The family of US President Donald Trump continues to expand its influence in the cryptocurrency industry by partnering with Hut 8 Corp. to launch a project focusing on Bitcoin mining. This is seen as a strategic move, reinforcing Trump's increasingly close relationship with the crypto industry. Is this plan merely a business deal or does it harbor greater ambitions?
American Bitcoin Corp. – The Trump Family's “Bitcoin Mining Machine”
According to the latest announcement from Hut 8 Corp. on March 25, the company will establish American Bitcoin Corp., a subsidiary fully focused on Bitcoin mining and developing strategic Bitcoin reserves.
This decision did not come out of nowhere. Previously, Hut 8 completed the acquisition of American Data Centers Inc., a company founded by a group of investors, including Eric Trump and Donald Trump Jr. After the deal was completed, American Data Centers officially changed its name to #AmericanBitcoin Corp., laying the foundation for the Trump family's expansion into the cryptocurrency mining sector.
Notable points:
🔹 Eric Trump will serve as the Strategic Director of American Bitcoin.
🔹 Hut 8 will own 80% of the shares of this new company, after transferring nearly all of its ASIC mining equipment.
🔹 The company is headquartered in Miami, a rapidly growing cryptocurrency financial hub in the US.
From Skeptic to Supporter – What Does Trump Want with Bitcoin?
In the past, #DonaldTrump was not keen on cryptocurrencies, even criticizing Bitcoin. However, since joining the 2024 election campaign, he has had a significant change in perspective:
✅ Commitment to bring all Bitcoin mining operations back to the US
✅ Proposal to establish a “Strategic Bitcoin Reserve”
✅ Received financial support from many major crypto organizations
These moves not only help Trump garner support from the crypto community but also open up significant economic opportunities as the US competes fiercely with other countries in Bitcoin mining.
However, experts suggest that this move by Trump is not just to promote the crypto industry, but also to gain control of the global Bitcoin mining market, as total Bitcoin mining capacity in the US fell below 50% at the end of last year.
Strategic “Strategic Bitcoin Reserve” – A Controversial Move
In early March, Trump signed an executive order calling for the establishment of a Strategic Bitcoin Reserve and a separate reserve for other digital assets.
This move aims to fulfill a promise made during the election campaign; however, the content of the executive order did not meet the expectations of the crypto industry.
Although the details of this plan have not yet been fully disclosed, many believe it will have a significant impact on Bitcoin prices and the crypto market in general.
Impact on Hut 8 and the Crypto Market
The Trump family's involvement in Bitcoin mining has immediately impacted #Hut8 's stock:
📈 Hut 8's stock rose 4.3% on the morning of March 25 in New York
📉 However, since the beginning of the year, this stock has decreased by about 40%
Financially, Hut 8 recorded a 70% revenue growth last year, reaching $162 million, with a net profit of about $331 million. However, in the first quarter of this year, the company may report a revenue decline due to volatile Bitcoin prices.
Will Bitcoin Truly Become America’s “Digital Gold”?
Trump's statement about bringing Bitcoin mining back to the US could change the landscape of the global cryptocurrency industry. However, this also raises many important questions:
❓ Can the US become the country that controls the majority of Bitcoin's hashrate?
❓ How can Strategic Bitcoin Reserves affect BTC prices?
❓ Is this a stepping stone for the US to gradually control Bitcoin at the government level?
Regardless, this move by the Trump family has affirmed one thing: crypto is no longer a fringe industry – it has become a part of the economic and political strategy of the US.
