American Bitcoin Corp., a crypto mining operation backed by members of Trump's family, plans to raise additional capital potentially through an initial public offering (IPO). Hut 8, a publicly traded Bitcoin miner whose founders include Donald Trump Jr. and Eric Trump, announced the transfer of its Bitcoin mining equipment to American Bitcoin, which is yet to be publicly traded. American Bitcoin will focus on crypto mining while Hut 8 will target data center infrastructure. This strategy aims to create two sister publicly traded companies, enhancing their overall business model. American Bitcoin is collaborating with Bitmain, a Chinese hardware supplier for Bitcoin mining, amidst scrutiny following U.S. sanctions on its AI affiliate. Bitcoin miners are diversifying due to declining revenues after the April 2024 halving, with many shifting toward AI data-center hosting to generate new revenue streams.

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