Trump-linked American Bitcoin raises $220M for mining, treasury
American Bitcoin, a subsidiary of Hut 8, raised $220 million through a private placement of 11 million shares to purchase Bitcoin mining equipment and enhance its Bitcoin treasury. Of this amount, $10 million was raised through Bitcoin sales, with an average acquisition cost of $104,000 per coin. As of June 10, American Bitcoin held 215 Bitcoin. The firm has connections to the Trump family, with Donald Trump Jr. and Eric Trump as founders. Hut 8 acquired a majority stake in American Bitcoin on March 31. Hut 8 is also expanding operations by opening a crypto trading office in Dubai, registered under Hut 8 Investment Ltd. This expansion aims to improve capital strategy efficiency. The Dubai office is separate from American Bitcoin. Additionally, American Bitcoin plans to go public by merging with Gryphon Digital Mining, with Eric Trump joining the board post-merger. Existing shareholders will retain 98% of the new entity, while Hut 8 will manage operations.
