A new Bitcoin mining venture backed by two sons of US President Donald Trump is looking to go public, marking another significant push by the Trump family into the cryptocurrency sector.

The venture, named American Bitcoin Corp., was announced earlier this week as a partnership between Hut 8 Corp., one of the largest public Bitcoin mining companies, and an investor group that includes Eric Trump and Donald Trump Jr. The newly formed entity aims to raise additional private capital before eventually launching an initial public offering (IPO).

A New Player in Bitcoin Mining

According to a report from Bloomberg, Hut 8 has transferred nearly all of its Bitcoin mining equipment into American Bitcoin Corp., effectively making it a standalone mining operation. Meanwhile, Hut 8 itself will shift focus toward data-center businesses, expanding its infrastructure to support artificial intelligence (AI) applications.

Speaking in an interview with Bloomberg TV, Hut 8 CEO Asher Genoot stated that the long-term vision is for American Bitcoin to operate as a public company alongside Hut 8.

“One that is energy, infrastructure data centers and the other one that’s Bitcoin, ASICs, and reserves, and together they form a vertically integrated company that has some of the best economics out there,” Genoot explained.

The launch of American Bitcoin follows Hut 8’s acquisition of a majority stake in American Data Centers Inc., a firm created by the Trump-backed investor group.

Trump’s Continued Push Into Crypto

The Trump family has increasingly aligned itself with the crypto industry, with Eric Trump, now serving as Chief Strategy Officer at American Bitcoin, expressing strong support for blockchain technology.

“There is nothing that DeFi or cryptocurrency on blockchain can’t do better, cheaper, and faster than the financial system we have right now,” Eric Trump said during an interview with Bloomberg.

In addition to this mining venture, Trump-backed entities have recently expanded their presence in the digital asset space. World Financial Liberty, a stablecoin project linked to Trump’s network, was launched just last month, reinforcing the family’s growing involvement in crypto.

China Ties and Regulatory Challenges

American Bitcoin has also entered into a partnership with Bitmain, a major Chinese supplier of Bitcoin mining hardware. The collaboration will allow American Bitcoin to deploy some of the most advanced mining technology available, which is expected to strengthen its competitive position in the industry.

However, this partnership may draw regulatory scrutiny. Bitmain’s AI affiliate, Sopghgo, was recently blacklisted by the US government, and authorities have increased inspections of Bitcoin mining machine imports.

Meanwhile, public Bitcoin mining firms have been vocal supporters of Donald Trump’s pro-crypto stance, which he unveiled during his 2024 presidential campaign. Trump pledged to ensure that all remaining Bitcoin is “made in the USA,” a sentiment that aligns with American Bitcoin’s mission.

Despite industry-wide challenges such as declining mining revenues post-halving and increasing market competition, American Bitcoin’s leadership remains optimistic.

“We are going to become the greatest Bitcoin mining company on Earth, and we are doing it here in America,” Eric Trump declared during a recent conference call.

The company has not yet disclosed a timeline for its IPO but is actively considering private investments before taking the public route.