Matt Prusak is stepping down as president and interim chief financial officer of American Bitcoin, the Nasdaq-listed mining company backed by Hut 8 and co-founded by Eric Trump. He departs effective August 4, 2026, to join Houston-based Giga Energy as chief business officer and interim CFO.
Giga Energy builds power equipment and AI-ready data center infrastructure, a sector that has increasingly drawn interest from executives with backgrounds in Bitcoin mining, where managing large-scale power procurement is a core operational skill.
Following the power, not the hash rate
In comments announcing the move, Prusak described the shift as heading "upstream to the power infrastructure now constraining both mining and AI compute," a framing that reflects a broader trend of mining executives repositioning around electricity access rather than mining operations themselves. He noted the change follows "years building bitcoin businesses," suggesting the move is less a retreat from crypto and more a bet that power infrastructure sits closer to where the next phase of value creation will happen.
Giga Energy has delivered more than 6.5 gigawatts of power infrastructure to date and is currently developing more than 500 megawatts of AI-ready data center capacity, positioning it at the intersection of two of the most power-hungry sectors in the country: Bitcoin mining and AI compute.
A broader industry migration
Prusak's exit adds to a pattern of executives moving from Bitcoin mining companies toward power and AI infrastructure firms as mining margins face continued pressure and hyperscalers compete aggressively to lock down electricity capacity for data centers. Mining companies that once competed purely on hash rate efficiency increasingly find their most valuable asset is secured, scalable power access — the same resource AI infrastructure firms are racing to acquire.
That overlap has made mining executives, who typically have direct experience negotiating power purchase agreements and managing energy-intensive operations at scale, attractive hires for firms like Giga Energy as they expand their AI data center footprint.
What it means for American Bitcoin
American Bitcoin has not yet named a permanent replacement for Prusak's dual role as president and interim CFO. The departure comes as the mining sector broadly navigates a period of consolidation and repositioning, with several companies re-evaluating whether pure-play Bitcoin mining remains their most valuable business line compared to diversifying into power infrastructure or AI hosting.
