Eric Trump-Backed American Bitcoin to Purchase BTC Mining Equipment, Raises $220M
2025-07-01 05:43:49
Main Idea
Eric Trump-backed American Bitcoin has raised $220 million for BTC mining equipment and plans a Nasdaq listing through a merger with Hut 8 Corp., with Trump family members retaining majority ownership.
Key Points
1. American Bitcoin, backed by Eric Trump, raised $220 million to purchase BTC mining equipment, as revealed in a Hut 8 Corp. SEC filing.
2. The company is a majority-owned subsidiary of Hut 8 and plans a Nasdaq listing via a stock merger with Gryphon Digital Mining.
3. Eric Trump and Donald Trump Jr., along with existing shareholders, will retain 98% ownership in the new entity post-merger.
4. Hut 8 is also expanding globally into new markets, though this move is unrelated to the Trump-linked venture.
5. The merger and funding aim to strengthen American Bitcoin's position in the crypto mining industry.
Description
American Bitcoin, a crypto venture backed by Eric Trump, has raised $220 million in a major Bitcoin mining push. The funds will be used to buy BTC mining equipment, a new filing by Hut 8 Corp. revealed. Per a Bloomberg report, about $10 million in equity was sold for Bitcoin rather than dollars on Friday, in a new share issuance to private investors. “The Company intends to use the net proceeds to fund its strategic and Bitcoin accumulation goals, which may include, but are not limited to, the p...
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