Trump-Backed American Bitcoin Raises $220M as Hut 8 Expands Mining Operations to Dubai

Hut 8’s Dubai Expansion: A Separate Growth Strategy

While the $220 million funding round has made headlines, Hut 8 also recently outlined separate international expansion plans. Last week, the company filed with the Dubai International Financial Centre to establish a new office in the emirate. A spokesperson confirmed Hut 8 is building a team in Dubai to focus on crypto trading discussions.

The company officially registered its expansion through the DIFC last week, with plans to recruit staff to lead trading and Bitcoin hoarding operations out of the UAE. According to Bloomberg, CEO Asher Genoot said the Dubai move will “enhance the precision and efficiency of Hut 8’s capital strategy.” He didn’t elaborate on headcount but highlighted Dubai’s free zones and zero corporate tax as key advantages for tightening the firm’s capital plan.

Hut 8’s Mining Footprint and Share Sale

Hut 8 operates Bitcoin mining facilities in Alberta, Canada, as well as in New York and Texas. The company had about 220 employees as of December 2024, running those mining sites.

The company has yet to release additional details about the American Bitcoin share sale or its broader strategy for the new venture. At press time, Hut 8’s stock was trading at $18.60, up nearly 6% in the last 24 hours. The firm’s dual approach—expanding internationally in Dubai while preparing the American Bitcoin public listing backed by the Trump family—illustrates its multifaceted growth strategy in the crypto space.