According to Bloomberg, American Bitcoin Corp., a cryptocurrency mining company supported by the Trump family, plans to raise additional funds through an initial public offering (IPO) and may introduce private investments prior to this. This initiative marks the company’s ambition in the bitcoin mining sector, aiming to become a leading pure bitcoin mining enterprise globally and establish strategic bitcoin reserves.
The company was co-founded by Hut 8, a publicly listed bitcoin mining company in the United States, along with an investment group that includes Donald Trump Jr. and Eric Trump, demonstrating the Trump family’s further involvement in the cryptocurrency sector.
According to reports, Hut 8 announced the acquisition of 80% of American Bitcoin (formerly known as American Data Centers) on March 31 and transferred most of its bitcoin mining equipment to this newly established entity. Headquartered in Miami, Hut 8 is listed on both NASDAQ and the Toronto Stock Exchange and currently holds approximately 10,273 bitcoins, valued at about $841 million. Following the acquisition, American Data Centers was renamed American Bitcoin, becoming an independently operated entity focused on bitcoin mining and high-performance computing infrastructure. Hut 8 CEO Asher Genoot stated that this transaction would steer Hut 8’s business towards a more stable, financeable, and lower capital cost domain.
He further elaborated in an interview with Bloomberg Television that the long-term vision is to develop American Bitcoin and Hut 8 into “two sister public companies,” one focusing on energy and data center infrastructure, while the other concentrates on bitcoin mining and reserves, together forming a vertically integrated, economically efficient enterprise.
American Bitcoin’s mining operations will rely on 61,000 mining devices provided by Hut 8, with operational support from Hut 8 across 11 data centers in the United States. The company is also collaborating with Chinese bitcoin mining hardware supplier Bitmain to acquire advanced mining technology and expand its operational scale. However, Bitmain has attracted attention due to its AI subsidiary Sopghgo being blacklisted by the U.S., which may introduce some uncertainties into the collaboration.
The strategy for American Bitcoin is currently led by Eric Trump, who views bitcoin as a “hard currency” similar to real estate, emphasizing its long-term value and stating that the company plans to retain a portion of the mined bitcoins as reserves. As the son of the current President of the United States, Eric highlighted in a Bloomberg interview that he has no collaborative relationship with the White House and has “almost no” communication with his father.
