American Bitcoin Raises $220 Million to Expand Mining Operations and Treasury
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Description
American Bitcoin, a majority-owned subsidiary of crypto mining giant Hut 8, has successfully raised $220 million in a private placement aimed at expanding its Bitcoin mining capabilities and bolstering its Bitcoin treasury. The company issued 11 million shares on Friday, generating gross proceeds of $220 million, according to a recent regulatory filing. Interestingly, $10 million worth of these shares were purchased using Bitcoin rather than cash, with the average cost of acquisition noted at $1...
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