Hut 8 CEO on tie-up with Trump family: ‘we’ll build this business together’
Hut 8 CEO Asher Genoot discussed in a Bloomberg interview the logic behind the newly launched American Bitcoin venture.
Genoot, speaking on Bloomberg TV in a joint interview with Eric Trump, said that Hut 8 is not starting its venture with members of the Trump family from scratch. Instead the venture is launching as a “scaled mining operation from day one.”
Hut 8 will contribute its mining rigs in exchange for an 80% stake in American Bitcoin, allowing the venture to begin with substantial infrastructure and operational capacity to mine Bitcoins ( BTC ).
“We’ll contribute our rigs into the entity in return for an 80% stake,” Genoot said. “And then we’ll go build and scale and build this business together rather than from kind of a startup,” Genoot said.
He also highlighted that the company plans to go public in the future, positioning itself as a “pure play” Bitcoin miner that can produce BTC more cheaply than buying it outright.
American Bitcoin will focus on holding Bitcoin on its balance sheet, building a strategic reserve, and establishing itself as a major player in the sector.
“The vision here is to give shareholders a pure play mining company that has the ability to produce Bitcoin cheaper than just buying it.” he said. “And so continuing to build the strategic reserve and be one of the largest Bitcoin miners and Bitcoin holders out there.”
Genoot framed the partnership with Eric Trump and American Data Centers as a synergy between crypto and America’s energy infrastructure. He said “we believe in Bitcoin, we believe in America” and the energy infrastucture in place.
He also indicated strong support for broader adoption of Bitcoin at the state and federal level. He noted multiple state governments are exploring strategic reserves of their own but his venture will “lead by example.”
Crypto Market Divided Ahead of April 2 “Liberation Day”: BTC Waits, Alts Run
The cryptocurrency market remains cautious Tuesday as investors await April 2nd, “Liberation Day,” as the Trump administration termed it when they impose new tariffs on the “Dirty 15” nations .
Market leaders Bitcoin (BTC) and Ethereum (ETH) showed only modest gains over the past day. However, several altcoins were the true market movers, including Walrus (WAL), EOS, Curve Finance (CRV), and AI16Z. According to CoinMarketCap data, over the past 24 hours, WAL gained 22%, EOS climbed 15.19%, CRV rose 18.18%, and AI16Z’s price increased 16.75%.
Additionally, certain small-cap tokens delivered substantial gains, such as RFC (+293%) and DOGINME (+58.9%), according to CryptoRank. This data highlighted ongoing speculative momentum in specific market segments despite broader caution.
Despite near-term uncertainty, institutional players continue to demonstrate confidence in Bitcoin. Strategy (formerly MicroStrategy) added another 22,048 BTC to its corporate treasury, spending $1.92 billion for this latest batch at an average price of $86,900 per BTC.
Meanwhile, stablecoin issuer Tether acquired 8,888 BTC (worth ~$735M at the time) during the first quarter of 2025. These large purchases reinforce the view that major institutions are positioning for Bitcoin’s potential long-term appreciation.
Bitcoin’s current price action suggests consolidation. A critical near-term resistance level sits at $84,824, aligning with the 20-day Exponential Moving Average (EMA), a key short-term trend indicator. Chart analysis also indicates BTC might be in a potential accumulation phase above a key support level currently identified near $76,180.
If BTC fails to reclaim the 20-day EMA soon, it could retest lower support levels. Prominent technical analyst Ali Martinez noted that Bitcoin has an “air gap” below $80,000, meaning very little established technical support exists until the $70,000 price area.
The Crypto Fear & Greed Index has dropped to 24 , indicating significant “Fear” among market participants. Simultaneously, Bitcoin’s market dominance (BTC.D) remains above 61%, generally suppressing conditions needed for a sustainable, broad altcoin market rally.
The chart tracking the total market cap of altcoins excluding Bitcoin (often called TOTAL2) highlights a declining Relative Strength Index (RSI), a commonly used momentum indicator. The RSI currently hovers around 40.40. This RSI level suggests altcoins may remain in a neutral-to-bearish short-term posture.
However, a bounce from these RSI levels could signal renewed upward momentum for altcoins. If the RSI moves back above the 50 level, the altcoin market could potentially see a significant rally.
Analysis using Fibonacci retracement levels further indicates key areas to watch. If the total altcoin market cap holds support above the 1.0 Fib level (around $923 billion), a potential breakout could follow.
The next major resistance target based on this analysis aligns with the 1.618 Fib extension level (around $1.16 trillion). However, if the broader market weakens further, lower Fibonacci support levels at the 2.618 ($630B), 3.618 ($450B), and 4.236 ($380B) extensions could come into play.
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