Trump-linked American Bitcoin raises $220M to purchase Bitcoin and mining rigs
2025-07-01 06:00:01
Main Idea
Eric Trump-backed cryptocurrency company American Bitcoin has raised $220 million, including $10 million in Bitcoin, for asset accumulation and mining expansion, with plans to go public via a merger.
Key Points
1. American Bitcoin raised $220 million, with $10 million transacted in Bitcoin.
2. The company was formed through a Trump-advised investment bank and received mining equipment from Hut 8 Corp. in exchange for an 80% equity stake.
3. Hut 8 plans to take American Bitcoin public via a merger with Gryphon Digital Mining Inc.
4. Hut 8 operates mining sites in Alberta, New York, and Texas, and has plans to expand into Dubai.
5. The fundraising and expansion efforts align with growing political momentum for pro-blockchain ventures in the U.S.
Description
Eric Trump-backed cryptocurrency company American Bitcoin has raised $220 million from private investors to purchase Bitcoin and expand its digital mining business. The news was disclosed in a June 30 filing reviewed by Bloomberg, which revealed that part of the equity sale, worth about $10 million, was transacted directly in Bitcoin ( BTC ) rather than U.S. dollars. Through the issuance of additional shares to private investors, American Bitcoin was able to raise $220 million for asset accumula...
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