American Bitcoin Corp Raises $220M to Expand BTC Holdings and Upgrade Operations
Miami-based American Bitcoin Corp has raised $220 million from accredited investors, according to an SEC filing, as it looks to strengthen its bitcoin reserves and modernize its mining infrastructure. The company is majority-owned by Hut 8 (HUT) and supported by Eric Trump and Donald Trump Jr.
The raise exceeded its original $200 million target, with approximately $10 million received in bitcoin at a valuation of $104,000 per BTC. After fees, the company netted around $215 million through the sale of 11,002,954 Class A shares.
The new capital will go toward increasing the firm’s bitcoin treasury and upgrading its mining fleet to enhance operational efficiency.
Eric and Donald Trump Jr. were formerly owners of American Data Center, which merged into American Bitcoin Corp. Hut 8 currently holds an 80% stake in the company, while the Trump brothers retain the remaining 20%, based on recent disclosures.
In May, American Bitcoin announced its intention to go public through a merger with Gryphon Digital Mining (GRYP). Hut 8 shares were down slightly in pre-market trading on Monday, slipping 0.86% to $18.44.
