Latest news with #Hut8
Yahoo
8 hours ago
- Business
- Yahoo
American Bitcoin, Backed by Eric and Donald Trump Jr, Pulls In $220M to Accumulate BTC
American Bitcoin Corp, a Miami-based mining company majority owned by Hut 8 (HUT) and backed by the Trump family, has raised $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission. The raise topped its target of $200 million, and it also accepted about $10 million worth of bitcoin (BTC) in lieu of cash, the filing details. The placement netted roughly $215 million after fees. The firm sold 11,002,954 Class A shares in total. The fresh capital will be used add bitcoin to the firm's treasury and upgrade its fleet of mining machines. The sons of U.S. President Donald Trump, Eric and Donald Trump Jr, owned American Data Center, which merged with American Bitcoin. According to earlier reports, American Bitcoin is 80% owned by Hut 8, with the Trump brothers owning 20%. In May, the firm announced it is vying a public listing by merging with Gryphon Digital Mining (GRYP). Hut 8's share are down 0.86% in pre-market trading at $ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
a day ago
- Business
- Yahoo
Trump-linked firm raises $220M, plans for IPO launch
Trump-linked firm raises $220M, plans for IPO launch originally appeared on TheStreet. A cryptocurrency firm linked to President Donald Trump's family has raised $220 million to further explore Bitcoin mining. In a filing made on Monday, the firm, known as American Bitcoin, increased its investment by selling new stock to private investors. According to reports, approximately $10 million of the latest stock was funded with Bitcoin instead of dollars. Eric Trump, one of the president's sons, endorses the company, which is getting a lot of attention very fast. Eric and his brother, Donald Trump Jr., have both been involved in crypto ventures, primarily as their father aims for the U.S. to become "the crypto capital of the world."American Bitcoin was a newly created entity through a Trump-backed investment bank. Its majority owner, Hut 8 Corp, contributed its mining equipment for an 80-percent interest in the new venture. The next step is to take American Bitcoin public by merging with Gryphon Digital Mining Inc., a second crypto firm. The $220 million investment has garnered headlines, but Hut 8 also disclosed separate plans to expand to Dubai, which it stated was unrelated to its American Bitcoin 8 Corp., based in Miami, filed with the Dubai International Financial Center last week to launch its location. The company's spokesperson confirmed that it is assembling a team in Dubai to talk about trading and cryptocurrencies. Hut 8 states in its year-end report that it operates Bitcoin mining facilities in Alberta, Canada, as well as in New York and Texas. So far, Hut 8 has not publicly discussed the share sale or more details about the venture. At press time Hut 8 stock's price stands at 18.60, up nearly 6% in the last 24 hours. Trump-linked firm raises $220M, plans for IPO launch first appeared on TheStreet on Jul 1, 2025 This story was originally reported by TheStreet on Jul 1, 2025, where it first appeared. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Trump family's Bitcoin-mining company raises $220 million
The Trump family's crypto business is increasingly becoming a bet on Bitcoin. On Monday afternoon, American Bitcoin, a cryptocurrency mining and holding company backed by Eric Trump and Donald Trump Jr., announced that it had raised $220 million. The firm plans to use the new capital to acquire more of the world's largest cryptocurrency, and to buy more miners, which are computer servers that process Bitcoin transactions in exchange for crypto. About $10 million of the private stock sale was immediately converted into Bitcoin. The announcement did not say how many or which investors bought shares of the Trump sons' company. American Bitcoin is a subsidiary of Hut 8, a publicly traded Bitcoin miner. A representative for Hut 8 did not immediately respond to a request for comment. In March, Hut 8 announced that it was giving 'substantially all' of its Bitcoin mining equipment to American Bitcoin in exchange for 80% of the newly formed company's stock. Eric and Donald Trump Jr. are investors in American Bitcoin, but Hut 8 did not disclose whether the two sons of President Donald Trump exclusively owned the other 20%. In May, American Bitcoin announced that it was going public through a reverse merger with the company Gryphon Digital Mining. The company plans to trade on the Nasdaq under the ticker $ABTC as early as the third quarter, according to a press release. American Bitcoin is just one of a slew of Trump crypto businesses announced this past year. And it's not the only one to raise hundreds of millions to accumulate