American Bitcoin Corp Raises $220 Million for BTC Acquisition and Mining Upgrade
American Bitcoin Corp, a Miami-based mining company majority owned by Hut 8, has raised $220 million from accredited investors, surpassing its $200 million target. The firm accepted approximately $10 million in bitcoin as part of the funding, resulting in about $215 million net after fees.
Key details include:
- 11,002,954 Class A shares sold
- Capital to be used for increasing bitcoin treasury and upgrading mining equipment
- Trump brothers own 20% of the company
- Company plans to go public through a merger with Gryphon Digital Mining
Hut 8’s shares are down 0.86% in pre-market trading at $18.44.