Trump-Backed American Bitcoin Rakes in $220M for Mining & Treasury—Bullish Signal for Crypto?
Bitcoin just got a red, white, and blue cash injection.
American Bitcoin—the mining venture linked to former President Trump—has hauled in a staggering $220 million to fuel its operations and treasury. The move signals deepening institutional interest in crypto infrastructure, even as regulators keep swinging their hammers.
Mining for political clout?
The funding round reads like a power play: Trump’s orbit diving headfirst into Bitcoin’s energy-intensive mining sector. No details yet on whether the capital will go toward rigs, renewable energy partnerships, or lobbying efforts to keep the feds at bay.
Treasury war chest loaded
Part of the raise is earmarked for corporate treasury—a hedge against inflation or a bet on Bitcoin’s next bull run? Either way, it’s a stark contrast to Wall Street’s usual ‘wait-and-see’ dance with crypto. Of course, having political heavyweights in your corner doesn’t hurt when courting investors who still think ‘blockchain’ is a Peloton accessory.
The bottom line: When politics and crypto collide, the market watches. Just don’t expect the SEC to send a congratulatory tweet.
Hut 8 opens crypto trading office in Dubai
Meanwhile, Hut 8 is expanding its operations to Dubai by opening an office in the city, according to a Bloomberg report. The purpose behind the expansion is to trade cryptocurrencies and accumulate digital assets.
The company was registered with the authorities on June 23 under Hut 8 Investment Ltd.
Hut 8 CEO Asher Genoot told Bloomberg that the company’s Dubai expansion will “enhance the precision and efficiency of Hut 8’s capital strategy.”
The UAE has become a hub for crypto startups in recent years due to its favorable crypto regulations and taxation structure.
However, crypto startups still need to lay out a legal strategy to avoid missteps and comply with local regulations.
The new Dubai office has no ties to American Bitcoin, a Hut 8 spokesperson told Bloomberg.
Publicly traded company
In May, it was announced that American Bitcoin WOULD go public by merging with Gryphon Digital Mining, a crypto-mining company listed on the Nasdaq exchange.
The deal will be conducted via a stock swap, with the new entity using the American Bitcoin brand. Eric Trump will be on the board post-merger.
Under the new structure, existing shareholders of American Bitcoin will hold 98% of the newly formed entity. Hut 8 will continue to oversee the operational activities of the newly formed venture.
