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Investing.com -- Hut 8 Corp (NASDAQ:HUT) shares gained 12% on Tuesday, one day after the company and Eric Trump announced plans to launch a pure-play bitcoin mining company named American Bitcoin.
Hut 8 transferred the majority of its ASIC miners to American Data Centers, Inc., which was then renamed American Bitcoin, with investors including Eric Trump and Donald Trump Jr.
American Data Centers was created in February 2025 by Eric Trump, Donald Trump Jr., and Dominari (DOMH).
American Bitcoin, 80% owned by Hut 8, will run all Bitcoin mining operations previously under Hut 8’s Compute segment, and its results will be initially consolidated in Hut 8’s financial statements. Hut 8 will also provide exclusive infrastructure and operations support to American Bitcoin, creating stable revenue streams for Hut 8’s Power and Digital Infrastructure segments.
Commenting today on Fox Business, Eric Trump called Bitcoin “one of the greatest stores of value, immediately liquid, and an unbelievable hedge against real estate."
The president’s son discussed being de-banked by Capital One (NYSE:COF) as one of the reasons he fell in love with crypto. “Financial institutions controlled by very few at the top were able to do to people that they didn’t like,” Eric Trump commented. “Even families like ours that had a lot of zeros at the end of their balance sheet.”