Trump-linked firm raises $220M, plans for IPO launch originally appeared on TheStreet.
A cryptocurrency firm linked to President Donald Trump's family has raised $220 million to further explore Bitcoin mining. In a filing made on Monday, the firm, known as American Bitcoin, increased its investment by selling new stock to private investors.
According to reports, approximately $10 million of the latest stock was funded with Bitcoin instead of dollars.
Eric Trump, one of the president's sons, endorses the company, which is getting a lot of attention very fast. Eric and his brother, Donald Trump Jr., have both been involved in crypto ventures, primarily as their father aims for the U.S. to become "the crypto capital of the world."
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American Bitcoin was a newly created entity through a Trump-backed investment bank. Its majority owner, Hut 8 Corp, contributed its mining equipment for an 80-percent interest in the new venture. The next step is to take American Bitcoin public by merging with Gryphon Digital Mining Inc., a second crypto firm.
The $220 million investment has garnered headlines, but Hut 8 also disclosed separate plans to expand to Dubai, which it stated was unrelated to its American Bitcoin play.
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Hut 8 Corp., based in Miami, filed with the Dubai International Financial Center last week to launch its location. The company's spokesperson confirmed that it is assembling a team in Dubai to talk about trading and cryptocurrencies. Hut 8 states in its year-end report that it operates Bitcoin mining facilities in Alberta, Canada, as well as in New York and Texas.
So far, Hut 8 has not publicly discussed the share sale or more details about the venture. At press time Hut 8 stock's price stands at 18.60, up nearly 6% in the last 24 hours.
Trump-linked firm raises $220M, plans for IPO launch first appeared on TheStreet on Jul 1, 2025
This story was originally reported by TheStreet on Jul 1, 2025, where it first appeared.
