American Bitcoin raised 220 million to buy mining equipment and increase its Bitcoin holdings this quarter.
Hut 8 opened a new Dubai office to trade crypto and grow digital assets under a separate business unit.
American Bitcoin plans to go public by merging with Gryphon Digital Mining under the Nasdaq ticker ABTC.
American Bitcoin, a majority-owned subsidiary of Hut 8, has secured $220 million through a private share placement. The firm plans to use the funds to buy Bitcoin mining equipment and increase its Bitcoin reserves. The share issuance occurred last Friday and involved over 11 million shares.
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A portion of the shares, worth $10 million, were sold for Bitcoin rather than cash. The average rate stood at $104,000 per coin. According to the filing, net proceeds after deductions reached $215 million.
American Bitcoin's treasury held 215 Bitcoin as of June 10. The new capital will likely push that figure higher. The company launched at the end of March after Hut 8 partnered with American Data Centers. This move increased the Trump family's presence in the crypto space, as both Donald Trump Jr. and Eric Trump are founders.
Hut 8 became the majority stakeholder on March 31. The company aims to use the funds to strengthen both mining capacity and its Bitcoin treasury. According to the filing, purchases may include Bitcoin itself or new mining equipment.
Dubai Expansion Adds Crypto Trading Focus
In a separate development, Hut 8 has opened a new office in Dubai. The move signals a broader strategy to expand beyond mining. The Dubai entity, Hut 8 Investment Ltd., was registered on June 23.
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The company intends to focus on trading and asset accumulation in the region. Dubai’s crypto-friendly rules and tax incentives have drawn several crypto firms in recent years. However, legal clarity remains essential, as regulations continue to evolve.
The Dubai office operates separately from American Bitcoin. A Hut 8 representative confirmed the two businesses remain distinct. The company sees Dubai as a strategic location to improve capital management across global markets.
Path to Public Listing Set Through Merger
American Bitcoin also plans to go public later this year. It will merge with Gryphon Digital Mining, a Nasdaq-listed crypto mining firm. The deal will take place via a stock swap. The combined company will operate under the American Bitcoin brand. Meanwhile, Eric Trump joined Metaplanet’s advisory board recently.
Eric Trump is expected to join the board after the merger. Once completed, American Bitcoin shareholders will hold 98% of the new entity. Hut 8 will continue to oversee operations, ensuring strategic continuity post-merger.
The merger reflects growing institutional involvement in Bitcoin. It also aligns with broader trends of public market entry among private crypto firms.
