American Bitcoin, backed by Donald Trump’s sons, has announced a successful fundraising of $220 million to expand its crypto mining operations.
Fundraising for Development
American Bitcoin raised $220 million through the sale of over 11 million new shares to private investors. Approximately $10 million of the sales were conducted in BTC, valuing each coin at $104,000.
Plans for Public Offering
The company aims to go public in the second half of this year through a merger with Gryphon Digital Mining, intending to trade under the ticker ABTC on Nasdaq.
Future Expectations and Goals
The substantial funds raised are expected to significantly enhance the company’s capabilities in cryptocurrency mining. A portion of the capital will go towards new mining equipment, boosting BTC production, while funds allocated for Bitcoin purchases will enlarge the company's asset portfolio.
American Bitcoin showcases ambitious plans for expansion in the cryptocurrency sector, highlighting the growing connections of the Trump family with the blockchain industry.
