Trump-Backed American Bitcoin Raises $220M as Hut 8 Expands Mining Operations to Dubai

A cryptocurrency company linked to former President Donald Trump’s family has raised $220 million in fresh funding to expand its Bitcoin mining operations. According to a filing made Monday, the firm—called American Bitcoin—secured the investment by selling new shares to private investors.

Bloomberg reported that roughly $10 million of the investment was paid in Bitcoin instead of cash. The venture has drawn significant attention in part because of Eric Trump’s endorsement. Both Eric Trump and Donald Trump Jr. have previously been involved in crypto projects, aligning with their father’s push to make the U.S. "the crypto capital of the world."

American Bitcoin was formed through a Trump-backed investment bank and is majority-owned by Hut 8 Corp. The Miami-based mining firm contributed its mining equipment in exchange for an 80% stake in the new entity. The plan is to take American Bitcoin public through a merger with Gryphon Digital Mining Inc., another crypto mining company.

Hut 8 CEO Asher Genoot and other executives are also set to join the board of the combined company once the merger goes through. While the Trump family’s involvement has fueled buzz, a Hut 8 spokesperson clarified that its Dubai expansion is separate from the American Bitcoin play—focused entirely on trading and accumulation, not public listings or family business.

Hut 8’s Dubai Expansion: A Separate Growth Strategy

While the $220 million funding round has made headlines, Hut 8 also recently outlined separate international expansion plans. Last week, the company filed with the Dubai International Financial Centre to establish a new office in the emirate. A spokesperson confirmed Hut 8 is building a team in Dubai to focus on crypto trading discussions.

The company officially registered its expansion through the DIFC last week, with plans to recruit staff to lead trading and Bitcoin hoarding operations out of the UAE. According to Bloomberg, CEO Asher Genoot said the Dubai move will “enhance the precision and efficiency of Hut 8’s capital strategy.” He didn’t elaborate on headcount but highlighted Dubai’s free zones and zero corporate tax as key advantages for tightening the firm’s capital plan.

Hut 8’s Mining Footprint and Share Sale

Hut 8 operates Bitcoin mining facilities in Alberta, Canada, as well as in New York and Texas. The company had about 220 employees as of December 2024, running those mining sites.

The company has yet to release additional details about the American Bitcoin share sale or its broader strategy for the new venture. At press time, Hut 8’s stock was trading at $18.60, up nearly 6% in the last 24 hours. The firm’s dual approach—expanding internationally in Dubai while preparing the American Bitcoin public listing backed by the Trump family—illustrates its multifaceted growth strategy in the crypto space.