Trump-Backed American Bitcoin Mining Venture Wants to Go Public
American Bitcoin Corp., the crypto mining venture announced this week between Hut 8 Corp. and an investor group that includes two sons of US President Donald Trump, plans to eventually go public as well as to seek additional private capital.Author of the article:Bloomberg NewsDavid Pan and Sonali BasakPublished Apr 01, 2025 • Last updated 22 hours ago • 3 minute readCryptocurrency mining rigs at the Bitfarms Bunker facility in Sherbrooke, Quebec, Canada, on Monday, Sept. 9, 2024. Bitcoin mining company Bitfarms Ltd. agreed last month to acquire Stronghold Digital Mining Inc. for about $125 million in stock while it fends off a takeover attempt by Riot Platforms Inc. Photographer: Graham Hughes/Bloomberg Photo by Graham Hughes /Bloomberg(Bloomberg) — American Bitcoin Corp., the crypto mining venture announced this week between Hut 8 Corp. and an investor group that includes two sons of US President Donald Trump, plans to eventually go public as well as to seek additional private capital. Article contentArticle content“So you can see this in the long term as two sister publicly traded companies,” Asher Genoot, chief executive officer of Miami-based Bitcoin miner Hut 8, said during a Bloomberg TV interview on Tuesday. “One that is energy, infrastructure data centers and the other one that’s Bitcoin, AISCs and reserves and together they form a vertically integrated company that has some of the best economics out there.” THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorArticle contentThe launch of the Bitcoin mining venture came after Hut 8, one of the largest public crypto-mining companies, acquired a majority interest in American Data Centers Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr. Hut 8 has transferred substantially all of its Bitcoin mining equipment into the new entity, which is called American Bitcoin. While the venture is a pure-play Bitcoin mining company, Hut 8 will be more focused on its data-center businesses as it expands its infrastructure and capacity in supporting artificial intelligence applications. The Bitcoin mining industry has seen a sharp decline in revenue after the “halving,” a code update in Bitcoin last April, and increasing competition as new miners enter the market. Public miners have benefited from rising Bitcoin prices over the last year as well as access to the US capital markets where they has raised billions of dollars from selling new shares and issuing debt. “We are going to become the greatest Bitcoin mining company on earth and we are doing it here in America,” Eric Trump said in a conference call earlier on Tuesday. Article contentGenoot said the new entities will also consider taking private investment before go public on the call. China TiesAmerican Bitcoin is also working with Bitmain, the largest supplier of specialized computers to mine Bitcoin. The Chinese company will help the firm to tap into the most advanced mining technology and expand its operations as American Bitcoin deploy the new machines in the future. “We believe our ability to deploy this machine at scale and more broadly the deep miner-manufacturer relationship that has enabled this partnership reflect a key competitive advantage that will enable us to achieve ambitious targets for American Bitcoin,” said Mike Ho, executive chairman at Hut 8. The Chinese manufacturer has faced more scrutiny with the US blacklisting its AI affiliate Sopghgo. The US authorities have also seized some of the Bitcoin mining machines as they intensify inspections on such imports. US-listed Bitcoin mining companies have been one of the earliest supporters of Donald Trump during the most recent election cycle. Their meeting with him last June is one of the key junctures when Trump unveiled its pro-crypto stance and pledged to ensure that all remaining Bitcoin is “made in the USA.” The new venture, which follows the launch of a stablecoin last month by the Trump-backed World Financial Liberty, is the latest sign of a deepening relationship between the president’s family and the crypto sector. “There are no conflicts because I don’t work with the White House,” Eric Trump said in the Bloomberg TV interview. “I have been with private industry my entire life. We started the World Financial Liberty long before my father got elected to the White House. This is something we believe in crypto for a very long time.” —With assistance from Tim Stenovec.Article content