American Bitcoin is a cryptocurrency mining and holding company focused on industrial-scale Bitcoin mining and the development of a strategic Bitcoin reserve. The company was formed as a majority-owned subsidiary of the energy and digital infrastructure firm Hut 8 and is backed by Eric Trump and Donald Trump Jr.. ^{[1] [2]}

Overview

American Bitcoin was officially launched on April 1, 2025, following discussions that began in late 2024 between Hut 8 executives and Eric Trump. The company was established through a partnership between Hut 8 and American Data Centers, an entity backed by Eric Trump and Donald Trump Jr. Under the terms of its formation, Hut 8 contributed its Bitcoin mining operations and equipment, retaining an 80% ownership stake in the new subsidiary. The remaining 20% is held by American Data Centers and its legacy shareholders.

The company's stated mission is to become the world's largest and most efficient "pure-play" Bitcoin miner while building a significant strategic reserve of the cryptocurrency. The strategic rationale for its creation was to separate the high-volatility Bitcoin mining operations from Hut 8's core business, allowing the parent company to focus on more predictable infrastructure segments like energy and data centers. American Bitcoin operates as a distinct entity but leverages Hut 8's infrastructure and operational expertise through a series of long-term commercial agreements.

In a statement to WIRED, Eric Trump commented on the company's positioning: "American Bitcoin is uniquely positioned to scale faster and operate leaner than anyone in the space," citing Hut 8's infrastructure and energy expertise as "unmatched". The company's CEO, Matt Prusak, noted that the involvement of the Trump family provides access to capital markets and contributes a strong "narrative" to the venture. ^{[1] [2] [3] [4] [5]}

History

The concept for American Bitcoin emerged from meetings in late 2024 between Hut 8 CEO Asher Genoot, Chief Strategy Officer Michael Ho, and Eric Trump. The company was officially launched on April 1, 2025, as a subsidiary of Hut 8.

In May 2025, American Bitcoin announced its intention to go public through an all-stock reverse merger with Gryphon Digital Mining (ticker: GRYP), a Nasdaq-listed crypto mining firm. The merger is intended to provide the company with greater access to capital and enhance liquidity. Following the transaction, the combined entity is expected to trade on the Nasdaq under the ticker symbol ABTC.

On July 1, 2025, the company announced it had raised $220 million through a private stock sale. The capital was designated for acquiring additional Bitcoin for its treasury and purchasing new mining equipment. Approximately $10 million of the proceeds were immediately used to purchase Bitcoin.

In August 2025, shareholders of Gryphon Digital Mining began voting on the proposed merger, with the transaction expected to be finalized in early September 2025. Upon completion, existing American Bitcoin shareholders, including Hut 8 and the Trump-affiliated entity, are projected to own approximately 98% of the newly public company. ^{[2] [4] [6]}

Business Model and Strategy

American Bitcoin's business model is centered on two primary objectives: mining Bitcoin at a low cost and accumulating a strategic Bitcoin reserve through both mining rewards and direct purchases. The company aims to become a leading "pure-play" Bitcoin accumulation platform.

The company has outlined an illustrative growth roadmap with the goal of reaching a self-mining capacity of over 50 exahashes per second (EH/s) with an average fleet efficiency of less than 15 joules per terahash (J/TH). This growth is planned across four phases, involving the deployment of new, more efficient miners and the potential acquisition and development of new mining sites.

As part of its growth strategy, American Bitcoin is reportedly exploring international acquisitions to expand its Bitcoin holdings. In August 2025, reports indicated the company was considering the acquisition of at least one publicly listed company in Japan and potentially another in Hong Kong to accelerate the growth of its Bitcoin treasury, following a model similar to that of MicroStrategy. ^{[1] [5] [7]}

Technology and Operations

American Bitcoin's mining operations are hosted exclusively at Hut 8's data centers under a long-term colocation agreement. Hut 8 also provides management and shared business services, including finance, HR, and compliance, through separate commercial agreements. The initial mining sites are located in Niagara Falls, New York; Medicine Hat, Alberta; and Orla, Texas.

As of May 31, 2025, the company reported owning over 60,000 Bitcoin miners. Its fleet primarily consists of Bitmain Antminer S21+ series and MicroBt M5X and M6X series machines. A significant portion of this mining hardware originates from China-based manufacturers like Bitmain. Between its launch in April and May 31, 2025, the company mined 215 Bitcoin. ^{[2] [5] [7]}

Corporate Structure and Leadership

American Bitcoin operates as a majority-owned subsidiary of Hut 8, which holds an 80% stake. The remaining 20% is owned by American Data Centers, an entity whose investors include Eric Trump and Donald Trump Jr.

The company's leadership and board include individuals from Hut 8, the Trump Organization, and the technology investment sector.

• Eric Trump: Co-founder & Chief Strategy Officer
• Matt Prusak: Chief Executive Officer
• Mike Ho: Executive Chairman & Board Member
• Asher Genoot: Board Member
• Justin Mateen: Board Member (Co-founder of Tinder)
• Michael Broukhim: Board Member (Co-founder of FabFitFun)

This leadership team combines experience in cryptocurrency mining, capital markets, and high-growth technology ventures. ^{[5] [2]}