Trump-Backed American Bitcoin Raises $220M for Bitcoin and Mining Expansion

Highlights:

• American Bitcoin raised $220 million through a private share sale to expand operations.
• Around $10 million of the investment was made using Bitcoin instead of U.S. dollars.
• The firm also plans to go public through a merger with Gryphon Digital Mining.

American Bitcoin, a new mining company backed by Eric and Donald Trump Jr., has raised $220 million to grow its business and buy Bitcoin. The fund was raised last Friday by selling over 11 million new shares to private investors, according to the recent filing from Hut 8, a majority owner of American Bitcoin. The company received roughly $10 million of the total funds in Bitcoin rather than in U.S. dollars. After deducting all related fees and expenses, the company received approximately $215 million in net proceeds from the total amount raised.

According to Bloomberg, American Bitcoin, a crypto firm backed by Eric Trump, has raised $220 million to buy Bitcoin and mining equipment. About $10 million in equity was sold in Bitcoin rather than dollars. Majority-owned by Hut 8 Corp, the company plans to go public via a…

— Wu Blockchain (@WuBlockchain) July 1, 2025

The filling noted:

“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.”

American Bitcoin Grows Fast with Trump Support and Hut 8 Backing

Hut 8 partnered with American Data Centers, backed by Trump’s two eldest sons, to launch American Bitcoin in late March. As part of the deal, Hut 8 gave its mining equipment to the new company and got 80% ownership.

Hut 8, which runs mining operations in Alberta, New York, and Texas, now plans to take American Bitcoin public through a planned merger with Gryphon Digital Mining Inc. This partnership further strengthened the Trump family’s role in the crypto space and aligned with Donald Trump’s vision of making the U.S. a global leader in blockchain and digital assets. The fundraising happened as more public companies are adding Bitcoin to their reserves. Data from bitcointreasuries.net shows that over 140 publicly listed firms now hold Bitcoin as part of their assets.

Hut 8 Expands to Dubai to Boost Crypto Trading and Asset Strategy

Hut 8 has announced its plans to grow its presence in Dubai, having submitted official documents to the Dubai International Financial Centre and begun building a team on the ground. The goal of this move is to engage in crypto trading and build up digital asset holdings. The firm officially registered itself in Dubai on June 23 under the name Hut 8 Investment Ltd.

Speaking to Bloomberg, CEO Asher Genoot said the Dubai office will help improve the company’s capital strategy by making it more focused and efficient. However, the company made it clear that this expansion is separate from the American Bitcoin project.

Donald Trump and his sons support making the United States a global crypto leader, but their business focus is shifting toward the United Arab Emirates. Dubai attracts crypto firms with low taxes and easy rules, but this has also raised worries about money laundering and financial crime. The Aqua 1 Foundation, a fund based in the UAE, recently invested $100 million in tokens from World Liberty Financial.