Trump family-related cryptocurrency project American Bitcoin raises $220 million for Bitcoin mining

PANews reported on July 1 that according to Bloomberg, American Bitcoin, a cryptocurrency project related to the Trump family, raised $220 million through the issuance of new shares to purchase Bitcoin and digital asset mining equipment. Some of the shares were traded in Bitcoin instead of US dollars and were worth about $10 million. American Bitcoin is supported by Eric Trump, and its major shareholder Hut 8 Corp plans to go public through a merger with Gryphon Digital Mining Inc.

The project is one of many efforts to bring Bitcoin to the public trading market. Hut 8 has previously handed over its mining equipment to American Bitcoin in exchange for an 80% stake, and plans to expand further to Dubai. In addition, the Trump family has been actively involved in a number of cryptocurrency-related projects aimed at promoting the United States as the "crypto capital."