Hut 8 CEO on tie-up with Trump family: ‘we’ll build this business together’

Hut 8 CEO Asher Genoot discussed in a Bloomberg interview the logic behind the newly launched American Bitcoin venture.

Genoot, speaking on Bloomberg TV in a joint interview with Eric Trump, said that Hut 8 is not starting its venture with members of the Trump family from scratch. Instead the venture is launching as a “scaled mining operation from day one.”

Hut 8 will contribute its mining rigs in exchange for an 80% stake in American Bitcoin, allowing the venture to begin with substantial infrastructure and operational capacity to mine Bitcoins (BTC).

“We’ll contribute our rigs into the entity in return for an 80% stake,” Genoot said. “And then we’ll go build and scale and build this business together rather than from kind of a startup,” Genoot said.

American Bitcoin will focus on holding Bitcoin on its balance sheet, building a strategic reserve, and establishing itself as a major player in the sector.

“The vision here is to give shareholders a pure play mining company that has the ability to produce Bitcoin cheaper than just buying it.” he said. “And so continuing to build the strategic reserve and be one of the largest Bitcoin miners and Bitcoin holders out there.”

Genoot framed the partnership with Eric Trump and American Data Centers as a synergy between crypto and America’s energy infrastructure. He said “we believe in Bitcoin, we believe in America” and the energy infrastucture in place.

He also indicated strong support for broader adoption of Bitcoin at the state and federal level. He noted multiple state governments are exploring strategic reserves of their own but his venture will “lead by example.”

You might also like: Bitcoin in retirement plans? Sen. Tuberville revives crypto bill

Source