American Bitcoin, a majority subsidiary of crypto mining company Hut 8, has raised $220 million to buy bitcoin mining equipment and strengthen the company’s Bitcoin Treasury Department.
According to regulatory documents, 11 million shares were issued in private placements on Friday, with a total revenue of $220 million.
However, the average acquisition cost of $10 million was sold in Bitcoin instead of cash.
It is reported that on June 10, the Bitcoin treasury of the US Bitcoin was reportedly Standing at 215 Bitcoin.
It is worth noting that the company has ties to the Trump family, as President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, are the founders of American Bitcoin. Cabin 8 Acquired a majority stake On March 31 in the company.
Hut 8 opens crypto trade office in Dubai
Meanwhile, Hut 8 expands its business to Dubai by opening an office in the city according to Bloomberg Report. The purpose of 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 “improve the accuracy and efficiency of HUT 8’s capital strategy.”
Related: US Bitcoin’s ambition is to dominate mining – Hut 8 CEO
The UAE has become a hub for crypto startups in recent years due to its favorable crypto regulations and tax structure.
However, crypto startups still need to Develop legal strategies Avoid mistakes and comply with local regulations.
The new Dubai office has nothing to do with U.S. bitcoin, a Hut 8 spokesman told Bloomberg.
Publicly traded companies
In May, the US Bitcoin announced Will be disclosed through merger Together with Gryphon Digital Mining, a cryptocurrency company listed on the Nasdaq Exchange.
The transaction will be conducted through stock transactions, with the new entity using the US Bitcoin brand. Eric Trump will become a member of the merged board.
Under the new structure, existing shareholders of U.S. Bitcoin will own 98% of the newly formed entity. Hut 8 will continue to oversee the operational activities of the newly established joint venture.
Magazine: North Korean crypto hacker Tap Chatgpt, Malaysian road money siphoned
