American Bitcoin Raises $220 Million Amid Strategic Expansion

A privately held sale concluded with $220 million raised for Bitcoin mining equipment and treasury support. In a simultaneous transaction, $10 million worth of stock, averaging $104,000 apiece, was acquired with Bitcoin under a co-sale agreement.

Funding Deal Details

American Bitcoin, a Hut 8 corporation, announced a funding round on Friday where 11 million shares were sold raising $210 million in cash. Concurrently, $10 million worth of shares was accepted as Bitcoin payment.

Family Ties

The enterprise maintains connections to the Trump family, as President Donald Trump’s sons, Donald Jr. and Eric, co-founded American Bitcoin. Hut 8 subsequently increased its stake to become the majority owner.

Dubai Expansion

Hut 8 announced broader commercial operations in Dubai via a Bloomberg report, citing an intention to trade crypto assets and manage digital treasury functions. Hut 8 Investment Ltd., the newly registered holding company under Emirati jurisdiction (June 23), operates this expansion independently from American Bitcoin.

Public Listing Strategy

A merger agreement involves American Bitcoin combining with Nasdaq-listed Gryphon Acquisition Corp. (Gryphon Digital Mining) via a stock swap to achieve a public listing. Eric Trump will remain on the combined entity’s board. Existing shareholders retain a majority stake (98%) in the new venture.

Hut 8 will continue providing operational expertise.