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American Bitcoin secured $220 million in financing as the Trump family increases investment in Bitcoin mining operations.
According to Gate News bot, Bloomberg reported that American Bitcoin has completed a $220 million equity financing, and the funds will be used to purchase Bitcoin and mining equipment. Approximately $10 million of the equity was transacted in the form of Bitcoin.
American Bitcoin is backed by Eric Trump. Its main shareholder, Hut 8 Corp, has transferred mining equipment to American Bitcoin in exchange for an 80% stake and is seeking to go public through a merger with Gryphon Digital Mining Inc. Hut 8 also plans to expand its business to Dubai.
The Trump family is committed to promoting the United States as the "Crypto Capital" through participation in various cryptocurrency projects.