American Bitcoin Pulls In $220M for BTC Accumulation Ahead of Listing

American Bitcoin Corp, a Miami-based mining firm majority owned by Hut 8 (HUT) and backed by the Trump household, has raised $220 million from accredited buyers, based on a submitting with the U.S. Securities and Exchange Commission.

The increase topped its goal of $200 million, and it additionally accepted about $10 million value of bitcoin

in lieu of money, the submitting particulars. The placement netted roughly $215 million after charges. The agency offered 11,002,954 Class A shares in complete.

The contemporary capital will probably be used add bitcoin to the agency’s treasury and improve its fleet of mining machines.

The sons of U.S. President Donald Trump, Eric and Donald Trump Jr, owned American Data Center, which merged with American Bitcoin. According to earlier studies, American Bitcoin is 80% owned by Hut 8, with the Trump brothers proudly owning 20%.

In May, the agency introduced it’s vying a public itemizing by merging with Gryphon Digital Mining (GRYP). Hut 8’s share are down 0.86% in pre-market buying and selling at $18.44.

Read extra: Trump Family-Backed American Bitcoin to Go Public through Merger With Gryphon Digital