Trump-Linked Bitcoin Mining Firm Raises $220 Million
Another twist in the ongoing saga of Donald Trump and cryptocurrency. This time, it’s not just the former president making waves—his sons are stepping into the spotlight too. American Bitcoin, a mining company tied to Eric Trump and Donald Trump Jr., has reportedly pulled in $220 million in fresh funding. The money’s earmarked for buying up Bitcoin and mining hardware, according to Bloomberg.
The financing came together after the company sold over 11 million new shares to private investors late last week. What’s interesting—and maybe a little ironic—is that about $10 million worth of those shares were sold *for* Bitcoin, not cash. The exchange rate? A eyebrow-raising $104,000 per coin. That’s well above current market prices, which suggests some creative accounting or maybe just a premium for private deals.
What’s the Plan for the Cash?
The company’s statement was broad, leaving room for speculation. The funds will go toward “strategic and Bitcoin accumulation objectives,” which could mean anything from snapping up more coins to expanding mining operations. No specifics, but then again, that’s pretty standard in this space.
American Bitcoin isn’t flying solo here. It was co-founded by Eric Trump and Hut 8, a well-known mining outfit. And there’s another layer—the company’s trying to go public on the Nasdaq by merging with Gryphon Digital Mining, another player in the mining game. If the deal goes through, existing shareholders—including the Trump brothers and Hut 8—will keep a whopping 98% of the new entity.
Why This Matters
It’s hard to ignore the Trump connection, especially with the former president himself dipping in and out of crypto talk over the years. Whether this is a serious long-term play or just another headline grab is up for debate. But $220 million isn’t pocket change, even in the volatile world of Bitcoin mining.
One thing’s clear: the lines between politics, business, and crypto keep blurring. And with Bitcoin’s price still swinging wildly, this move could either look brilliant or baffling a year from now.
*Just a reminder—this isn’t investment advice. Crypto’s risky, and mining? Even riskier.
