Hut 8 (NASDAQ:HUT) has officially registered to open a new office in Dubai, which is becoming a favored location for the cryptocurrency industry due to its favorable business taxation and regulatory environment. This strategic move aims to improve the company’s capital strategy, according to a report by Bloomberg News.

CEO Asher Genoot stated in an emailed statement that the new office will “enhance the precision and efficiency of Hut 8’s capital strategy.” This decision comes as the company continues to expand its footprint in the thriving crypto sector.

Hut 8 has connections to Donald Trump’s two oldest sons, Donald Jr. and Eric. In March, the company entered a partnership with Eric Trump to launch American Bitcoin, which will operate Hut 8’s bitcoin-mining operations. American Bitcoin is on track to merge with SPAC Gryphon Digital Mining (GRYP) in the third quarter of 2025, aiming to become a publicly traded entity.

A spokesperson for Hut 8 clarified to Bloomberg that the new office in Dubai is not linked to its partnership with American Bitcoin. The company has not yet responded to requests for further comments from Seeking Alpha.