American Bitcoin, a crypto venture backed by Eric Trump, has raised $220 million from private investors for the purchase of Bitcoin and mining equipment, with plans to go public through a merger with Gryphon Digital Mining.
The crypto firm American Bitcoin grows larger with new additions amid plans for public listing.
According to recent regulatory filings, a crypto venture linked to the Trump family has raised $220 million to expand its digital asset mining operations. U.S. Bitcoin, supported by Eric Trump, issued new shares to private investors last week, of which approximately $10 million were reportedly sold in exchange for Bitcoin.
The majority of the company is owned by Hut 8 Corp., one of North America's largest crypto mining firms, which contributed to its mining equipment in exchange for 80% of the shares. U.S. Bitcoin intends to go public through a merger with Gryphon Digital Mining Inc., marking another effort to bring Bitcoin mining to traditional public markets.
This effort is part of a broader wave of Trump-associated projects involved in the crypto enthusiasm. Both Eric Trump and Donald Trump Jr. have recently supported blockchain initiatives, as their father hints at ambitions to position the U.S. as a global crypto leader.
The collected capital will fund both the purchase of Bitcoin and the mining infrastructure, indicating an intent to aggressively measure U.S. Bitcoin amid a renewed bull market. While Hut 8 is pursuing a separate expansion in Dubai, its role in U.S. Bitcoin reflects a growing trend of utilizing established systems to advance crypto development.