The crypto ventures associated with the Trump family are increasingly focusing on Bitcoin. American Bitcoin, a company specializing in Bitcoin mining and holding, and supported by Eric Trump and Donald Trump Jr., revealed on Monday afternoon that it secured $220 million in funding. The organization intends to allocate these funds to acquire more of the leading cryptocurrency and to invest in additional miners—specialized computer servers that validate Bitcoin transactions in return for crypto rewards.
Approximately $10 million from the private stock offering was immediately used to purchase Bitcoin. Details regarding the specific investors involved in buying shares of the Trump sons’ company were not disclosed in the announcement.
American Bitcoin operates as a subsidiary of Hut 8, a publicly traded Bitcoin mining firm. Representatives from Hut 8 have not yet provided a response to requests for comments.
Back in March, Hut 8 stated its intention to transfer a significant portion of its Bitcoin mining hardware to American Bitcoin, receiving 80% ownership of the newly established entity in exchange. While Eric and Donald Trump Jr. are identified as investors in American Bitcoin, Hut 8 has not confirmed whether the Trump brothers exclusively hold the remaining 20% stake.
In May, American Bitcoin announced plans to go public through a reverse merger with Gryphon Digital Mining. According to a press release, the company anticipates trading on the Nasdaq under the ticker symbol $ABTC potentially as soon as the third quarter.
American Bitcoin is one of several crypto-related ventures associated with the Trump family that have emerged in the past year. It’s also not alone in securing substantial funding to increase its Bitcoin holdings.
Following the example of Michael Saylor and his company Strategy, which has significantly increased its stock value by accumulating over $60 billion in Bitcoin, Trump’s publicly traded media organization revealed in May its intention to raise $2.5 billion to create its own Bitcoin treasury. Furthermore, Trump Media and Technology Group has submitted paperwork to launch its own Bitcoin exchange-traded fund (ETF), providing investors with exposure to the leading cryptocurrency without directly owning it.
Other Trump crypto businesses are also generating significant interest. The former president has a memecoin, which boasts a market cap exceeding $1.7 billion. There is also World Liberty Financial, an expansive crypto project including a planned application for decentralized finance (DeFi)—a term denoting banking services such as lending and borrowing executed on a blockchain.
World Liberty Financial also maintains its own stablecoin, which is a cryptocurrency linked to stable assets like the U.S. dollar. Its current market capitalization is $2.2 billion.
This article was initially published on Fortune.com.