The Trump family’s crypto business is increasingly becoming a bet Bitcoin. On Monday afternoon, American Bitcoin, a cryptocurrency reduction and holding company by Eric Trump and Donald Trump Jr., announced that it had collected $ 220 million. The company plans to use the new capital to acquire more of the world’s largest cryptocurrency and buy more miners who are computer servers that process Bitcoin transactions in exchange for crypto.
Around 10 million US dollars of private stock sales were immediately converted into Bitcoin. In the announcement, it was not announced how many or which investors bought shares of the Trump Sons company.
American Bitcoin is a subsidiary of Hut 8, a listed Bitcoin Miner. A representative of Hut 8 did not immediately answer a request for comments.
In March Hütte 8 announced that American Bitcoin was “essentially all” from its Bitcoin mining equipment for 80% of the newly formed shares of the newly shaped company. Eric and Donald Trump Jr. are investors in American Bitcoin, but Hut 8 did not announce whether the two sons of President Donald Trump only owned the other 20%.
In May, American Bitcoin announced that it was brought to the stock exchange by an inverted merger with the Gryphon Digital Mining. The company plans to act against which Nasdaq Under the ticker $ ABTC in the third quarter, according to A Press release.
American Bitcoin is just one of a number of Trump crypto companies that were announced last year. And it is not the only one who accumulates hundreds of millions to collect Bitcoin.
In a class announced In May it was planning to collect 2.5 billion US dollars to build up their own Bitcoin Ministry of Finance. And the Trump Media and Technology Group has submitted its own Bitcoin Exchange Fund or ETF, with which investors can achieve the largest cryptocurrency in the world without having it themselves.
Trump’s other crypto transactions also expect it. The 47th President has his own Memecoin, which has a market capitalization of more than 1.7 billion US dollars. And then there is World Liberty Financial, a extensive crypto project that includes a still published app for decentralized financing-a term of office for banking services such as lending and borrowing on a blockchain.
In addition, World Liberty Financial has its own stablecoin or a cryptocurrency that deals with stable assets such as the US dollar. The market capitalization is now 2.2 billion US dollars.
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