Trump’s sons call the new Bitcoin mining works called “American Bitcoin”

HUT 8, Bitcoin Mining Company in public, Declare Monday morning that he was participating with the sons of President Donald Trump, Donald Trump Junior and Eric Trump, to launch a new subsidiary to extract bitcoin called American Bitcoin. The public company, which is about $ 1.2 billion, will contribute to Bitcoin ASics, or specially designed computer chips, to the sub -company for 80 % of the company’s shares, according to the press statement.

HUT 8 shares rose in pre -market trading after announcing before declining to $ 11.69, its price when the markets were closed on Friday.

Bitcoin miners have not specified whether the Trump family would have the other 20 %. “Simply purchase bitcoin is only half of the story,” Trump Junior said in a statement. “Its mining to the favorable economy opens a greater chance.”

Bitcoin mining works require the use of high -energy computers to compete with others to solve the math problem. The first mine to discover the correct solution earns a bonus in the form of Bitcoin, thus treating transactions and Blockchain update. A new block is added to the chain every 10 minutes or so.

The American bitcoin goal is to “become a company listed for the public”, according to a presentation on the new project submitted to the Securities and Stock Exchange Committee.

Eric Trump is the American Bitcoin founder and chief official of the strategy. Prussak, the former commercial manager of Hut 8, is the company’s CEO. Justin Mattin, the founder of the Tinder, is a member of the Board of Directors, along with two executives at HUT 8.

Trump has built empire By loaning the Trump name – without actual business management – to real estate developments, meat slices, sports shoes, and a full set of other projects. Likewise, HUT 8, not Trumps, will manage all the American Bitcoin business functions, including human resources, financing, compliance and operation of Bitcoin miners, according to the presentation.

The new Bitcoin Mining Company is the latest encryption project from The Trumps. President Trump launched his property NFT setsHe and Melania called him Micoins. At the same time, his sons presented their name to a new encryption application called The world is financial freedomAnd that she recently announced that it was its own development StablecoinOr an encrypted currency associated with Fiat currency like the US dollar, called USD1.

The Trump family’s interest in encryption is a modern phenomenon. In 2021, Trump The name Bitcoin “fraud against the dollar”. However, after three years, he performed the Pacus around the face while the executives were destroyed for encryption with deep pockets. In July, he spoke at Bitcoin 2024, one of the largest Bitcoin conferences in the world, and The name In order for the United States to become “the capital of the planet’s encryption”.

Shortly later, Tyler, Cameron Winkelvos, authors from Crypto Exchant Gueini, donated a million dollars each for the Trump re -election campaign. Jesse Powell, the founder and chairman of the Crypto Exchange Kraken company, also donated a million dollars to Trump. Since his re -election, the President issued 47 series of executive orders related to encryption, including those Seek To create Bitcoin strategy and digital assets.

On Tuesday, HUT will host 8 collective calls to discuss the launch of the new Bitcoin.

This story was originally shown on Fortune.com