- American Bitcoin raised $215M with $10M in BTC payments, signaling strong investor confidence and political-linked crypto traction.
- Public firms boosted Bitcoin holdings by 18% in Q2, outpacing ETFs, as corporate treasuries follow a MicroStrategy-style strategy.
- Hut 8 expands to Dubai for crypto trading, leveraging the UAE’s pro-crypto stance while keeping American Bitcoin operations separate.
As per Bitcoin Magazine, American Bitcoin Corp., a crypto mining firm tied to Eric Trump, has raised $215 million in a strategic capital injection. The funding round featured a unique twist—$10 million worth of shares were bought directly using Bitcoin at an average price of $104,000 per coin. The company is now positioning itself for a public debut through a stock swap merger with Gryphon Digital Mining, which is already listed on the Nasdaq. Following the merger, Eric Trump will join the board, and current shareholders will control 98% of the new public entity.
Capital Expansion and Merger Details
American Bitcoin is majority-owned by Hut 8, a major mining firm operating across Alberta, Texas, and New York. Hut 8 acquired its stake in American Bitcoin on March 31 and will handle all operations post-merger. The $215 million will be directed towards purchasing new mining equipment and expanding the firm’s Bitcoin reserves, which currently stand at 215 BTC.
Moreover, the merger with Gryphon Digital Mining enhances the company’s strategic visibility in public markets. Besides bringing in political associations, the merger positions the Trump-linked firm as one of the most capitalized miners in the U.S. Hence, this acquisition approach is expected to strengthen its long-term competitiveness.
Hut 8 Eyes Global Reach While Public Firms Accumulate Bitcoin
Additionally, Hut 8 is expanding globally by opening a new office in Dubai. The Dubai-based entity, Hut 8 Investment Ltd., will focus on crypto trading and digital asset accumulation. Hut 8 clarified that this international venture remains separate from American Bitcoin operations. The UAE offers favorable crypto regulations and a tax-friendly environment, making it an ideal expansion hub.
Meanwhile, public companies continue to outpace ETFs in Bitcoin accumulation. According to Bitcoin Treasuries data, corporates acquired 131,000 BTC in Q2, an 18% increase. ETFs only recorded an 8% gain, or 111,000 BTC. Consequently, firms are embracing a MicroStrategy-style playbook, aiming to boost shareholder value through direct Bitcoin holdings.
