Hut 8 Teams Up with Trump Family to Launch Bitcoin Mining Giant

Bitcoin

Hut 8 Teams Up with Trump Family to Launch Bitcoin Mining Giant

American Bitcoin is a mining company backed by Donald Trump Jr. and Eric Trump. Additionally, Bitcoin mining giant MARA Holdings revealed plans to raise $2 billion through stock sales to buy more Bitcoin, which is very similar to Michael Saylors aggressive accumulation strategy. Meanwhile, California introduced amendments to its Digital Assets bill, aiming to protect Bitcoin self-custody rights and regulate digital asset use. This is part of a broader wave of crypto-related legislation across US states.

Hut 8 and Trump Family Aim to Dominate Bitcoin Mining

Several members of US President are backing a major new initiative that is aimed at becoming the largest in the world. Digital asset mining firm that it is acquiring a majority stake in American Bitcoin, which was formerly known as American Data Center. The company was founded by a group of investors that includes Trumps sons, Donald Trump Jr. and Eric Trump.

As part of the acquisition, American Bitcoin will take over ownership of Hut 8‘s . According to Donald Trump Jr., the investors behind the venture are personally and professionally committed to Bitcoin’s future. The main goal of the new business is to establish itself as the worlds most efficient, pure-play Bitcoin mining platform, while also building a large strategic Bitcoin reserve. Although the mining operations will continue under compute segment, they will now be operated under the American Bitcoin brand.

According to Trump Jr, mining Bitcoin at favorable economics creates a greater opportunity for both the company and investors. He stated that the platform is designed to execute on this strategy and offer investors a direct way to participate in .

The Trump family‘s involvement in the crypto space aligns with US President Donald Trump’s recent pro-crypto stance. In the past week, the president of the crypto exchange BitMEX, who previously pleaded guilty to federal money laundering charges. Additionally, the US Treasury removed the decentralized crypto mixer Tornado Cash , and also nullified . The US Securities and Exchange Commission (SEC) also declared that meme coins are .

Hut 8‘s CEO, Asher Genoot, described the launch of American Bitcoin as a key evolution in the company’s business strategy. He explained that separating the mining operations will allow the unit to raise its own capital and better align its financial structure. The move is intended to create a more predictable and cost-efficient business model, with American Bitcoin positioned for aggressive growth in Bitcoin production and operational leverage.

This strategic shift happened after Hut 8 in after acquiring an additional 990 BTC for $100 million at the end of 2024. At that time, the firms total Bitcoin holdings stood at 10,096 BTC, and was purchased at an average price of $24,484 per Bitcoin.

MARA to Raise $2B for Bitcoin Purchases

Other Bitcoin miners are also making major moves. Miner MARA Holdings Inc recently announced plans to sell up to $2 billion worth of its stock to . This is very similar to the aggressive accumulation strategy that was made popular by Michael Saylor and his company , formerly MicroStrategy. According to a with the US SEC, MARA entered into an at-the-market agreement with major investment firms, including Cantor Fitzgerald and Barclays, allowing them to sell shares periodically to raise funds.

The company stated that the proceeds from this stock offering will be used for general corporate purposes, which includes the acquisition of additional Bitcoin. This mirrors Saylors , where Strategy raised billions through stock sales and debt offerings to become the largest corporate holder of Bitcoin. It currently holds close to 506,137 BTC valued at around $42.4 billion.

MARA Holdings currently holds the among publicly traded companies, with approximately 46,374 BTC worth nearly $3.9 billion. The companys CEO, Fred Thiel, previously committed to a “full ” strategy, which means that MARA does not plan to sell its mined Bitcoin and will continue to accumulate more of the cryptocurrency as part of its long-term vision.

This latest stock sale plan follows a similar move last year when MARA offered up to $1.5 billion worth of shares and issued $1 billion in convertible senior notes, also primarily to fund Bitcoin purchases. Despite the ambitious announcement, reacted negatively. Shares closed down 8.58% at $12.47 on March 28 after broader weakness in crypto mining stocks triggered by reports of Microsoft pulling back on data center investments. The stock slid even more in overnight trading.

California Advances Bitcoin Self-Custody Law

Meanwhile, a California lawmaker introduced new amendments to a money transmission bill to strengthen protections for Bitcoin and cryptocurrency investors, with a particular focus on safeguarding rights. Assembly Bill 1052 was initially filed on Feb. 20, 2025 as the Money Transmission Act, but was by Democrat and Banking and Finance Committee chair Avelino Valencia to include several digital asset-related provisions. The revised legislation has also been renamed “Digital Assets.”

The updated bill aims to guarantee Californians the right to self-custody their digital assets without fear of discrimination. Satoshi Action Fund CEO that if Bitcoin rights can pass in California, they could become a model for the entire country. The bill will also recognize the use of digital financial assets as valid forms of payment in private transactions and will prohibit public entities from restricting or taxing their use based solely on their payment function.

Additionally, the bill introduces ethical restrictions on public officials regarding digital assets. Under the amended Political Reform Act of 1974, officials would be barred from issuing, sponsoring, or promoting digital assets, securities, or commodities, and from engaging in any activity that could create a conflict of interest related to digital assets.

AB 1052 now entered the desk process and awaits its first formal reading. The move is part of Californias growing interest in digital asset regulation, with data from BTC Maps showing that 99 merchants in the state currently . Major crypto companies like Ripple Labs, Solana Labs, and Kraken are also based in California.

In addition to AB 1052, California a separate on Feb. 2, 2025, which aims to clarify collateral requirements, liquidation processes, redemption procedures, and audit standards for stablecoins.

Bitcoin-related bills have been introduced at the in 35 states. Among these is Texas‘ Bitcoin strategic reserve bill, which passed the Senate earlier this month, and Kentucky’s recently signed Bitcoin Rights bill.