American Bitcoin, Backed by Eric and Donald Trump Jr, Pulls In $220M to Accumulate BTC
Main Idea
American Bitcoin Corp, a mining company backed by the Trump family and majority-owned by Hut 8, raised $220 million in a funding round, surpassing its $200 million target, and is planning to go public via a merger with Gryphon Digital Mining.
Key Points
1. American Bitcoin Corp raised $220 million in a funding round, exceeding its $200 million target.
2. The company is majority-owned by Hut 8, with Eric and Donald Trump Jr. as backers.
3. The firm sold 11,002,954 Class A shares in the funding round, netting roughly $215 million after fees.
4. American Bitcoin Corp is planning to go public by merging with Gryphon Digital Mining (GRYP).
5. Hut 8’s shares were down 0.86% in pre-market trading at the time of the report.
Description
American Bitcoin Corp, a Miami-based mining company majority owned by Hut 8 (HUT) and backed by the Trump family, has raised $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission. The raise topped its target of $200 million, and it also accepted about $10 million worth of bitcoin (BTC) in lieu of cash, the filing details. The placement netted roughly $215 million after fees. The firm sold 11,002,954 Class A shares in total. The fresh capit...
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