Backed by Eric and Donald Trump Jr., American Bitcoin Gathers $220 Million to Amass Bitcoin

American Bitcoin Corp Nets $220 Million to Expand BTC Reserves and Upgrade Mining Equipment

American Bitcoin Corp, headquartered in Miami and primarily owned by Hut 8 (HUT), has secured $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company has notable backing from Eric Trump and Donald Trump Jr.

The firm surpassed its initial goal of raising $200 million and accepted around $10 million in bitcoin valued at $104,000 per BTC as part of the capital round. After fees, American Bitcoin ended up with approximately $215 million in net proceeds, issuing a total of 11,002,954 Class A shares.

The funds will be used to grow the company’s bitcoin reserves and to modernize its fleet of mining equipment.

Eric and Donald Trump Jr. were previously owners of American Data Center, which merged into American Bitcoin Corp. Currently, Hut 8 holds an 80% stake in the business, while the Trump brothers retain the remaining 20%, according to reports.

In May, American Bitcoin Corp revealed plans to go public through a merger with Gryphon Digital Mining (GRYP). Meanwhile, Hut 8’s shares dipped slightly in pre-market trading on Monday, down 0.86% to $18.44.