Hut 8 CEO Explains New American Bitcoin Venture
Hut 8 CEO Asher Genoot shared insights on the company’s new American Bitcoin venture during a Bloomberg TV interview. Genoot clarified that the venture isn’t starting from scratch.Instead, it’s launching as a fully operational mining operation.
Hut 8 will provide its mining rigs in exchange for an 80% stake in American Bitcoin. This allows the venture to begin with significant infrastructure. “We’ll contribute our rigs for an 80% stake,” Genoot said. “This way, we can scale the business from day one.”
The company plans to go public in the future. It aims to be a “pure play” Bitcoin miner, producing BTC more cost-effectively than buying it directly. “Our vision is to offer shareholders a pure play mining company,” he explained. The venture will focus on building a strategic reserve of Bitcoin and becoming a major player in the sector.
Genoot highlighted the partnership with Eric Trump and American Data Centers. He sees it as a synergy between crypto and america’s energy infrastructure. “We believe in Bitcoin and America’s energy infrastructure,” he stated.The venture will hold Bitcoin on its balance sheet, positioning itself as a leading Bitcoin miner and holder.
Genoot also expressed support for broader Bitcoin adoption at state and federal levels. He noted that several states are exploring their own strategic reserves. However, his venture will “lead by example.”
Key points include:
- Hut 8 contributes mining rigs for an 80% stake.
- American Bitcoin will hold Bitcoin, aiming to produce it cheaper than purchasing it outright.
- The partnership leverages existing energy infrastructure.
Genoot believes in Bitcoin’s potential. He sees the venture as a way to support Bitcoin adoption. “We’ll build a strategic reserve and be one of the largest Bitcoin miners,” he added. The partnership aims to produce Bitcoin more cheaply. This approach is attractive to investors.
For more details, check out the Bloomberg interview for a deeper dive into the venture’s goals and strategies.
