The Anniversary announced on Monday March 31 that it has partnered with Eric Trump, son of US President Donald Trump, to launch a Bitcoin mining company called American Bitcoin.
The Miami, Florida-based company is the result of the merger of most of the Hut 8 mining operations with the American Data Centers, a company formed by investor groups including Eric Trump and Donald Trump Jr. The company has now been re-launched under the name American Bitcoin.
The move further demonstrates Trump's family's involvement in the crypto industry, as digital asset revenues increase in mainstream markets.
President Donald Trump himself has promised to become the "crypto president", which will popularize the use of digital currencies in the United States.
Stocks of Hut 8 listed on the US exchange jumped 6.4% in pre-market trading on Monday. However, until the final close, the company's shares have fallen 42.8% so far this year.
Donald Trump Jr. stated that from the start they had supported Bitcoin, both personally and in their business.
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"However, buying Bitcoin is only half of the story. Mining it with a profitable economy opens up much greater opportunities," he said.
American Bitcoin will focus on Bitcoin mining as well as building Bitcoin strategic reserves. The company will be led by CEO Matt Perusak, with Eric Trump serving as Chief Strategy Officer.
In the long term, American Bitcoin plans to become a public company to expand its capital access.
The transfer of this mining business will make Hut 8 more focused on more stable energy and digital infrastructure. Hut 8 will also be American Bitcoin's exclusive partner in its infrastructure and operations.
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