Trump-Backed American Bitcoin Eyes Expansion in Asia

American Bitcoin To Launch Companies in Hong Kong and Japan

American Bitcoin, a crypto mining company launched by Hut 8 and Eric Trump, is set to expand its presence in Asia. As per reports, the platform is exploring opportunities to launch publicly listed companies in Japan and Hong Kong. The move focuses on boosting the company’s BTC holdings, becoming a leading player in crypto mining.

American Bitcoin Expands in Asia

The Trump-family-backed American Bitcoin has announced its plans to acquire publicly listed companies in Hong Kong and Japan, in an effort to expand in Asia. According to a recent Financial Times report, the mining firm envisions boosting its BTC accumulation strategy, asserting that its “ambition is to build the strongest and most efficient Bitcoin accumulation platform in the world.” They added, “While we are evaluating possibilities in certain regions, we have not made any binding commitments.”

The company is reportedly emulating the strategy of Michael Saylor's MicroStrategy by seeking to bolster its crypto reserve. MicroStrategy is currently the largest public holder of BTC, boasting a total of 628,946 BTC worth $73.8 billion.

Mirroring MicroStrategy’s approach, more publicly traded companies are accumulating the largest digital asset. For instance, Japanese investment firm Metaplanet, also known as Asia’s MicroStrategy, is aggressively purchasing the pioneer cryptocurrency, with an aim of 210,000 coins by 2027. 

Notably, the company was founded by Donald Trump’s two sons- Eric Trump and Donald Trump Jr. In May, the platform announced plans to go public through a merger with Gryphon Digital Mining, a Nasdaq-listed institution. It later launched a BTC treasury, holding 216 coins as of June 10. On June 30, the firm revealed a successful $200 million fundraising effort to bolster its treasury and expand its evacuation capabilities.

$314M Deal with Bitmain for Crypto Mining

In another pivotal development, American Bitcoin recently announced a significant partnership with Bitmain, unveiling a $314 million agreement to acquire up to 17,280 application-specific integrated circuits (ASICs) designed for cryptocurrency extraction.

Reportedly, the firm purchased 16,299 Antminer U3S21EXPH units, boosting its computing power by 14.02 exahashes per second. Notably, this agreement shields the firm from potential price hikes due to the Trump administration's trade tariffs on Chinese-made mining equipment. This strategic move allows the company to expand its crypto evacuation efforts while mitigating the impact of import duties.