American Bitcoin raised $220 million to add bitcoin to its corporate treasury and upgrade its mining equipment.

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American Bitcoin, a majority-owned subsidiary of crypto mining firm Hut 8, has raised $220 million to buy Bitcoin mining equipment and to bolster the company’s Bitcoin treasury. According to a regulatory filing, 11 million shares were issued in a private placement on Friday, with gross proceeds amounting to $220 million.

The funds will be used to add bitcoin to its treasury and upgrade its mining equipment.