Trump Family-Backed Bitcoin Mining Firm Could See A Public Listing In The Future

American Bitcoin Corp., a newly formed Bitcoin BTC/USD mining firm backed by President Donald Trump's sons, plans to eventually go public.

What happened: During an interview with Bloomberg TV on Tuesday, Asher Genoot, CEO of American Bitcoin's majority owner Hut 8 HUT, said the plan was to have two sister publicly traded companies in the future.

"One that is energy, infrastructure data centers [Hut 8] and the other one that's Bitcoin, AISCs and reserves [American Bitcoin] and together they form a vertically integrated company that has some of the best economics out there," Genoot revealed the roadmap.

Genoot stated that Hut 8 already gives investors exposure to the infrastructure and artificial intelligence side of the business, and with American Bitcoin, they would receive direct exposure to Bitcoin.

"The vision here is to give shareholders a pure play mining company that has the ability to produce Bitcoin cheaper than just buying it," Genoot added.

Why It Matters: American Bitcoin will be led in part by Eric Trump and Donald Trump Jr., marking yet another investment by the Trumps in cryptocurrency-related businesses.

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As part of the deal, Hut 8 will transfer around 61,000 Bitcoin mining rigs to American Bitcoin, taking an 80% stake in the joint venture.

Eric Trump will serve as the company’s Chief Strategy Officer, while Mike Ho, Chief Strategy Officer at Hut 8, will take on the role of Executive Chairman.

The Trump family has dived into a diverse array of cryptocurrency projects, including the decentralized finance platform World Liberty Financial and even an Official Trump TRUMP/USD memecoin.

Price Action: Shares of Hut 8 rose 1.28% in after-hours trading, after surging over 14% to $13.32 during Tuesday’s regular session, according to data from Benzinga Pro.

The stock demonstrated high value—a measure of an asset’s relative worth by comparing its market price to fundamental measures—as of this writing. To find similar high-valued equities, visit Benzinga’s Edge Rankings score.

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