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Eric Trump's company raised 220 million dollars to buy Bitcoin and crypto mining equipment.
According to Bloomberg, a cryptocurrency company supported by Eric Trump, the son of President Trump, called American Bitcoin has raised $220 million to purchase Bitcoin and digital asset mining equipment. The company issued new shares to private investors last Friday, with about $10 million in equity sold in Bitcoin instead of US dollars.
The main shareholder of American Bitcoin, Hut 8 Corp, plans to take the company public through a merger with Gryphon Digital Mining Inc. Hut 8 had previously transferred its mining equipment to American Bitcoin in exchange for an 80% stake.