American Bitcoin, a subsidiary owned by most of the Hut 8 crypto mining firm, raised $ 220 million to buy Bitcoin mining equipment and to strengthen the company’s bitcoin treasury.
According to a regulation of filing, 11 million shares were issued in a private placement on Friday, with a gross income worth $ 220 million.
However, the $ 10 million worth of sharing was sold for Bitcoin instead of cash, with an average cost of getting up to $ 104,000 per coin.
On June 10, American Bitcoin’s Bitcoin Treasury has been reported stand up to 215 bitcoin.
Noteworthy, the firm is related to the Trump family, as the children of President Donald Trump Donald Trump Jr. and Eric Trump, are among the founders of American Bitcoin. Cube 8 Got a predominantly stake at the firm on March 31.
Hut 8 opens the Crypto trading office in Dubai
Meanwhile, Hut 8 expands its operations in Dubai by opening an office in the city, According to In a Bloomberg report. The purpose behind the expansion is to exchange cryptocurrencies and accumulate digital assets.
The company was registered with authorities on June 23 under the Hut 8 Investment Ltd.
Hut 8 CEO Asher Genoot told Bloomberg that Dubai’s expansion of the company would “enhance the accuracy and efficiency of the Hut capital approach 8.”
Related: American Bitcoin’s ambition is to dominate mining – Hut 8 CEO
The UAE has become a hub for crypto startups in recent years due to the desired crypto regulation and tax structure.
However, crypto startups still need Put a legal approach To avoid misunderstandings and comply with local regulations.
Dubai’s new office has no relationship with American Bitcoin, Hut 8 spokesman Bloomberg said.
Company that has been exchanged publicly
In May, American Bitcoin was announced will go public by integration In Gryphon Digital Mining, a crypto-mining company listed in the NASDAQ exchange.
The deal will be carried out through a stock swap, with the new creature using the American Bitcoin brand. Eric Trump is on the post-Merger board.
Under the new structure, the existing shareholders of American Bitcoin will hold 98% of the newly formed creature. HUT 8 will continue to handle activities in the operation of the newly formed adventure.
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