The latest development in the crypto space came from American Bitcoin, a company co-founded by Eric Trump and Donald Trump Jr., sons of former US President Donald Trump. The company, which focuses on crypto mining and Bitcoin accumulation, raised $220 million through a private capital increase. The capital increase was confirmed by Hut 8 Corp, which holds a majority stake in the company, in an official filing with the US Securities and Exchange Commission (SEC).
American Bitcoin raised funds
As part of the funding, approximately 11 million shares were sold to private investors, with 10 million dollars worth of these shares purchased directly with Bitcoin. This demonstrates that American Bitcoin is actively engaged not only in mining but also in strategic BTC reserve accumulation. The filing stated that the proceeds will be used for strategic purposes such as purchasing Bitcoin and mining equipment. The average value per unit in Bitcoin purchases was set at 104,000 dollars.
American Bitcoin currently holds 215 Bitcoin in its reserves. This asset may increase further in the future in line with the company's Bitcoin accumulation strategy. Launched in March 2024 and quickly gaining attention, this entity has managed to make a name for itself in just a few months through its political connections and aggressive growth plans.
Plans to go public on Nasdaq
Another important step for the company is its plan to go public. American Bitcoin plans to go public by merging with Gryphon Digital Mining, a crypto mining company listed on Nasdaq. The merger will be carried out through a share swap, and the new entity will trade on Nasdaq under the ticker symbol “ABTC.” It has been reported that Eric Trump will join the board of directors of the new entity following the merger.
98% of the new entity will be owned by current American Bitcoin shareholders, indicating that the Trump family will retain significant control over the project. Hut 8 will continue to manage the operational processes of the new company.
New office in Dubai
Meanwhile, separate from American Bitcoin, the parent company Hut 8 has also decided to open a new office in Dubai as part of its global expansion strategy. Through the newly registered company “Hut 8 Investment Ltd.,” which was officially registered on June 23, the firm is expected to more effectively pursue its goals in crypto trading and crypto asset accumulation.
Hut 8 CEO Asher Genoot stated in an interview with Bloomberg that the Dubai office will make the company's capital strategy more efficient. A company spokesperson emphasized that the Dubai office has no direct connection to American Bitcoin, which is linked to the Trump family.
