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Trump's crypto assets venture capital firm raised $220 million for Bitcoin mining.
Gate News bot news, according to Bloomberg, a cryptocurrency company linked to President Donald Trump's family raised $220 million to purchase Bitcoin and digital asset mining equipment.
American Bitcoin is a company formed by supporters including Eric Trump, the son of Donald Trump, which issued new shares to private investors on Friday.
According to documents submitted by American Bitcoin major shareholder Hut 8 Corp, part of the equity (valued at approximately 10 million USD) was sold in the form of Bitcoin rather than USD.
Since Trump took office, with the government's relaxation of restrictions on the encryption industry, his sons have been involved in multiple projects related to crypto assets. Eric Trump and his brother Donald Trump Jr. are preparing to profit from the soaring prices of virtual assets—meanwhile, their father is striving to fulfill the promise of making the United States the "world's crypto capital."
It has been proven that companies and investors around the world are eager to hire the Trump couple as consultants and promote projects related to them.
American Bitcoin is one of the many companies dedicated to introducing Bitcoin and other crypto assets to publicly traded companies. The company was spun off from a newly established division of an investment bank with Trump as an advisor.
Hut 8 transferred its mining equipment to this emerging company in exchange for an 80% stake. Currently, Hut 8 is planning to list American Bitcoin through a merger with another publicly traded company, Gryphon Digital Mining Inc.
Bitcoin mining is an energy-intensive process in which dedicated computers verify virtual transactions and receive rewards in the form of newly minted digital tokens.
A representative from Hut 8 stated on Monday that the company also plans to expand its business to Dubai, a move that is unrelated to its collaboration with American Bitcoin.