American Bitcoin Corp, a Miami-based mining firm majority owned by Hut 8 (HUT) and backed by the Trump household, has raised $220 million from accredited buyers, in accordance with a filing with the U.S. Securities and Alternate Fee.
The elevate topped its goal of $200 million, and it additionally accepted about $10 million price of bitcoin
in lieu of money, the submitting particulars. The position netted roughly $215 million after charges. The agency offered 11,002,954 Class A shares in complete.
The contemporary capital might be used add bitcoin to the agency’s treasury and improve its fleet of mining machines.
The sons of U.S. President Donald Trump, Eric and Donald Trump Jr, owned American Knowledge Heart, which merged with American Bitcoin. In keeping with earlier experiences, American Bitcoin is 80% owned by Hut 8, with the Trump brothers proudly owning 20%.
In Could, the agency announced it is vying a public listing by merging with Gryphon Digital Mining (GRYP). Hut 8’s share are down 0.86% in pre-market buying and selling at $18.44.
Learn extra: Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital