Hut 8, a crypto mining firm tied to US President Donald Trump, has reportedly planned to expand its crypto trading to Dubai, with a new trading team establishing in the emirate. The core player behind this decision is American Bitcoin, a subsidiary of Hut 8. Importantly, on June 23, the Miami-based Hut 8 registered its new office with the Dubai International Financial Centre (DIFC).
In the wake of the decision, the mining company has also raised $220 million to purchase Bitcoin mining equipment and strengthen the company’s Bitcoin treasury. Earlier last month, American Bitcoin’s Bitcoin treasury included 215 Bitcoins. The firm is closely linked to the sons of Trump; Eric Trump and Donald Trump Jr are two of the co-founders of American Bitcoin. According to reports, Hut 8 secured a majority stake in the firm.
Asher Genoot, the CEO of Hut 8, told a news outlet that the mining company’s expansion in Dubai will “enhance the precision and efficiency” of the company’s capital strategy.
Dubai is performing well in Web3 and blockchain adoption with a clear-cut regulation on digital assets, called the Virtual Assets Regulatory Authority (VARA). Moreover, the Crypto Centre of DMCC is home to over 600 companies, including crypto/blockchain companies. As such, the recent opening of the Hut 8 office in the DIFC marks the crypto-supportive nature of Dubai, where the government is committed to fostering innovation in finance.
