Eric Trump-Backed American Bitcoin to Purchase BTC Mining Equipment, Raises $220M

American Bitcoin, a crypto venture backed by Eric Trump, has raised $220 million in a major Bitcoin mining push. The funds will be used to buy BTC mining equipment, a new filing by Hut 8 Corp. revealed.

Per a Bloomberg report, about $10 million in equity was sold for Bitcoin rather than dollars on Friday, in a new share issuance to private investors.

“The Company intends to use the net proceeds to fund its strategic and Bitcoin accumulation goals, which may include, but are not limited to, the purchase of Bitcoin and/or miners,” the filing read.

American Bitcoin is a relatively new entity launched in March, which exclusively focuses on industrial-scale Bitcoin mining and strategic Bitcoin reserve development. The company is a majority-owned subsidiary of Hut 8.

Eric Trump’s brother, Donald Trump Jr, said in May, “simply buying Bitcoin is only half the story,” adding that mining it becomes a bigger opportunity under favourable economics.

Hut 8 Plans American Bitcoin Merger

The report added that the company is pursuing a Nasdaq listing through a full stock merger with Gryphon Digital Mining.

Following the merger, both the sons of President Trump, Eric Trump, Donald Trump Jr., along with existing shareholders, will retain 98% of the shares in the new entity, a move that was already announced in May.

The newly combined entity will operate under the American Bitcoin brand and is expected to carry the ticker symbol “ABTC,” on Nasdaq.

Hut 8’s Global Expansion Plans

Additionally, a representative told Bloomberg on Monday that Hut 8 is planning to diversify operations, tapping into new markets.

The mining giant has chosen Dubai as its next mining destination, given the city’s crypto-friendly environment. The expansion move is not related to the Trump-linked venture, the source added.