Hut 8

Hut 8, formerly a Toronto-based bitcoin miner with operations in Ontario and B.C., has exchanged most of its mining operations for an 80% stake in American Data Centers, a company tied to Eric and Donald Trump Jr. The company will rebrand as American Bitcoin, marking the Trump family’s third venture into digital assets.

The move follows criticism over potential conflicts of interest, given the Trump administration’s pro-crypto policies. Matt Prusak, ex-Hut 8, will be CEO, while Eric Trump assumes the role of chief strategy officer. Hut 8 merged with US Bitcoin and moved its HQ to Miami in 2023.

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Canadian energy infrastructure operator and Bitcoin miner Hut 8 announced a $150 million investment from Coatue Management to develop an AI infrastructure platform. CEO Asher Genoot stated the investment would enhance Hut 8’s data centre portfolio and leverage Coatue’s network.

Hut 8 operates in British Columbia, Alberta, and Ontario, and aims to meet rising AI compute capacity demands unmet by traditional operators. Coatue founder Philippe Laffont emphasized Hut 8’s potential in accelerating compute capacity growth. Partner Robert Yin highlighted Hut 8’s energy strategy and cost-efficient development as key competitive advantages. Hut 8, trading under HUT, targets carbon neutrality next year.

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