While US President Donald Trump continues his Bitcoin and cryptocurrency moves, another new move has come.
At this point, Trump-linked company American Bitcoin has raised $220 million to purchase Bitcoin and mining equipment.
American Bitcoin, a Bitcoin mining company backed by two sons of US President Donald Trump, has raised $220 million to purchase BTC and BTC mining equipment, Bloomberg reported.
The financing comes after the company issued and sold more than 11 million new shares to private investors last Friday.
Approximately $10 million worth of shares were sold for Bitcoin instead of dollars, at an exchange rate of $104,000 per Bitcoin.
“The Company intends to use the proceeds to fund its strategic and Bitcoin accumulation objectives, which may include, but are not limited to, the purchase of Bitcoin and mining equipment.”
American Bitcoin was co-founded by Eric Trump and fellow Bitcoin miner Hut8. Meanwhile, American Bitcoin is aiming to list on the Nasdaq through an all-stock merger with Gryphon Digital Mining, a mining company listed on the Nasdaq. Existing shareholders such as Eric Trump, his brother Donald Trump Jr. (co-founder), and mining company Hut 8 will retain 98% of the shares in the new entity.
*This is not investment advice.
