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The American Bitcoin financing of 220 million dollars supported by Trump's son is used for purchasing Bitcoin and digital asset Mining equipment.
According to ChainCatcher news and Bloomberg reports, a cryptocurrency company called American Bitcoin, supported by Eric Trump, the son of U.S. President Trump, has raised $220 million in funding to purchase Bitcoin and digital asset mining equipment. The company issued new shares to private investors last Friday, with approximately $10 million of the equity sold in Bitcoin rather than U.S. dollars. The main shareholder of American Bitcoin, Hut 8 Corp, plans to take it public by merging with Gryphon Digital Mining Inc. Hut 8 had previously transferred its Mining equipment to American Bitcoin in exchange for an 80% equity stake.