American Bitcoin, a subsidiary of Hut 8, has successfully raised $220 million to enhance its Bitcoin mining operations and expand its Bitcoin treasury. A regulatory filing disclosed that 11 million shares were issued in a private placement transaction, with $10 million of those shares sold for Bitcoin rather than cash, reflecting an acquisition cost of $104,000 per Bitcoin. The company, which has connections to the Trump family through founders Donald Trump Jr. and Eric Trump, is also involved in a merger with Gryphon Digital Mining, enabling further expansion in the crypto sector. Concurrently, Hut 8 is opening a crypto trading office in Dubai to manage digital assets more effectively and navigate the favorable regulatory environment. The Dubai operations, however, are stated to be independent of American Bitcoin.

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