American Bitcoin Corp Secures $220 Million to Grow BTC Reserves and Upgrade Mining Fleet
American Bitcoin Corp, a bitcoin mining firm based in Miami and majority-owned by Hut 8 (HUT), has successfully raised $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company has ties to the Trump family, with Eric Trump and Donald Trump Jr. among its notable backers.
The firm surpassed its initial fundraising target of $200 million and also received roughly $10 million in bitcoin, priced at $104,000 per BTC, as part of the investment round. After accounting for fees, American Bitcoin netted about $215 million from the offering, selling a total of 11,002,954 Class A shares.
Proceeds from the raise will be directed toward expanding American Bitcoin’s BTC treasury and modernizing its mining equipment.
Eric Trump and Donald Trump Jr. previously owned American Data Center, which merged into American Bitcoin Corp. Hut 8 now controls around 80% of American Bitcoin, with the Trump brothers retaining a 20% stake, based on recent reports.
In May, American Bitcoin revealed plans to go public through a merger with Gryphon Digital Mining (GRYP). Meanwhile, Hut 8 shares were trading slightly down in pre-market hours on Monday, slipping 0.86% to $18.44.
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