American Bitcoin Corp Raises $220M for BTC Treasury and Mining Upgrades

American Bitcoin Corp, a Miami-based bitcoin mining company majority-owned by Hut 8 (HUT) and supported by members of the Trump family, has secured $220 million in funding from accredited investors, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The company exceeded its initial fundraising goal of $200 million and also accepted approximately $10 million in bitcoin, valued at $104,000 per BTC, as part of the capital raise. After deducting fees, the offering generated roughly $215 million in net proceeds. In total, American Bitcoin sold 11,002,954 Class A shares.

The newly raised capital will be used to bolster the company’s bitcoin treasury reserves and to upgrade its fleet of mining equipment.

Eric Trump and Donald Trump Jr., sons of former U.S. President Donald Trump, previously owned American Data Center, which merged with American Bitcoin Corp. Reports indicate that American Bitcoin is currently 80% owned by Hut 8, with the Trump brothers holding the remaining 20% stake.

In May, American Bitcoin announced plans to go public through a merger with Gryphon Digital Mining (GRYP). Meanwhile, shares of Hut 8 were trading slightly lower in pre-market hours on Monday, down 0.86% at $18.44.