American Bitcoin, which is backed by Eric Trump, has successfully raised $220 million to enhance its Bitcoin mining operations and reinforce its Bitcoin treasury. As a subsidiary of Hut 8 Mining, the firm is gearing up for a public offering through a merger with Gryphon Digital Mining, with the intention of listing under the ticker ABTC on Nasdaq.

Since 2024, premier investors and hedge fund managers have shown increasing interest in Bitcoin and its potential as one of the best cryptocurrency options, with BTC emerging as a top performer, outpacing even leading stocks like Palantir and Nvidia.

In a private stock sale concluded on June 30, the company confirmed the successful raising of funds. Eric Trump, the Chief Strategy Officer, reported that shares valued at $10 million were bought using Bitcoin, priced at an average of $104,000 per share.

American Bitcoin aims to expand its mining operations and solidify its BTC reserves. Hut 8 Mining, which holds considerable assets in American Bitcoin, operates with a power capacity of 1,322 MW and produces over 7.5 EH/s of Bitcoin hash rate.

In a recent press release, Eric Trump remarked that “Bitcoin mining, guided by favorable financial policies, unveils even broader opportunities.” He further expressed that their commitment to Bitcoin goes beyond just purchasing it: “Mining it with favorable economics expands our reach with significant investment prospects.”

The ambitions of American Bitcoin come just months after Hut 8 entered a strategic partnership with the Trump brothers to form this mining corporation, whereby Hut 8 exchanged most of its Bitcoin Application-Specific Integrated Circuits (ASICs) for an 80% ownership in the new venture.