American Bitcoin was formed through a no-cash merger between American Data Centers and Hut 8’s mining assets, with Hut 8 contributing 61,000 machines and retaining 80% ownership. The Trump brothers hold a 20% stake, while Hut 8 maintains operational control via commercial agreements.

Quotes that support claims

Eric Trump and Donald Trump Jr. are merging their firm, American Data Centers, with a new mining venture called American Bitcoin, taking a 20% stake in the company. The remaining 80% will be owned by Hut 8... No cash changed hands in the deal.

As part of the deal, Hut 8 will shift nearly 61,000 of its specialized bitcoin-mining machines to American Bitcoin in exchange for an 80% ownership in the new entity.