TechFlow, July 1 — According to Bloomberg, American Bitcoin, a cryptocurrency company backed by Eric Trump, son of U.S. President Donald Trump, has raised $220 million to purchase bitcoin and digital asset mining equipment. The company issued new shares to private investors last Friday, selling approximately $10 million worth of equity in bitcoin rather than U.S. dollars.
Hut 8 Corp, the majority shareholder of American Bitcoin, plans to take the company public through a merger with Gryphon Digital Mining Inc. Hut 8 previously transferred its mining equipment to American Bitcoin in exchange for 80% ownership.




