Nazia Saeed
- $220 million raised through private placement; $10M paid in Bitcoin
- Firm’s BTC treasury expands as average acquisition hits $104K per coin
- Eric Trump to join board as firm prepares public listing post-merger
American Bitcoin, a cryptocurrency mining firm with close ties to former President Donald Trump’s family, has secured $220 million through a private stock sale to expand its mining infrastructure and strengthen its Bitcoin reserves.
According to a recent regulatory filing, the company issued 11 million shares in a private placement deal concluded on Friday. The raise included a $10 million transaction settled in Bitcoin rather than cash, with the average acquisition price amounting to $104,000 per BTC.
As of June 10, American Bitcoin’s treasury stood at 215 BTC. The fresh capital injection is expected to significantly grow that holding, reflecting the firm’s broader strategy of strengthening both its infrastructure and on-chain reserves.
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Trump family involvement and Hut 8 stake
Founded by Donald Trump Jr. and Eric Trump, American Bitcoin has attracted attention for its political ties. On March 31, Hut 8 acquired a majority stake in the company, formalizing a partnership that places the Canadian mining firm in charge of overseeing American Bitcoin’s operational activities.
The fundraising comes amid a flurry of expansion and strategic shifts. American Bitcoin is also preparing to go public via a merger with Nasdaq-listed Gryphon Digital Mining, a crypto-mining company. The merger, structured as a stock swap, will create a newly formed entity operating under the American Bitcoin brand.
As part of the agreement, Eric Trump is set to join the board, while American Bitcoin’s current shareholders will retain 98% ownership in the new entity. Hut 8 will continue managing daily operations.
Hut 8 expands globally with Dubai crypto office
Hut 8 is extending its global footprint by opening a crypto trading office in Dubai, registered as Hut 8 Investment Ltd. on June 23, according to a Bloomberg report.
The goal is to engage in cryptocurrency trading and digital asset accumulation. CEO Asher Genoot explained that the Dubai expansion aims to enhance the precision and efficiency of Hut 8’s capital deployment strategy.
While the UAE is known for its crypto-friendly tax and regulatory environment, Genoot emphasized the importance of establishing a sound legal and compliance framework. A company spokesperson confirmed that the Dubai office has no affiliation with American Bitcoin.
