Hut 8 Corp. announced the $220 million fundraising by its subsidiary American Bitcoin Corp., which marked a significant capital influx through a private stock placement. The closed transaction involved over 11 million shares of Class A common stock sold at a conversion rate of $104,000 per Bitcoin. Net proceeds will support strategic goals, increasing Bitcoin reserves and acquiring mining equipment. This funding is part of a larger trend, with notable figures like Donald Trump Jr. advocating Bitcoin's potential in finance.
Hut 8 Corp. filed with the SEC that its majority-owned subsidiary, American Bitcoin Corp., has raised $220 million in a private stock placement with accredited investors, with a portion of the investment made in Bitcoin.
The company announced that it sold over 11 million shares of its Class A common stock during the first closing of the transaction on June 27, following a June 24 agreement with accredited investors.
The funding will be used to grow the company's Bitcoin reserves and purchase additional mining equipment. The shares were sold under Rule 506 of Regulation D, exempting the offering from SEC registration.
Don Trump Jr. emphasized, 'We're seriously on crypto—we're seriously on Bitcoin. We're in three major deals. I believe we're at the beginning of what will be the future of finance.'
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