American Bitcoin, Led by Eric Trump, Raises $220 Million to Boost BTC Holdings

American Bitcoin, backed by Eric Trump, raises $220 million to expand its Bitcoin mining operations and bolster its BTC treasury. A subsidiary of Hut 8 Mining, the company aims to go public via a merger with Gryphon Digital Mining, trading as ABTC on Nasdaq.

Since 2024, top-tier investors and hedge fund managers have been unable to ignore Bitcoin and the potential of some of the best cryptos to buy. Undoubtedly, BTC ▲3.10% has been the top performer over the last decade, outpacing even some of the hottest stocks, including Palantir and Nvidia.

Bitcoin

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$2.17T

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Amid the crypto boom, Wall Street investors have quickly adjusted their positions, funneling billions into crypto-linked public companies like Coinbase (COIN), Circle (CIRCL), and Robinhood (HOOD).

Millions of dollars are also flowing into publicly listed crypto mining platforms, including Hut 8 and Marathon Digital.

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American Bitcoin Raises $220 Million to Expand Operations and Bolster Reserves

On June 30, American Bitcoin, a crypto mining and holding company backed by the Trump family, announced it had raised $220 million in a private stock sale.

According to Eric Trump, the Chief Strategy Officer, $10 million worth of shares were purchased using Bitcoin at an average price of $104,000.

The goal is to expand its Bitcoin mining operations and strengthen its Bitcoin Treasury. American Bitcoin is a subsidiary of Hut 8 Mining, a Bitcoin mining firm with operations in the United States.

According to the latest data, Hut 8 Mining has an installed power capacity of 1,322 MW, generating over 7.5 EH/s of Bitcoin hash rate. In late 2023, it merged with US Bitcoin. By January 2025, Hut 8 held 10,096 BTC, of which 9,106 BTC were mined and 990 BTC were purchased. The company also held $110 million in cash. By March 2025, its holdings increased to 10,264 BTC.

American Bitcoin plans to go public through an all-stock merger with Gryphon Digital Mining. The entity will trade on Nasdaq under the ticker ABTC. Existing shareholders, including the Trump brothers and Hut 8, will retain 98% ownership of the new company.

These rapid developments come just four months after Hut 8 partnered with the Trump brothers to launch American Bitcoin.

In the deal, Hut 8 contributed nearly all its Bitcoin ASICs to American Bitcoin in exchange for 80% of the company’s stock. It remains unclear whether the Trump brothers hold the remaining 20%.

In a press release, Eric Trump said Bitcoin mining, based on “favorable economics, opens an even bigger opportunity.”

“From the start, we’ve backed our conviction in Bitcoin; personally and through our businesses. However, simply buying Bitcoin is only half the story. Mining it with favorable economics opens an even bigger opportunity. We’re excited to bring investors into this equation through a platform engineered to execute on this thesis and deliver real, tangible participation in Bitcoin’s growth.”

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Inspired by Strategy

Evidently, American Bitcoin is following Strategy’s playbook. Formerly MicroStrategy, Strategy has been rapidly accumulating Bitcoin regardless of market conditions and plans to raise $2.5 billion to acquire more Bitcoin.

The latest data shows that Strategy controls 597,325 BTC, making it the world’s largest public Bitcoin treasury company, holding over 10 times the stash of Mara Holdings and over 50 times that of Tesla.

American Bitcoin, a subsidiary of Hut 8 Mining backed by Eric Trump, raises $220 million to expand its Bitcoin mining operations

(Source)

Beyond Bitcoin mining, the Trump family is deeply involved in crypto. According to Arkham data, their World Liberty Financial DeFi platform currently manages over $180 million worth of assets, primarily Ethereum (ETH).

American Bitcoin, a subsidiary of Hut 8 Mining backed by Eric Trump, raises $220 million to expand its Bitcoin mining operations

(Source)

Donald and Melania Trump also launched some of the top Solana meme coins in January, though their prices have slumped, dropping by over 60% from all-time highs.

Senator Elizabeth Warren argues that their involvement in crypto creates conflicts of interest, especially given the Trump administration’s pro-crypto stance.

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