Bitcoin. In a nod to Michael Saylor, whose company Strategy has pumped up its share prices by accumulating over $60 billion in Bitcoin, Trump's publicly traded media business announced in May that it planned to raise $2.5 billion to establish its own Bitcoin treasury. And Trump Media and Technology Group has filed to launch its own Bitcoin exchange-traded fund, or ETF, which lets investors gain exposure to the world's largest cryptocurrency without owning it themselves. Trump's other crypto businesses are also raking it in. The 47th president has his own memecoin, which has a market capitalization of more than $1.7 billion. And then there's World Liberty Financial, a sprawling crypto project that includes a yet-to-be-released app for decentralized finance—a term for banking services like lending and borrowing conducted on a blockchain. Moreover, World Liberty Financial has its own stablecoin, or cryptocurrency pegged to stable assets like the U.S. dollar. Its market capitalization is now $2.2 billion. This story was originally featured on
Bloomberg
2 days ago
- Business
- Bloomberg
Bitcoin Miner Tied to Trump Sons Plans Dubai Crypto Trading Team
A Trump family-linked Bitcoin miner plans to set up an office in Dubai, a growing hub for the cryptocurrency industry known for its friendly approach to taxation and regulation. Miami-based Hut 8 Corp. registered to open the location last week, according to a filing with the Dubai International Financial Centre. A company spokesperson confirmed it's assembling a team in Dubai for trading and crypto-hoarding strategies. Hut 8 has Bitcoin mining operations in Texas, New York and Alberta, Canada, according to its year-end report.
Globe and Mail
3 days ago
- Business
- Globe and Mail
Hut 8 Energizes Vega Data Center
205 MW facility will support up to ~15 EH/s of next-generation rack-based ASIC compute with direct-to-chip liquid cooling Believed to be the largest single-building Bitcoin mining facility by nameplate hashrate MIAMI, June 30, 2025 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) ('Hut 8' or the 'Company'), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced the initial energization of Vega. Based on publicly available information, we believe Vega to be the largest single-building Bitcoin mining facility by nameplate hashrate. Spanning the equivalent of five football fields and covering 162,000 square feet, Vega is powered by 205 megawatts ('MW') of nameplate energy capacity and at full energization will support up to ~15 exahash per second ('EH/s') of BITMAIN U3S21EXPH servers for Bitcoin mining ASIC compute, or nearly 2.0% of current global Bitcoin network hashrate. Vega debuts a new Tier I data center form factor that narrows the gap between legacy air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure. Unlike traditional mining facilities that rely on forced-air cooling and shelving systems that constrain compute density, Vega features a proprietary, rack-based, direct-to-chip liquid cooling system designed in-house by Hut 8. The architecture supports ASIC deployments at densities of up to 180 kilowatts ('kW') per rack. The system's modular architecture—including pump skids, fluid distribution networks, server racks, switchboards, and smart power distribution units—was designed by Hut 8's in-house development organization to optimize thermal efficiency, miner stability, and operational reliability. The result is materially higher compute density, greater thermal control, and improved uptime in high-ambient environments like Texas. Initial customer discussions support the potential viability of this architecture for future iterations of high-density, direct-to-chip liquid cooled infrastructure to support emerging HPC workloads and customer needs. 'Vega exemplifies our innovation-driven approach to digital infrastructure design,' said Asher Genoot, CEO of Hut 8. 'We built it for where we believe the market is going, using modular architecture and adaptive thermal systems designed to scale and evolve as workload requirements grow more complex. Over the past several weeks, as we've brought the site online, it has become clear how well this architecture performs under real-world conditions.' 'Vega's design is particularly relevant for AI training and other non-customer-facing HPC workloads, where we believe speed, density, and cost efficiency will increasingly take precedence over traditional redundancy standards,' said Jake Palmer, Senior Vice President of Development at Hut 8. 