American Bitcoin: Key Highlights
- Aiming for global leadership in Bitcoin mining, prioritizing efficiency and building a significant Bitcoin reserve.
- Targeting over 50 Exahash/second (EH/s) with a fleet efficiency surpassing <15 Joules/Terahash (J/TH), with aspirations to become a publicly traded entity.
MIAMI, March 31, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a provider of energy infrastructure solutions integrating power generation, digital infrastructure, and advanced computing for sectors such as Bitcoin mining and high-performance processing, today announced the creation of American Bitcoin Corp. (“American Bitcoin”). This new venture, majority-owned by Hut 8, will concentrate exclusively on large-scale Bitcoin mining operations and the development of a strategic Bitcoin reserve. This launch follows Hut 8’s strategic asset allocation of the majority of its ASIC mining hardware in return for a controlling interest in American Data Centers, Inc., a firm established by investors, including Eric Trump and Donald Trump Jr. In conjunction with this deal, American Data Centers, Inc. has been rebranded and relaunched as American Bitcoin.
Moving forward, all Bitcoin mining activities previously reported under Hut 8’s Compute division will continue under this division, but will now be conducted under the American Bitcoin banner. Initially, American Bitcoin’s financial results will be included within Hut 8’s consolidated financial reporting. Hut 8 will act as the exclusive infrastructure and operational partner for American Bitcoin through a series of long-term commercial agreements. These agreements are designed to generate consistent, contracted revenue streams for Hut 8’s Power and Digital Infrastructure units.
American Bitcoin’s objective is to become a worldwide leader in Bitcoin mining based on mining efficiency while simultaneously accumulating a substantial strategic Bitcoin reserve. This move combines Hut 8’s proven Bitcoin mining capabilities, economical infrastructure development expertise, and a carefully managed approach to capital allocation with Eric Trump’s business skills, capital markets knowledge, and commitment to advancing decentralized financial technologies.
“It’s a privilege to collaborate with Hut 8, a well-regarded leader within the Bitcoin industry, as we introduce American Bitcoin,” stated Eric Trump, Co-founder of American Bitcoin. “By leveraging Hut 8’s established expertise in data center operations alongside our shared dedication to Bitcoin and decentralized finance, we are set to bolster our foundation and stimulate substantial growth in the future.”
“We’ve always been strong believers in Bitcoin, both personally and through our business ventures,” stated Donald Trump Jr. “However, simply acquiring Bitcoin is only part of the equation. Mining Bitcoin with cost-effective methods presents an even greater opportunity. We’re eager to welcome investors into this realm through a platform designed to capitalize on this approach and provide genuine participation in Bitcoin’s growth.”
“The launch of American Bitcoin represents a transformative step in our overall strategy,” stated Asher Genoot, CEO of Hut 8. “By spinning off our mining operations into a separate entity that will secure its own funding, we’re aligning each division of our company with its specific capital requirements. This transaction creates two distinct yet complementary businesses, each strategically designed to fulfill its individual purpose. It enables Hut 8 to transition toward segments that offer more predictable revenues, improved financing options, and lower capital costs, while establishing American Bitcoin as a focused Bitcoin mining platform poised for exahash expansion, Bitcoin production, and maximized operational efficiency.”
Key Agreement Terms
- Transaction Details: Hut 8 contributed a majority of its wholly owned ASIC miners to American Data Centers Inc. in exchange for holding 80% of the company (“the Transaction”). Following completion of this transaction, American Data Centers Inc. was renamed and relaunched as American Bitcoin.
- Leadership: The initial management team of American Bitcoin will consist of Mike Ho as Executive Chairman, Matt Prusak as Chief Executive Officer, and Eric Trump as Chief Strategy Officer.
- Board Composition: American Bitcoin’s Board of Directors will initially include Mike Ho, Asher Genoot, Justin Mateen, and Michael Broukhim.
