ABTC Takes Shape as Hut 8’s Bitcoin Mining Spinoff
American Bitcoin Corp (ABTC), the new mining venture backed by Eric Trump and Donald Trump Jr., is moving forward with plans to go public. The company, carved out from Hut 8 earlier this year, recently filed an S-4 registration statement as part of its merger with Gryphon Digital. The document sheds light on its finances, mining setup, and—perhaps most notably—its heavy reliance on Chinese-made hardware.
ABTC officially launched in April 2025 as Hut 8’s way of spinning off its self-mining operations. The parent company seems to be shifting focus toward power and data center infrastructure, which might explain why it stopped sharing monthly Bitcoin production updates around the same time.
Mining Numbers and Growth Plans
In the first quarter of 2025, ABTC mined 135 BTC, roughly in line with what Hut 8 had been producing on its own before the split. By the end of May, the company was sitting on about 215 BTC in reserves.
Right now, ABTC’s hashrate sits at 10.17 EH/s, running on a mix of Bitmain’s S21 series and MicroBT’s M5X and M6X miners. But the real push comes from a 15 EH/s hosting deal Hut 8 signed with Bitmain last year. The agreement hinges on Hut 8 building infrastructure specifically for Bitmain’s U3S21EXPH machines—each packing 860 PH/s. Once the buildout’s done, Hut 8 has the option to buy the entire batch.
The S-4 filing finally revealed the price tag: up to $320 million for 17,280 units, or roughly $21 per TH/s before tariffs. If ABTC takes the full order, its total capacity could jump past 25 EH/s, putting it among the biggest publicly traded miners.
Costs and Geopolitical Risks
One eyebrow-raising detail in the filing? ABTC’s production cost for that first-quarter haul—$11.65 million, or about $86,300 per BTC (not counting depreciation). That’s high compared to some peers. Maybe Hut 8’s power costs are steep, or maybe this setup helps Hut 8 lock in steady hosting revenue as it steps back from mining itself.
Then there’s the China question. Every piece of ABTC’s hardware comes from Chinese manufacturers, and the filing openly warns about potential tariff hikes. “Recent U.S. trade policy changes could make importing this equipment a lot more expensive,” it says. Not ideal for a company with “American” in its name.
For now, ABTC’s path seems clear, but those geopolitical wrinkles might get harder to ignore. How it navigates them could make or break its growth plans.
*This piece draws on reporting from Theminermag, a trade publication covering institutional Bitcoin mining. The original article can be found [here](link).*
