According to PANews, American Bitcoin, a cryptocurrency mining company co-founded by Donald Trump's son, has merged with the publicly listed mining company Hut 8 Corp. Hut 8's CEO Asher Genoot and Chief Strategy Officer Michael Ho joined the team in 2023 through the acquisition of US Bitcoin, which they founded. Notably, early US Bitcoin investors Mark Groussman and John Stetson settled with the U.S. Securities and Exchange Commission in 2018 over securities fraud charges involving an amount exceeding 27 million USD. A spokesperson for Hut 8 stated that the investors involved did not hold leadership positions within the company. Earlier reports indicated that American Bitcoin planned to go public and seek additional private financing.

PANews reported on April 22 that according to Bloomberg, Trump's son co-founded a new company, American Bitcoin, with other investors and merged it with the publicly listed mining company Hut 8 Corp., led by CEO Asher Genoot and Chief Strategy Officer Michael Ho. The two executives joined the current team in 2023 through Hut 8's acquisition of US Bitcoin, which they founded. It is worth noting that early US Bitcoin investors Mark Groussman and John Stetson reached a settlement with the US SEC on securities fraud charges in 2018, with the case involving more than $27 million. When asked about the relationship between current CEO Genoot and Ho and investors suspected of driving up stock prices, a Hut 8 spokesperson said: "These people got involved in the digital currency field many years ago, and they are just a small part of the many investors who invested in the companies founded by Genoot and Ho. The investors involved in the SEC case have never held leadership positions or management rights in these companies."
 Earlier news said that American Bitcoin, a crypto mining company supported by the Trump family, plans to go public and seek more private financing .

American Bitcoin, founded by Donald Trump Jr., merges with Hut 8, involved in early investor securities fraud case