“Going public is a game-changer,” Eric Trump mentioned. “It unlocks capital and institutional entry that can gasoline our mission to construct the biggest, most investable platform for long-term Bitcoin accumulation.”
Hut 8, nonetheless, is offering the infrastructure. American Bitcoin pays Hut 8 for power, operations, and shared companies, which embody “accounting … HR assist, payroll, advantages, IT assist,” and authorized companies, per its SEC submitting. Whereas Hut 8 supplies American Bitcoin’s mining amenities—at the moment in Niagara Falls, New York; Medication Hat, Alberta; and Orla, Texas—it may possibly use the corporate to lift and deploy “large capital,” says Prusak, that received’t “pressure Hut 8’s stability sheet.” With American Bitcoin caring for mining, Hut 8 can concentrate on supporting rising applied sciences like AI and going after the enterprise of “hyperscalers,” says Foxley—firms like Meta and Google that want large information facilities for his or her energy-heavy operations.
Since Hut 8 is bankrolling the info 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 Might 31, American Bitcoin reported proudly owning greater than 60,000 bitcoin miners, made up largely of Bitmain Antminer S21+ collection miners (Glennan calls the miners “Cadillac … not the Ferrari”) and China-based MicroBt M5X and M6X collection 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 changing into an increasing number of 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, consultants warning that safety dangers may come up from connecting Chinese language {hardware} to important US energy infrastructure. Bitmain, as an illustration, 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 Checklist.)
Bitcoin mining companies should navigate deteriorating economics: They depend on a risky 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 way of bitcoin’s spinoff market will assist American Bitcoin “survive the ups and downs.” American Bitcoin additionally goals to extend its computational energy to mine extra profitably. That might imply changing older tools with newer, extra environment friendly fashions and buying different bitcoin mining firms.
This takes capital, which the corporate hopes the Trumps’ title will appeal to. 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 in the course of the Might 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. informed the conservative-leaning crowd, “My father made a whole lot of guarantees to the … bitcoin group … [Eric and I] present our true degree of dedication while you have a look at all of the issues we’re doing on this house.” 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 will not be on American Bitcoin’s board of administrators.
