American Bitcoin Corp., a Trump family-backed crypto mining operation, has plans to raise additional capital, including through an initial public offering (IPO), according to an April 1 report by Bloomberg. 

On March 31, Hut 8 — a publicly traded Bitcoin (BTC) miner — acquired a majority stake in American Bitcoin (formerly American Data Centers), whose founders include Donald Trump Jr. and Eric Trump. 

After the deal announcement, Hut 8 transferred its Bitcoin mining equipment into the newly created entity, which is not yet publicly traded. 

While American Bitcoin will focus on crypto mining, Hut 8 plans to target data center infrastructure for use cases such as high-performance computing. The deal “evolves Hut 8 toward more predictable, financeable, lower-cost-of-capital segments,” Asher Genoot, CEO of Hut 8, said in a statement.

“So you can see this in the long term as two sister publicly traded companies,” Genoot told Bloomberg. “One that is energy, infrastructure data centers and the other one that’s Bitcoin, AISCs and reserves and together they form a vertically integrated company that has some of the best economics out there.”

According to Bloomberg, American Bitcoin is working with Bitmain, a Chinese Bitcoin mining hardware supplier. Bitmain has faced scrutiny after the US blacklisting of its artificial intelligence affiliate Sopghgo, Bloomberg reported. 

Bitcoin mining revenues per quarter. Source: Coin Metrics

Related: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earnings

Pivoting to new business lines

Bitcoin miners are increasingly pivoting toward alternative business lines, such as servicing artificial intelligence models, after the Bitcoin network’s April 2024 “halving” cut into mining revenues.

Halvings occur every four years and cut in half the number of BTC mined per block.

Miners are “diversifying into AI data-center hosting as a way to expand revenue and repurpose existing infrastructure for high-performance computing,” Coin Metrics said in a March report.

Declining cryptocurrency prices have put even more pressure on Bitcoin miners in 2025, according to a report by JPMorgan.

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Crypto stablecoin issuer Circle Internet Group has filed with the US Securities and Exchange Commission to go public on the New York Stock Exchange.

The USDC (USDC) issuer is planning to list its Class A common stock under the symbol “CRCL,” according to its April 1 Form S-1 registration statement with the SEC.

Circle’s prospectus does not detail the number of shares to be offered or what its initial public offering target price will be.

The filing also showed that Circle brought in $1.67 billion in revenue for 2024, a 16% year-on-year increase.

Its net income last year was $155.6 million — a 41.8% fall from 2023, while 2022 saw a net loss of $761.7 million.

Circle’s financials over the last three years ended Dec. 31. Source: SEC

Over 99% of Circle’s revenue last year came from its stablecoin reserves, the filing showed. The company generates income by holding yield-bearing treasury bills.

Circle has previously attempted to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021— which it abandoned in December 2022 — and again in January 2024 via a confidential filing with the SEC.

Related: Circle, Intercontinental Exchange to explore stablecoin integration

Crypto exchange Kraken and blockchain security firm BitGo are among the other industry players also reportedly seeking a public listing either this year or early 2026.

Circle became the first stablecoin issuer to receive regulatory approval in Japan on March 25 — launching USDC on the SBI VC Trade crypto exchange the following day.

USDC is the second-largest stablecoin by market cap at $60.1 billion, trailing only Tether (USDT) at $143.9 billion, CoinGecko data shows.

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Texas Senator Ted Cruz proposed a bill aimed at incentivizing crypto miners to use flared gas for energy generation in the state.

In an April 1 notice, Cruz said he had introduced the Facilitate Lower Atmospheric Released Emissions, or FLARE, Act in the US Senate, aiming to make Texas “the number one place for Bitcoin mining.” Mining advocacy group Digital Power Network supported the bill, and Bitcoin (BTC) miner MARA Holdings endorsed the proposed legislation on X, claiming it would reduce emissions and “unlock stranded energy.”

April 1 draft of FLARE Act. Source: Ted Cruz

According to the text of the bill, the FLARE Act proposed amending the US Internal Revenue Code to incentivize market participants — including digital asset miners — to “capture gas that would otherwise be flared or vented and to use such gas in value-added products.” If signed into law, the legislation would take effect on properties put into service starting in 2026.

Related: Bitcoin mining using coal energy down 43% since 2011 — Report

A US senator serving since 2013, Cruz, a Republican, has sometimes proposed legislation that aligns with mainstream figures in his party, including US President Donald Trump. He introduced a bill in March to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) and disclosed personally holding up to $100,000 in Bitcoin as of August 2024.

Crypto bills moving through US Congress

In addition to the energy incentives proposed in the bill, Cruz ​​said the language “prohibits entities owned by China, Iran, North Korea, or Russia” that may be operating in Texas from recovering their costs in the same manner. Many US miners, including MARA, Riot Platforms and CleanSpark, operate in the state.

It’s unclear whether Cruz’s bill will be a legislative priority in the Senate as Congress considers bills to regulate stablecoins and establish a market structure for digital assets in the US. Some lawmakers have also proposed legislation potentially banning a US CBDC and removing regulatory obstacles to allow Americans to invest in crypto for their retirement plans.

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