American Bitcoin raised $220 million in a private placement by selling over 11 million shares, including $10 million worth of shares accepted in bitcoin at a rate of $104,000 per bitcoin.

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American Bitcoin, the recently launched bitcoin mining firm backed by Eric Trump and Donald Trump Jr., raised $220 million to purchase bitcoin and crypto mining equipment, according to a recent filing. The raise came after the company issued and sold over 11 million new shares to private investors last Friday, a recent filing from Hut 8, a majority owner of American Bitcoin, showed. Around $10 million worth of shares were sold for bitcoin instead of dollars, at an exchange rate of $104,000 per bitcoin.

According to a regulatory filing, 11 million shares were issued in a private placement on Friday, with gross proceeds amounting to $220 million. However, $10 million worth of shares were sold for Bitcoin instead of cash, with the average cost of acquisition standing at $104,000 per coin.