American Bitcoin Corp Raises $220M, Boosts Bitcoin Holdings

American Bitcoin Corp, a Miami-based mining company, has successfully raised $220 million from accredited investors, surpassing its initial target of $200 million. The funding round included $10 million in bitcoin, valued at $104,000 per BTC. This capital injection will be utilized to bolster the company's bitcoin holdings and enhance its mining infrastructure.

The company, which is majority-owned by Hut 8 and backed by the Trump family, sold 11,002,954 Class A shares during this funding round. The placement netted approximately $215 million after accounting for fees. The inclusion of bitcoin in the funding round highlights the growing acceptance and integration of cryptocurrencies in traditional financial transactions.

The fresh capital will be allocated to two primary areas: adding bitcoin to the firm's treasury and upgrading its fleet of mining machines. This strategic move is aimed at strengthening the company's position in the competitive mining landscape and ensuring operational efficiency.

The sons of former U.S. President Donald Trump, Eric and Donald Trump Jr., are significant stakeholders in American Bitcoin Corp. Their involvement adds a layer of high-profile backing to the company's endeavors. American Bitcoin Corp is 80% owned by Hut 8, with the Trump brothers holding the remaining 20% stake.

In addition to the funding round, American Bitcoin Corp has announced plans to go public through a merger with Gryphon Digital Mining. This strategic move is part of a broader plan to bring the company to public markets, providing investors with an opportunity to participate in its growth and success. The merger is expected to provide the company with the necessary capital and resources to expand its operations and solidify its position in the industry.