Trump family-backed crypto mining operation American Bitcoin Corp. plans to raise capital, including through an IPO

American Bitcoin Corp., a Trump family-backed crypto mining operation, has plans to raise additional capital, including through an initial public offering (IPO)

American Bitcoin 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.

The report comes after Canadian Bitcoin mining firm Hut 8 announced in March that it acquired a majority stake in American Bitcoin (formerly American Data Centers), the founders of which include Donald Trump Jr. and Eric Trump.

After the deal was announced, Hut 8 moved its Bitcoin mining equipment into the newly formed entity, which is not yet publicly traded. While American Bitcoin will focus on crypto mining, Hut 8 will be focused on 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.

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“So you can see this in the long term as two sister publicly traded companies,” Genoot said. “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.”

American Bitcoin is working with Bitmain, a Chinese Bitcoin mining hardware supplier, to build out the data center operations, according to Bloomberg. Bitmain has faced scrutiny after the US blacklisting of its artificial intelligence affiliate, Sopghgo.

Pivoting to new business lines

Bitcoin miners are increasingly pivoting toward alternative business lines, such as servicing artificial intelligence models, following the Bitcoin network’s April 2024 “halving,” which 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 miners in 2025, according to a report by JPMorgan.