American Bitcoin, a subsidiary of Hut 8, has successfully raised $220 million to enhance its Bitcoin mining capabilities and increase its Bitcoin treasury. A recent regulatory filing revealed that 11 million shares were sold in a private placement, generating gross proceeds of $220 million, with $10 million of shares exchanged for Bitcoin at an average price of $104,000 per coin. As of June 10, American Bitcoin's treasury held 215 Bitcoin. The company, co-founded by Donald Trump Jr. and Eric Trump, saw Hut 8 acquire a majority stake on March 31. Additionally, Hut 8 is expanding its operations to Dubai, aiming to trade cryptocurrencies and acquire digital assets, as reported by Bloomberg. The UAE's favorable crypto regulations have attracted many startups, although legal compliance remains crucial. American Bitcoin is also set to go public through a merger with Gryphon Digital Mining, with Eric Trump joining the board post-merger, allowing existing shareholders to retain 98% of the new entity. Read more AI-generated news on: https://app.chaingpt.org/news

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