Trump-Backed American Bitcoin Raises $220M to Expand Crypto Holdings and Mining Operations
American Bitcoin, a crypto mining startup backed by Eric Trump and Donald Trump Jr., has raised $220 million in private funding to fuel its expansion into bitcoin accumulation and mining infrastructure. The funding round, disclosed in a recent filing by majority owner Hut 8, marks a major financial step forward for the newly formed firm.
The raise was driven by the sale of over 11 million new shares to private investors, including a $10 million portion purchased with bitcoin instead of cash—valued at an exchange rate of $104,000 per bitcoin. After accounting for associated fees, the company reported net proceeds of approximately $215 million.
According to the filing, the capital will go toward "strategic and Bitcoin accumulation goals," with potential uses including the acquisition of bitcoin and mining hardware. The move underscores the company’s aim to ramp up operations in an increasingly competitive and capital-intensive industry.
Launched in late March, American Bitcoin emerged from a joint venture between Hut 8 and American Data Centers, a firm backed by the Trump family. The partnership extends the Trump family's growing presence in the cryptocurrency space and aligns with former President Donald Trump’s broader messaging around making the U.S. a global hub for blockchain innovation and digital assets.
Looking ahead, American Bitcoin plans to go public through a merger with Gryphon Digital Mining, a special purpose acquisition company (SPAC). The company is set to list on the Nasdaq under the ticker symbol ABTC later this year.