American Bitcoin, the latest venture in the Trump family’s crypto portfolio, just bagged a hefty $220 million to supercharge its Bitcoin mining ambitions. Now, with Eric Trump and Donald Trump Jr. backing the company, it’s clear that their foray into crypto is no passing phase.
This cash infusion came through the sale of 11 million shares to private investors last Friday, yeah, 11 million! But here’s where it gets interesting: $10 million worth of those shares were exchanged for Bitcoin. The company got a solid $104,000 per Bitcoin in the deal. Not bad, huh?
Big Plans and Public Debut Ahead
What are they planning to do with all that cash? Well, according to the official filing, the proceeds are going towards, among other things, buying more Bitcoin and mining equipment. They’re getting serious about this. After accounting for fees, they pocketed around $215 million.
Oh, and let’s not forget, American Bitcoin made its debut just in March, thanks to a partnership with American Data Centers. You can see where this is going: more Trump, more crypto. Donald Trump’s vision of making the U.S. the global leader in blockchain and digital assets is now very much alive. I mean, it feels like they’re trying to corner the market!
And guess what? The company isn’t stopping here. They’re aiming to go public later this year through a SPAC merger with Gryphon Digital Mining. Expect to see them listed on Nasdaq under the ticker ABTC. Buckle up; it’s going to be one heck of a ride!
Jordan V.
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