Trump-backed American Bitcoin raises $220M
American Bitcoin, a new bitcoin mining company backed by Eric Trump and Donald Trump Jr., has successfully raised $220 million. The funds were secured through the issuance of over 11 million new shares to private investors, with approximately $10 million in shares exchanged for bitcoin at $104,000 per bitcoin. This move is intended to support the company's goals of increasing its bitcoin holdings and acquiring additional mining equipment. Launched in March as a partnership between Hut 8 and American Data Centers, the Trump family has furthered its engagement in the crypto industry, aligning with Donald Trump's vision for the U.S. as a leader in digital assets. American Bitcoin plans to go public via a SPAC merger with Gryphon Digital Mining, intending to trade on Nasdaq under the symbol ABTC.
FAQ
❓ Who supports American Bitcoin?
American Bitcoin is supported by Eric Trump and Donald Trump Jr.
❓ What are the funds raised by American Bitcoin intended for?
The raised funds will be used to purchase bitcoins and mining equipment.
❓ When does American Bitcoin plan to go public?
The company expects to go public in the second half of the year via a SPAC merger.