Hut 8, a publicly traded Bitcoin mining company, announced Monday morning that it was partnering with President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, to launch a new Bitcoin mining subsidiary called American Bitcoin. The public company, whose market capitalization is about $1.2 billion, will contribute “substantially all” of its Bitcoin ASICs, or specially designed computer chips, to the subsidiary in exchange for 80% of the company’s stock, according to the press release.
Hut 8's stock soared in pre-market trading after the announcement before dropping back to $11.69, its price when markets closed on Friday.
