Asher Genoot
About Asher Genoot
Asher Genoot is a Bitcoin mining executive with operating and deal experience across Hut 8 Corp., U.S. Data Mining Group (USBTC), and American Bitcoin entities. He was appointed Chief Executive Officer of Hut 8 on February 6, 2024 (age 29 at the time) and later served as Executive Chairman of the combined company following American Bitcoin’s Nasdaq debut; he holds a Bachelor in Business Administration from the University of Southern California . GRYP’s governance disclosures apply Nasdaq independence standards; executive roles (e.g., Executive Chairman) are not independent, but GRYP’s standing committees are composed solely of independent directors, mitigating governance risks related to dual roles .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Hut 8 Corp. | President; later Chief Executive Officer and Director | President since Nov 2023; CEO effective Feb 6, 2024 | Led leadership transition; brings extensive Bitcoin mining operations experience |
| U.S. Data Mining Group, Inc. (USBTC) | President & COO; Director | Dec 2020 through Hut 8 business combination | Co‑founder; scaled mining portfolio across data centers; operational execution |
| American Bitcoin Holdings LLC | Chief Executive Officer | 2025 | Leadership and control influence; signatory on voting and transaction documents |
| Curio (Shanghai-based education) | Founder & CEO; Board Member | Apr 2016–May 2019 (CEO); current Board Member | Built and expanded education platform; ongoing governance role |
| Flagship Endeavors | Managing Director | Jan 2019–Dec 2020 | Brand incubator leadership; early-stage execution |
| Zephyr Infrastructure LLC | President (signatory) | 2025 | Signed Put Option Agreement related to American Bitcoin Corp. |
External Roles
| Organization | Role | Years |
|---|---|---|
| Curio | Board Member | Current as of Feb 2024 |
| Ionic | Director | Jan–Jun 2024 |
| Young Presidents’ Organization (YPO) | Member | Current (supported by employer dues) |
| Forbes 30 Under 30 – Energy | Honoree | 2024 |
Fixed Compensation
| Component | Value | Notes |
|---|---|---|
| Base Salary | $490,000 | From Hut 8 employment agreement (Nov 30, 2023) |
| Target Annual Bonus | 80% of base salary | Subject to performance goals |
| Perquisites | $10,000 YPO dues; up to $2,500 tax filing reimbursement | Contractual benefits |
GRYP filings do not disclose a GRYP-specific executive employment agreement for Mr. Genoot; the above reflects his Hut 8 employment terms (relevant given his executive leadership and cross-entity roles) .
Performance Compensation
| Incentive Type | Metric/Eligibility | Target/Weighting | Actual/Payout | Vesting |
|---|---|---|---|---|
| Annual Cash Bonus | Performance goals set by board | Target: 80% of base salary | Not disclosed | Paid per plan and employment terms |
| Equity-based Compensation | Eligible for awards determined by board | Not disclosed | Not disclosed | If Qualifying Termination, time-based tranches scheduled within 12 months continue vesting; performance awards follow plan criteria during 12-month period |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership Influence | American Bitcoin Holdings LLC (where Genoot serves as CEO) was party to a Voting and Support Agreement listing 40,400,000 shares of Company Class B Common Stock; he signed as CEO, indicating control alignment with a major holder . |
| Signatory Authorities | Genoot signed Schedule 13D and related Limited Power of Attorney documents for Hut 8 Corp. (CEO), U.S. Data Mining Group, Inc. (President), and American Bitcoin Holdings LLC (CEO), evidencing executive authority across entities . |
| GRYP Beneficial Ownership Table | As of March 31, 2025, GRYP listed beneficial owners and directors/NEOs; Genoot does not appear (consistent with different issuer roles pre-combination) . |
No pledging/hedging disclosures, option holdings, or exercisable/unexercisable breakdowns for Genoot in GRYP filings; monitor ABTC/HUT 8 filings for Form 4 activity given cross-entity roles .
Employment Terms
| Term | Provision |
|---|---|
| Agreement Term | Indefinite (Hut 8); terminable per agreement terms |
| Qualifying Termination (Hut 8) | Continued base salary and target bonus for 12 months; 12 months COBRA at active rates; treatment of equity per plan with continued vesting of time-based tranches scheduled within 12 months and performance-based vesting per criteria occurring during 12 months |
| Auto-renewal/Non-compete | Not disclosed in GRYP/Hut 8 excerpts for Genoot |
Board Governance
- Executive Chairman role: The combined company (post‑closing American Bitcoin) designated Genoot as Executive Chairman and director, reflecting dual executive/board authority .
- Committee independence: GRYP’s standing committees (Audit, Compensation, Nominating & Corporate Governance) are composed solely of independent directors under Nasdaq standards, which helps mitigate risks arising from non‑independent executive directors .
- Audit committee composition and qualifications: Audit committee includes financially literate members; chair is determined to be an “audit committee financial expert” .
- Director compensation program (GRYP 2024): Cash retainer $60,000; annual RSU grant $160,000; committee and chair retainers per role; quarterly vesting of RSUs in four equal parts .
Investment Implications
- Alignment and control: Genoot’s executive roles across Hut 8, USBTC, and American Bitcoin entities, plus CEO role at American Bitcoin Holdings LLC tied to 40.4M Class B shares, suggest strong influence over strategic outcomes and potential control dynamics; monitor ABTC governance and any related-party transactions carefully .
- Pay-for-performance and retention: Hut 8 terms show balanced cash/equity structure with meaningful at‑risk bonus and equity eligibility, plus protective severance (salary + target bonus for 12 months and continued vesting), indicating moderate retention risk due to competitive protections .
- Governance risk: Executive Chairman is a non‑independent role under Nasdaq frameworks; GRYP’s committee independence mitigates some concerns, but dual-role implications warrant monitoring for concentration of authority and potential conflicts across entities .
- Trading signals: The 40.4M Class B share alignment via American Bitcoin Holdings LLC could drive insider selling pressure or strategic financings post‑combination; watch for 8‑K events, Schedule 13D amendments, and Form 4 transactions at ABTC/HUT 8 to assess real‑time alignment and liquidity dynamics .