American Bitcoin Corp is a Miami-based mining company and is backed by the U.S. President Donald Trump’s family.

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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.

American Bitcoin Corp, a Miami-based mining company majority owned by Hut 8 (HUT) and backed by the Trump family, has raised $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission.