Trump Sons-Backed American Bitcoin Raises $220M to Fuel Hashrate Expansion

American Bitcoin, a proprietary mining subsidiary of Hut 8 backed by Donald Trump Jr. and Eric Trump, has raised more than $220 million in a private equity placement.
According to an SEC filing published Monday, the financing was completed on June 24 and involved the sale of over 11 million shares of Class A common stock to accredited investors under Rule 506 of Regulation D.
The offering exceeded its initial $200 million target due to oversubscriptions and may raise up to $250 million in total. Notably, around $10 million worth of shares were settled in Bitcoin, based on a valuation of $104,000 per BTC.
American Bitcoin is a carve-out entity formed after Hut 8’s merger with U.S. Bitcoin Corp. Hut 8 has since transferred its proprietary hashrate to American Bitcoin, which now operates miners hosted at Hut 8-owned sites. The structure allows Hut 8 to focus on its role as an infrastructure provider for Bitcoin mining and high-performance computing.
American Bitcoin aims to scale to 25 EH/s of self-mining capacity, positioning itself among the largest global Bitcoin miners. Backing from the sons of former President Donald Trump has added a politically charged layer to the company’s emergence.
The capital raise comes as Hut 8 begins energizing new facilities that may support American Bitcoin’s growth. On Monday, Hut 8 announced it had brought online its 205-megawatt Vega site, which will initially host 15 EH/s of hashrate for Bitmain. As part of the hosting agreement, Hut 8 and American Bitcoin retain the option to purchase the hosted machines from Bitmain at a fixed price within six months.
The Vega site and accompanying Bitmain option represent a significant part of American Bitcoin’s planned capacity ramp-up. Net proceeds of approximately $215 million, after fees and expenses, will support the company’s strategic initiatives, including hardware acquisitions and further accumulation of Bitcoin.