American Bitcoin Corp Prepares for Public Debut

This article first appeared in Miner Weekly, Blocksbridge Consulting’s weekly newsletter curating the latest news in bitcoin mining and data analysis from Theminermag.

American Bitcoin Corp (ABTC), a new proprietary Bitcoin mining entity from Hut 8 and backed by Eric Trump and Donald Trump Jr., is gearing up for a public offering.

The company has recently filed an S-4 registration statement as part of its merger with Gryphon Digital, providing fresh insights into its financials, mining strategy, and dependence on Chinese-manufactured hardware as it aims to scale to 25 EH/s.

ABTC was officially launched on April 1, 2025, serving as the vehicle through which Hut 8 is spinning off its self-mining business, allowing the parent company to focus on power and data center infrastructure. This filing explains Hut 8’s decision to halt monthly Bitcoin production updates since April.

In Q1 2025, ABTC mined 135 BTC, consistent with Hut 8’s previous production from its proprietary operations (excluding joint ventures) prior to the spin-off. As of May 31, ABTC held approximately 215 BTC in reserves.

ABTC currently possesses 10.17 EH/s of hashrate capacity hosted at Hut 8’s facilities, powered by a mix of Bitmain’s S21 series and MicroBT’s M5X and M6X series miners. Its ambitious growth lever lies in a 15 EH/s hosting deal originally signed with Bitmain last year. Under this agreement, Hut 8 is committed to building infrastructure for Bitmain’s new U3S21EXPH systems—machines that deliver 860 PH/s each. Once the buildout is complete, Hut 8 has an option to purchase the entire hardware set.

Hut 8 had previously withheld pricing details on this deal announced in September. The S-4 filing now reveals that the maximum purchase price for the 17,280 U3S21EXPH units is about $320 million, costing roughly $21/TH/s before tariffs and duties. Hut 8 retains the right to have ABTC acquire the full batch of machines for future growth.

If fully executed, this pathway would position ABTC to exceed 25 EH/s capacity, ranking it among the top publicly traded Bitcoin miners globally.

Another notable disclosure in the filing is ABTC’s direct production cost for the 135 BTC mined in Q1, totaling $11.65 million (excluding depreciation and amortization), or $86,303 per BTC. This figure could reflect Hut 8’s higher-than-peer-average power and maintenance costs or is intended to boost Hut 8’s recurring hosting revenue from ABTC as the parent pivots away from proprietary mining.

However, ABTC’s growth plans could face geopolitical challenges. The S-4 filing highlights the company’s reliance on imported Bitcoin mining equipment and signals risks from potential U.S. tariffs on mining hardware from Chinese firms.

“While the final scope and application of recently announced changes in U.S. trade policy remain uncertain, higher tariffs on imports and subsequent retaliation could adversely affect ABTC’s ability to import equipment at cost-effective levels,” the filing states.

It remains to be seen how a company with American in its name will navigate these geopolitical dynamics, especially with its fleet currently dependent on Chinese suppliers.

This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies. The original article can be viewed here.