American Bitcoin, backed by Trump's son, completes $220 million in financing

American Bitcoin, a cryptocurrency company backed by Eric Trump, son of US President Trump, announced that it has completed $220 million in financing, which will be used to increase its Bitcoin holdings and expand digital asset mining infrastructure.

It is reported that this round of financing was conducted for private investors last Friday, of which about $10 million of equity was subscribed in the form of Bitcoin, showing that the market's acceptance of financing methods denominated in digital assets is continuing to increase.

American Bitcoin is controlled by Nasdaq-listed Hut 8 Corp. According to the previous agreement, Hut 8 has injected some of its mining equipment assets into American Bitcoin in exchange for 80% of the company's equity. This move is seen as an asset restructuring and business extension strategy for Hut 8 in the crypto winter, aiming to enter a more politically endorsed capital track through a new platform.

In addition, American Bitcoin is planning to merge with mining company Gryphon Digital Mining Inc. to seek a listing path and accelerate the capital market's revaluation of its value. Gryphon received multiple rounds of financing in 2021 and 2022, and has extensive layout in green energy mining. This merger may enable the two parties to complement each other's resources and strengthen the concentration of Bitcoin computing power in North America.

Market analysts pointed out that in the context of the Bitcoin halving cycle entering the second half and large institutions continuing to cover their positions, such crypto projects with the background of "family political capital" may have a greater advantage in policy orientation and market sentiment.