Trump-Linked Mining Firm to Go Public

The mining company American Bitcoin plans to go public and attract additional private capital before its stock market debut, according to Bloomberg.

On March 31, Hut 8 announced the creation of a subsidiary focused on bitcoin mining. Previously, the firm acquired an 80% stake in American Data Centers, in exchange for nearly its entire fleet of miners. This company was backed by a group of investors led by Eric Trump and Donald Trump Jr. As part of the deal, the enterprise was relaunched as American Bitcoin.

Previously based in Canada, Hut 8 is listed on the Toronto Stock Exchange and Nasdaq. In 2023, the firm relocated to the United States following its acquisition of US Bitcoin.

Hut 8 has now decided to separate its mining business, transferring it to American Bitcoin.

“In the long term, you can think of this as two sister companies with publicly traded shares,” said Hut 8 CEO Asher Genut.

According to him, one will focus on “energy and data center infrastructure,” while the other will concentrate on “bitcoin, ASIC, and crypto reserves.” Together, they will form a vertically integrated structure, Genut added.

Eric Trump has taken the role of Chief Strategy Officer at American Bitcoin.

“We are going to become the greatest bitcoin mining company in the world, and we’re doing it right here in America,” he stated.

The entrepreneur assured that he is not working with the White House and “practically” does not communicate with his father.

In September 2024, the elder Trump’s sons launched the DeFi platform World Liberty Financial (WLF). Eric Trump noted that this occurred before the presidential elections in November.

During token sales, the project raised $590 million. Most of the funds were secured after Trump’s election.

As reported by Reuters, in January 2025, the family of the sitting president consolidated control over WLF.