- Commercial Agreements: Hut 8 will serve as the exclusive provider of ASIC colocation and managed services to American Bitcoin. Furthermore, Hut 8 will offer daily management services to American Bitcoin via a shared services agreement.
Additional Information
The company has provided a presentation offering further details about the transaction on its corporate website. Additional information will also be made available in the Form 8-K filing submitted to the Securities and Exchange Commission.
Conference Call Information
Hut 8 will host a conference call on Tuesday, April 1, 2025, at 8:30 a.m. ET to discuss this deal. Join the live webcast here. Financial analysts may register here.
Supplemental Resources and Future Updates
For key updates and information about Hut 8, including investor presentations and scheduled investor conferences, please visit the Investor Relations area of the company website at https://hut8.com/investors, as well as the company’s social media channels on X and LinkedIn. Hut 8 utilizes its website and social media platforms as primary sources for communicating relevant information to its investors. Some postings may contain significant and previously undisclosed information.
About Hut 8
Hut 8 Corp. is an energy infrastructure business that integrates power solutions, digital infrastructure, and high-performance computing, powering energy-intensive applications such as Bitcoin mining and advanced computing tasks. The company utilizes a power-first and innovative method for the construction, commercialization, and operation of critical infrastructure supporting today’s and tomorrow’s cutting-edge technology. Their platform manages 1,020 megawatts of energy capacity across 15 locations spanning the United States and Canada: five Bitcoin mining, hosting, and managed services sites across Alberta, New York, and Texas; five high-performance computing data centers in British Columbia and Ontario; four power generation facilities located in Ontario; and one non-operational location in Alberta. More information is available at www.hut8.com. Follow them on X (formerly Twitter) at @Hut8Corp.
About American Data Centers
American Data Centers aims to fulfill the growing demand for advanced computing infrastructure through the development of a strong portfolio of advanced, energy-efficient data centers to be strategically positioned within key US markets.
Important Note Regarding Forward-Looking Statements
This announcement contains both “forward-looking information” and “forward-looking statements” as defined under Canadian and U.S. securities regulations (collectively, “forward-looking information”). Any information presented in this press release, aside from statements of past events, that discusses activities, events, or future plans Hut 8 expects or anticipates, including statements pertaining to American Bitcoin’s objectives of being the largest and most efficient pure-play Bitcoin miner, its capacity to establish a significant Bitcoin reserve, its trajectory to improved hashrate and enhanced efficiency, its ambition to become a publicly-listed company, and anticipated revenue to be generated by Hut 8, is forward-looking information.
Statements containing forward-looking information are not historical facts and instead express the expectations, assessments, and predictions of management regarding future outcomes based on crucial factors and assumptions at the time those statements were created. While Hut 8 believes these assumptions are reasonable as of the press release date, these statements are subject to known and unknown risks, uncertainties, presumptions, and other factors that could potentially cause the true results, performance levels, or achievements to be notably different from those expressed or suggested by the forward-looking information. Such risks may encompass, but are not limited to, failures in vital systems, geopolitical, social, economic, and other events; competitive pressures; power-related risks; digital security threats; operational risks; alterations in leasing arrangements; internet disruptions; reliance on key personnel; limited operating history; customer acquisition and retention challenges; introduction of new product lines; price volatility; technological change; the development of new data centers; facility expansions; the ability to predict facility needs; strategic alliances; risks associated with operating and expanding internationally; failure to grow hashrate; miner purchases; reliance on third-party mining pool services; uncertainty of Bitcoin network development; potential Bitcoin halving events; competition from alternative Bitcoin investment methods; the concentration of Bitcoin assets; hedging activities; possible limitations on liquidity; legal, regulatory, governmental, and technological uncertainties; physical risks connected to climate change; engagement in legal actions; trading volatility; and other risks detailed periodically in Hut 8’s filings with the U.S. Securities and Exchange Commission. In particular, please refer to the most recent annual and quarterly reports and continuous disclosure documents available under Hut 8’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.
Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com
Hut 8 Corp. Media Relations
media@hut8.com
