Recently, the cryptocurrency startup “American Bitcoin,” closely tied to the family of former U.S. President Donald Trump, has successfully raised $220 million in funding. The funds will be used to acquire mining equipment for Bitcoin and other digital assets, marking the company’s official entry into the cryptocurrency mining market.
According to Bloomberg, the major shareholder of the company, Hut 8, submitted documents to regulatory agencies showing that approximately $10 million of the fundraising was paid in Bitcoin, demonstrating strong industry support and confidence in the project.
Founded by Eric Trump, son of Donald Trump, and other investors, “American Bitcoin” has taken over mining equipment from the crypto mining company Hut 8, with Hut 8 retaining an 80% equity stake. The company plans to merge with the publicly listed Gryphon Digital Mining Inc. to achieve a backdoor listing.
In May of this year, Eric Trump and his brother Donald Trump Jr. attended the “Bitcoin 2025” industry conference in Las Vegas, where they shared the stage with the Chairman of American Bitcoin, Mike Ho, showcasing the Trump family’s interest and involvement in the virtual assets industry.
Since returning to politics, President Trump has shown a friendly attitude towards the cryptocurrency industry. During the 2024 presidential campaign, he explicitly stated his intention to make the United States the “global capital of cryptocurrency,” openly supporting Bitcoin and blockchain technology, and even accepting cryptocurrency donations for political purposes.
On his own social media platform, Truth Social, Trump stated that the U.S. should not fall behind China or Dubai and should actively embrace cryptocurrencies and decentralized finance, viewing them as part of a “new financial revolution.”
Simultaneously, the U.S. Congress and regulatory agencies are accelerating the legalization of cryptocurrency assets, with bills such as the Financial Innovation and Technology Act of the 21st Century (FIT21), the Global Exchange of New and Innovative Stablecoins Act (GENIUS), and the Digital Asset Market Structure Act (CLARITY). These legislations clarify the regulatory responsibilities for securities and commodities, regulate the operation of stablecoins, and establish a legal framework for cryptocurrency transactions, expected to create a stable and transparent development environment for the industry.
Bitcoin mining is the core mechanism that maintains the security and operation of the Bitcoin network. Participants, known as “miners,” use high-performance computers to perform extensive calculations, verify transactions on the blockchain, and receive Bitcoin as a reward. This process is not only energy-intensive but also highly dependent on hardware equipment and electricity costs, making it a key consideration for many companies in their global expansion strategies.
With capital and political influence flowing in simultaneously, the cryptocurrency industry is transitioning from the periphery to the mainstream. The successful fundraising of American Bitcoin not only affirms the market’s recognition of the influence of the Trump family but also signifies the increasingly critical position of virtual assets in the global financial new order.