“Going public is a game-changer,” Eric Trump mentioned. “It unlocks capital and institutional entry that may gasoline our mission to construct the biggest, most investable platform for long-term Bitcoin accumulation.”
Hut 8, nevertheless, is offering the infrastructure. American Bitcoin pays Hut 8 for power, operations, and shared companies, which embrace “accounting … HR assist, payroll, advantages, IT assist,” and authorized companies, per its SEC submitting. Whereas Hut 8 gives American Bitcoin’s mining amenities—at present in Niagara Falls, New York; Medication Hat, Alberta; and Orla, Texas—it could possibly use the corporate to lift and deploy “large capital,” says Prusak, that gained’t “pressure Hut 8’s stability sheet.” With American Bitcoin taking good care of mining, Hut 8 can concentrate on supporting rising applied sciences like AI and going after the enterprise of “hyperscalers,” says Foxley—corporations like Meta and Google that want large information facilities for his or her energy-heavy operations.
Since Hut 8 is bankrolling the information facilities, American Bitcoin simply wants to purchase its mining machines. It inherited an settlement from Hut 8 subsidiary Zephyr to purchase round 17,280 Bitmain U3S21EXPH miners for a most of $320 million. As of Could 31, American Bitcoin reported proudly owning greater than 60,000 bitcoin miners, made up largely of Bitmain Antminer S21+ sequence miners (Glennan calls the miners “Cadillac … not the Ferrari”) and China-based MicroBt M5X and M6X sequence machines.
Whereas the US boasts between 30 and 40 p.c of the world’s bitcoin mining, 90 p.c of mining {hardware} comes from China. “Bitcoin is turning into increasingly central to the US monetary ecosystem,” says Sanjay Gupta, chief technique officer at Auradine, a US-based rival to Chinese language bitcoin mining suppliers. As President Trump works to additional cement bitcoin’s position in that ecosystem, specialists warning that safety dangers may come up from connecting Chinese language {hardware} to vital US energy infrastructure. Bitmain, for example, is a privately listed firm with hyperlinks to the AI firm Sophgo, which the US authorities blacklisted for safety causes. (Bitmain, which shares a cofounder with Sophgo, has not been added to the Entity Listing.)
Bitcoin mining companies should navigate deteriorating economics: They depend on a unstable asset, and rewards for miners halve roughly each 4 years, as greater than 19 million of the full 21 million bitcoin have been mined.
Glennan says sustaining minimal debt and hedging by bitcoin’s by-product market will assist American Bitcoin “survive the ups and downs.” American Bitcoin additionally goals to extend its computational energy to mine extra profitably. That would imply changing older tools with newer, extra environment friendly fashions and buying different bitcoin mining corporations.
This takes capital, which the corporate hopes the Trumps’ identify will entice. As a lot as Hut 8 and American Bitcoin representatives declare separation between their enterprise and the Trumps’ political connections, the corporate couldn’t assist however flaunt these ties throughout the Could 2025 Bitcoin convention in Las Vegas. There, American Bitcoin threw an occasion attended by the Winklevoss twins, who every donated $1 million to Trump pre-election, and chairman of Cantor Fitzgerald Brandon Lutnick, son of Trump’s secretary of commerce Howard Lutnick.
On a stage that had hosted Vice President JD Vance hours earlier, throughout a panel with Prusak, Ho, and his brother, Donald Jr. advised the conservative-leaning crowd, “My father made a variety of guarantees to the … bitcoin neighborhood … [Eric and I] present our true degree of dedication whenever you take a look at all of the issues we’re doing on this area.” He named American Bitcoin first.
Replace 7/31/25 12:00 pm EDT: This story has been up to date to replicate that Matt Prusak isn’t on American Bitcoin’s board of administrators.
