Hut 8 Expands to Dubai
Hut 8, a cryptocurrency mining enterprise linked to the Trump family, is set to open a new office in Dubai, reflecting the city’s emerging status as a central player in the global cryptocurrency landscape. The firm, which has its headquarters in Miami, has recently completed the registration for its Dubai office at the Dubai International Financial Centre, according to reports from Bloomberg. This move comes as Dubai is gaining traction for its favorable tax policies and regulatory framework, attracting various crypto businesses.
Focus of the New Office
A spokesperson for Hut 8 confirmed that the Dubai team will concentrate on trading and developing strategies for digital currency accumulation. Currently, Hut 8 operates Bitcoin mining operations across several locations, including Texas and New York in the United States, and Alberta, Canada.
Partnership with American Bitcoin
In addition to this expansion, Hut 8 has forged a partnership with a newly formed company known as American Bitcoin, a venture partially owned by Donald Trump Jr. and Eric Trump. This collaboration will see American Bitcoin receive a significant portion of Hut 8’s mining equipment as it prepares for an anticipated public offering later this year by merging with an already-listed firm.
Post-merger, Hut 8 will maintain an 80% interest in the combined enterprise, with several top executives, including Hut 8’s CEO, Genoot, set to join its board.
It is important to note that Hut 8’s new Dubai office is reportedly not connected to its activities surrounding American Bitcoin.
