Hat8, a Bitcoin Miner tied to the Trump family, has built a new office in Dubai and is trapped in the city's crypto-friendly environment.
The Miami-based company officially registered the expansion through the Dubai International Financial Centre last week, with a spokesman confirming that recruitment staff will lead trading and Bitcoin hoarding operations from the UAE.
According to Bloomberg, CEO Asher Genoot said Dubai's expansion would “enhance the accuracy and efficiency of Hut 8's capital strategy.” The company, which ran mining operations in Texas, New York and Alberta until 2024, had a team of 220 employees as of December.
Genoot did not elaborate on the Dubai team's personnel, but said that capital planning is to improve efficiency. Dubai's free zone and zero corporate tax offers that edge. This is a city that crypto companies openly court their economy away from fossil fuels.
Hat 8 closes Trump family bonds through American Bitcoin
While expanding in Dubai, Hat8 is also entangled with new crypto ventures with Donald Trump Jr. and Eric Trump. The brothers have partial ownership of American Bitcoin, a fresh company that absorbs most of the existing mining hardware in Hat8.
The plan is to make US Bitcoin public in the second half of 2025 by merging it with another listed company. Once that's over, Hut 8 leaves after winning 80% stake in the total company. Several other members of Genoot and Hut 8 are also on the board.
Despite the overlap, a company spokesman revealed that the Dubai setup is not part of American Bitcoin. This is another buildout that focuses entirely on trading and accumulation, not public listings or family business. However, it is impossible to ignore the connection. Trump's name is currently linked to both sides of Hut 8's future strategy, a strategy targeting the Middle East, and consolidates its position in the US.
Altcoins bleed in 2025 due to a surge in Bitcoin control
This will all be a brutal year for everything that is not named Bitcoin. Bitcoin has broken beyond previous record highs, backed by a second Trump administration and a bullish legislative outlook, but its Altcoin value of over $300 billion has already disappeared.
The coin, once claimed to be the next big thing, was slaughtered. “We're looking forward to seeing you in the world,” said Nick Philpott, co-founder of Zodia Markets. “They just wither. Technically, a lot of these things just sit there and collect dust permanently.”
Bitcoin share across Crypto Market increased its 9 points by 64%, the highest point since early 2021.
The Market Vector Index, which tracks the bottom half of the top 100 coins, which temporarily doubled after Trump's November 5 election victory, collapsed, falling nearly 50% in 2025.
“Historically, Bitcoin has moved and it has been handed over to altcoins,” said Jake Ostrovskis, OTC trader at WinterMute. “We haven't really seen this cycle yet,” and many people don't expect it. The Altcoin market is beginning to look like a cemetery for abandoned projects. In 2022, the collapse of Terrausd and FTX led to the collapse of hundreds of tokens. Now, more coins are dead – nothing remains except for the Ghost Chain and Zero Activity token Wallet.
Regulations are important differences in 2025. This time there is institutional money involved, and that money becomes almost completely bitcoin and ridiculous. The Stablecoin market alone has been valued at $47 billion last year.
Even Amazon is exploring its own Stablecoin. Such institutional entry killed the idea that altcoins are still the path to innovation. Instead, developers are considering moving project integration and governance into a more active chain to survive.
At the same time, more companies are copying the Michael Saylor Model Bitcoin hoarding. It was released in April with support from Canter Fitzgerald, Tether and Softbank, and sown $4 billion in Bitcoin. Meanwhile, Trump Media raised $2.3 billion to create its own Bitcoin Treasury Department.
Smaller attempts have been happening with coins like Solana, BNB, Ether, but no one is touching on the Bitcoin volume. Bitcoin will be a clear winner in 2025, leaving everyone else behind.
But not everything is on fire. Some Altcoins, like Maker and Hyperliquid, show strength thanks to actual income from decentralized financial projects. But that's the exception. Hat8, playing cards and whales in the facility are all circling Bitcoin. And Dubai has just become its next business location without its loose laws and taxes.
