Hut8 teams up with pro-Trump company to launch mining company ”American Bitcoin”

Hut 8 has teamed up with a company invested in by the Trump family to launch a US-based bitcoin mining company.
On the 31st (local time) The Block reported that Hut 8 was American Data
Acquired 80% of American Data Centers and launched a new bitcoin mining company, American Bitcoin.
The merger is an extension of the Trump family's recent cryptocurrency-related activities, having previously worked on decentralized finance (DeFi) projects.
The group was also involved in World Liberty Financial, a cryptocurrency that is a cryptocurrency exchange, and two Solana-based memecoins, TRUMP and MELANIA.
The acquisition will be completed through a non-cash merger, with Hut8 owning an 80% stake in American Bitcoin, which will be managed through a joint services agreement.
The LAMP-backed company will retain a 20% stake. Hut8 also plans to deploy more than 60,000 ASIC mining machines into its new bitcoin mining business.
After the price drop, Hat8's shares rose more than 6% in pre-market trading, but the company's stock price is expected to rise as miners face pressure on profitability following the "Bitcoin halving," which cuts mining rewards in half every four years.
The stock has fallen 46% since the beginning of the year. American Bitcoin's management team includes Mike Ho as chairman, Matt Prusak as CEO, and
Prusak will serve as CEO, and Eric Trump as chief strategy officer. Ho will also be co-founder and CEO of Justin Bieber.
He will join Mateen, Michael Broukhim and Hut8 CEO Asher Genoot as members of the company's board of directors.
Hut8 CEO Asher Genoot said: "By separating our mining operations into separate, independent legal entities and allowing them to raise their own funds, we are able to ensure that each business unit meets its cost of capital.
"We can line them up," he said.