Overview

American Bitcoin Corp has raised $220 million in funding from accredited investors, surpassing its target of $200 million. Notably, $10 million of the total amount was raised in bitcoin, at a conversion rate of approximately $104,000 per BTC.

The funds will predominantly be utilized to enhance the company’s bitcoin treasury and to upgrade its mining equipment. This capital raise is an integral part of a broader strategy to launch American Bitcoin on public markets through a merger with Gryphon Digital Mining.

Key Highlights

• American Bitcoin Corp’s majority ownership rests with Hut 8 and the Trump family.
• The firm sold a total of 11,002,954 Class A shares and netted around $215 million after fees.

Additionally, the Trump brothers previously held ownership in American Data Center, which merged with American Bitcoin.

The fresh capital will play a pivotal role in fortifying the company’s technological capabilities and fueling its vision for the future within the cryptocurrency landscape.