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Key points of American Bitcoin
- Goal: American Bitcoin aims to become the world's largest and most efficient pure Bitcoin miner while building a strategic Bitcoin reserve.
- Growth: The goal is to achieve a mining capacity of over 50 EH/s with an average fleet efficiency of less than 15 J/TH and to become a publicly listed company.
MIAMI, FL, March 31, 2025 (GLOBE NEWSWIRE) - Hut 8 Corp (Nasdaq | TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform that integrates power, digital and computing infrastructure for energy-intensive applications such as Bitcoin mining and high performance computing, today announced the formation of American Bitcoin Corp ("American Bitcoin").
American Bitcoin is a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and the development of strategic Bitcoin reserves.
This formation follows a strategic transaction in which Hut 8 contributed the majority of its ASIC miners to American Data Centers, Inc. in exchange for a majority stake. This company was founded by a group of investors including Eric Trump and Donald Trump Jr. Following the transaction, American Data Centers, Inc. was renamed American Bitcoin and realigned.
Going forward, all of Hut 8's Bitcoin mining activities will continue to operate under the Compute division, but under the American Bitcoin brand. American Bitcoin's financial results will initially be consolidated into Hut 8's financial reports. Hut 8 will act as American Bitcoin's exclusive infrastructure and operating partner, generating stable, contractually secured revenues in the areas of power and digital infrastructure through long-term commercial agreements.
American Bitcoin's strategic vision
American Bitcoin aims to become the world's leading and most efficient Bitcoin miner while building a strong Bitcoin reserve. The transaction combines:
- Hut 8's proven mining experience
- Cost-efficient infrastructure development
- Disciplined capital management
- Eric Trump's entrepreneurial experience and capital markets expertise
Eric Trump, co-founder of American Bitcoin, stated:
"It is a great honor to partner with Hut 8, a recognized leader in the Bitcoin space. By combining Hut 8's operational excellence in the data center space with our shared passion for Bitcoin and decentralized financial systems, we will build a strong foundation and drive significant growth."
Donald Trump Jr. added:
"We believe in Bitcoin - both personally and for business. But just buying Bitcoin is only half the story. Mining it efficiently opens up even greater opportunities. We are excited to give investors the opportunity to participate directly in this development through a specialized platform."
Asher Genoot, CEO of Hut 8, emphasized:
*"The creation of American Bitcoin is a critical step in our strategic evolution. By spinning out our mining business into a separate entity that can raise its own capital, we are optimizing the financing structure of our company. This creates two focused but complementary businesses:
- Hut 8 is moving towards more predictable, fundable and cost-efficient business models.
- American Bitcoin will be positioned as a pure mining platform for growth in the exahash space, bitcoin production and economies of scale. "*
Key transaction details
- Structure:
- Hut 8 contributed the majority of its own ASIC miners to American Data Centers, Inc. in exchange for 80% of the shares.
- Upon completion of the transaction, American Data Centers, Inc. was renamed American Bitcoin.
- Management Team:
- Mike Ho - Executive Chairman
- Matt Prusak - Chief Executive Officer
- Eric Trump - Chief Strategy Officer
- Board of Directors:
- Mike Ho
- Asher Genoot
- Justin Mateen
- Michael Broukhim
- Commercial agreements:
- Hut 8 becomes the exclusive provider of ASIC colocation and managed services for American Bitcoin.
- Hut 8 will take over the day-to-day management of American Bitcoin under a shared services agreement.
Further information on the transaction
- A detailed presentation on the transaction is available on Hut 8's website.
- Additional information will be filed in a Form 8-K with the U.S. Securities and Exchange Commission.
Investor Call
- Date: Tuesday, April 1, 2025
- Time: 8:30 a.m. ET
- Live Webcast: Participate here
- Analyst registration: Register here
Further communication and updates
For important news and information on company developments, visit:
- Investor Relations website: hut8.com/investors
- Social media channels (X and LinkedIn)
Hut 8 uses its website and social media as primary channels for publishing important investor information, including potentially market-moving news
