Trump-linked American Bitcoin raises $220M for mining, treasury

The raise includes a transaction of $10 million where the company accepted Bitcoin instead of cash.

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. 

However, $10 million worth of shares were sold for Bitcoin instead of cash, with the average cost of acquisition standing at $104,000 per coin.

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