Trump-affiliated crypto mining venture mulls IPO — Report

American Bitcoin ( $76,783.00 ) Corp., a Trump family-backed crypto mining operation, has plans to raise additional capital, including through an initial public offering (IPO), according to an April 1 report by Bloomberg. 

On March 31, Hut 8 — a publicly traded Bitcoin ( $76,783.00 ) (BTC) miner — acquired a majority stake in American Bitcoin ( $76,783.00 ) (formerly American Data Centers), whose founders include Donald Trump Jr. and Eric Trump. 

After the deal announcement, Hut 8 transferred its Bitcoin ( $76,783.00 ) mining equipment into the newly created entity, which is not yet publicly traded. 

While American Bitcoin ( $76,783.00 ) will focus on crypto mining, Hut 8 plans to target data center infrastructure for use cases such as high-performance computing. The deal “evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments,” Asher Genoot, CEO of Hut 8, said in a statement.

“So you can see this in the long term as two sister publicly traded companies,” Genoot told Bloomberg. “One that is energy, infrastructure data centers and the other one that’s Bitcoin ( $76,783.00 ) , AISCs and reserves and together they form a vertically integrated company that has some of the best economics out there.”

According to Bloomberg, American Bitcoin ( $76,783.00 ) is working with Bitmain, a Chinese Bitcoin ( $76,783.00 ) mining hardware supplier. Bitmain has faced scrutiny after the US blacklisting of its artificial intelligence affiliate Sopghgo, Bloomberg reported. 

Related: Analysts eye Bitcoin ( $76,783.00 ) miners’ AI, chip sales ahead of Q4 earnings

Pivoting to new business lines

Bitcoin ( $76,783.00 ) miners are increasingly pivoting toward alternative business lines, such as servicing artificial intelligence models, after the Bitcoin ( $76,783.00 ) network’s April 2024 “halving” cut into mining revenues.

Halvings occur every four years and cut in half the number of BTC mined per block.

Miners are “diversifying into AI data-center hosting as a way to expand revenue and repurpose existing infrastructure for high-performance computing,” Coin Metrics said in a March report.

Declining cryptocurrency prices have put even more pressure on Bitcoin ( $76,783.00 ) miners in 2025, according to a report by JPMorgan.

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