The Miami-based cryptocurrency mining company, “Hut 8,” which has ties to the family of former U.S. President Donald Trump, is preparing to broaden its operations by establishing an office in Dubai. This city has emerged as a global hub for the digital currency industry, thanks to its favorable regulatory and tax policies.
According to a filing registered with the Dubai International Financial Centre (DIFC), the company officially applied last week to open its office in the emirate.
A company spokesperson confirmed that they are in the process of assembling a team in Dubai to develop strategies for trading and storing digital currencies.
Currently, Hut 8 operates Bitcoin mining facilities in Texas, New York, and Canada, as noted in their annual report for 2024, which also revealed that the company employed approximately 220 staff members by the end of the year.
The CEO of Hut 8, Asher Genoot, stated in an email: “Expanding into Dubai will enhance the precision and effectiveness of the company’s capital strategy.”
In recent years, Dubai has successfully attracted cryptocurrency companies and investors through various tax incentives, including free zones that offer corporate tax exemptions.
This initiative aligns with the UAE’s efforts to diversify its economy away from a reliance on the energy sector.
Hut 8 is connected to a new company called “American Bitcoin,” partially owned by Donald Trump Jr. and Eric Trump. This new entity is set to combine most of Hut 8’s Bitcoin mining assets and aims to go public later this year through a merger with an already listed company.
Hut 8 will retain an 80% stake in the merged entity, and several of the company’s executives, including Genoot, will join the board of directors.
Despite these connections, the Hut 8 spokesperson clarified that the new office in Dubai is unrelated to the partnership with American Bitcoin.