entity, with Eric Trump taking the role of Chief Strategy Officer.
Hut 8 will maintain an 80% stake in the venture, which aims to achieve over 50 exahashes per second (EH/s) of mining capacity at an industry-leading efficiency below 15 joules per terahash. "This partnership combines our operational expertise with their strategic vision," said a Hut 8 spokesperson when reached for comment.
Mining Amid Market Momentum
The launch comes during a remarkable period for cryptocurrency markets. Bitcoin recently cleared the $100,000 mark for the first time, while the total crypto market capitalization has more than doubled since early 2024 to over $3.7 trillion. Institutional interest continues growing, with BlackRock's iShares Bitcoin Trust becoming the fastest ETF to reach $50 billion in assets.
Analysts see political tailwinds as well. The Trump administration has taken several pro-crypto actions, including establishing a Strategic Bitcoin Reserve and appointing a "crypto czar." Approximately 60% of crypto-aware Americans believe digital asset values will rise during a potential second Trump term, according to recent surveys.
The Mining Landscape Shifts
American Bitcoin enters an increasingly competitive mining sector where efficiency and scale determine profitability. The company plans to leverage Hut 8's existing infrastructure while benefiting from the Trump connections in what one industry insider called "a marriage of technical capability and political capital."
Standard Chartered and Bernstein analysts project Bitcoin could reach $200,000 by late 2025, suggesting the timing may prove advantageous for the new venture. However, some miners have cautioned about rising energy costs and the upcoming Bitcoin halving event's potential impact on profitability.
Neither Eric Trump nor Donald Trump Jr. responded to requests for comment on their long-term plans for the venture. The deal is expected to close in the coming weeks, pending regulatory approvals.