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(Bloomberg) — A Trump family-linked Bitcoin miner plans to set up an office in Dubai, a growing hub for the cryptocurrency industry known for its friendly approach to taxation and regulation.
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Miami-based Hut 8 Corp. registered to open the location last week, according to a filing with the Dubai International Financial Centre. A company spokesperson confirmed it’s assembling a team in Dubai for trading and crypto-hoarding strategies. Hut 8 has Bitcoin mining operations in Texas, New York and Alberta, Canada, according to its year-end report.
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The expansion to Dubai will “enhance the precision and efficiency of Hut 8’s capital strategy,” Chief Executive Officer Asher Genoot said in an emailed statement. The company had about 220 employees at the end of 2024.
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Dubai has enticed crypto investors and companies with its relatively lax taxation — including free zones exempt from corporate taxes — and approach to enforcement. The Gulf state has been working for years to position itself as a crypto hub in an effort to diversify its economy beyond fossil fuels.
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Hut 8 is involved with a new company partially owned by Donald Trump Jr. and Eric Trump. That company, American Bitcoin, is absorbing most of Hut 8’s Bitcoin mining apparatuses and plans to go public this year by combining with another listed company. Hut 8 will own 80% of the combined company, and executives including Genoot will join the board.
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Hut 8’s new Dubai office is unrelated to its relationship to American Bitcoin, the spokesperson said.
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—With assistance from Ben Bartenstein.
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