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Genoot said the new entities will also consider taking private investment before go public on the call.
American Bitcoin is also working with Bitmain, the largest supplier of specialized computers to mine Bitcoin. The Chinese company will help the firm to tap into the most advanced mining technology and expand its operations as American Bitcoin deploy the new machines in the future.
“We believe our ability to deploy this machine at scale and more broadly the deep miner-manufacturer relationship that has enabled this partnership reflect a key competitive advantage that will enable us to achieve ambitious targets for American Bitcoin,” said Mike Ho, executive chairman at Hut 8.
The Chinese manufacturer has faced more scrutiny with the US blacklisting its AI affiliate Sopghgo. The US authorities have also seized some of the Bitcoin mining machines as they intensify inspections on such imports.
US-listed Bitcoin mining companies have been one of the earliest supporters of Donald Trump during the most recent election cycle. Their meeting with him last June is one of the key junctures when Trump unveiled its pro-crypto stance and pledged to ensure that all remaining Bitcoin is “made in the USA.”
The new venture, which follows the launch of a stablecoin last month by the Trump-backed World Financial Liberty, is the latest sign of a deepening relationship between the president’s family and the crypto sector.
“There are no conflicts because I don’t work with the White House,” Eric Trump said in the Bloomberg TV interview. “I have been with private industry my entire life. We started the World Financial Liberty long before my father got elected to the White House. This is something we believe in crypto for a very long time.”
—With assistance from Tim Stenovec.
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