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American Bitcoin Corp, a Miami-based mining institution bulk owned by Hut 8 (HUT) and backed by the Trump family, has raised $220 cardinal from accredited investors, according to a filing with the U.S. Securities and Exchange Commission.
The rise topped its people of $200 million, and it besides accepted astir $10 cardinal worthy of bitcoin (BTC) successful lieu of cash, the filing details. The placement netted astir $215 cardinal aft fees. The steadfast sold 11,002,954 Class A shares successful total.
The caller superior volition beryllium utilized adhd bitcoin to the firm's treasury and upgrade its fleet of mining machines.
The sons of U.S. President Donald Trump, Eric and Donald Trump Jr, owned American Data Center, which merged with American Bitcoin. According to earlier reports, American Bitcoin is 80% owned by Hut 8, with the Trump brothers owning 20%.
In May, the steadfast announced it is vying a nationalist listing by merging with Gryphon Digital Mining (GRYP). Hut 8’s stock are down 0.86% successful pre-market trading astatine $18.44.
Read more: Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital
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