'The project represents a design philosophy we intend to scale, refine, and deploy as we continue to bridge the gap between high-cost, high-redundancy builds and lower-cost, application-optimized infrastructure.' BITMAIN is the client for the full ~15 EH/s deployment at Vega under an ASIC colocation agreement. Based on ERCOT forward energy prices, the agreement is expected to generate between $110 million and $120 million in annualized revenue upon full energization, subject to factors including ERCOT energy pricing and facility uptime. The agreement also includes a purchase option that allows Hut 8 to acquire all or part of the hosted fleet in up to three tranches at a fixed price, exercisable within six months of each tranche's energization. This structure gives Hut 8 the ability to convert the deployment into self-mining capacity for its Bitcoin mining subsidiary, American Bitcoin Corp., supporting growth in its scale from 10 EH/s to 25 EH/s. 'We are proud to have partnered with Hut 8 to successfully develop and commercialize the next generation of ASIC compute technology,' said Irene Gao, Vice President of Mining at BITMAIN. 'Vega demonstrates what is possible when two industry leaders with deep technical expertise come together to push the boundaries of performance, efficiency, and design. We believe this collaboration has set a new benchmark for the industry, and we look forward to expanding on this success in the coming years.' Project Highlights Industrial scale: 205 MW of nameplate capacity with a power usage effectiveness ('PUE') of 1.06, powered behind-the-meter by a wind farm and front-of-the-meter by the ERCOT grid Rack-based architecture: Proprietary rack-based architecture supports 180 kilowatts per rack, 50% higher than the 120-kW requirement of NVIDIA Blackwell HGX GPUs Next-generation ASIC compute technology: Site will host up to 17,280 BITMAIN U3S21EXPH servers (at full energization), the first ASIC miner mass-commercialized by BITMAIN with direct liquid-to-chip cooling within a U form factor, each delivering up to 860 terahash per second ('TH/s') at 13 joules per terahash ('J/TH') Direct-to-chip liquid cooling: 96 custom-designed cooling modules circulate 120,000 gallons of glycol-water solution through a closed-loop, reverse return system designed to reduce water consumption versus conventional high-density cooling systems Capital efficiency: Estimated all-in cost of approximately $430,000 to $450,000 per MW of nameplate capacity Time to market: From site acquisition in July 2024 to initial energization in June 2025, Vega was brought online in under a year, demonstrating Hut 8's ability to use Bitcoin mining infrastructure development to rapidly monetize power assets Commercialization through ASIC Colocation: BITMAIN will consume the full ~15 EH/s deployment at full energization pursuant to a colocation agreement that will generate revenue for Hut 8's Digital Infrastructure segment and includes a purchase option that, if exercised, would enable American Bitcoin to scale its self-mining capacity from 10 to ~25 EH/s About Hut 8 Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit and follow us on X at @Hut8Corp. Cautionary Note Regarding Forward–Looking Information This press release includes 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, 'forward-looking information'). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the ability of the Vega facility to support up to ~15 EH/s of next-generation rack-based ASIC compute with direct-to-chip liquid cooling, the ability of Vega's new Tier I data center form factor to narrow the gap between legacy air-cooled ASIC infrastructure and liquid-cooled GPU infrastructure, the ability of the infrastructure at the Vega facility to support ASIC deployments at densities of up to 180 kW per rack, the ability of the facility's modular infrastructure to scale and evolve as workload requirements grow more complex, the performance of the infrastructure deployed at the Vega facility under real-world conditions, the relevance of the Vega design to AI training and other non-customer-facing HPC workloads, Hut 8's intention to scale, refine, and deploy its design philosophy to bridge the gap between high-cost, high-redundancy builds and lower-cost, application-optimized infrastructure, the estimated revenues from the Bitmain colocation agreement and the factors impacting such revenues, the potential exercise of the ASIC purchase option and the benefits thereof to Hut 8 and American Bitcoin Corp., the total all-in cost to develop the Vega facility, and other such matters is forward-looking information. Forward-looking information is often identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'allow', 'believe', 'estimate', 'expect', 'predict', 'can', 'might', 'potential', 'predict', 'is designed to', 'likely,' or similar expressions. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at and SEDAR+ profile at Hut 8 Corp. Investor Relations Sue Ennis ir@ Hut 8 Corp. Public Relations Gautier Lemyze-Young media@ Photos accompanying this announcement are available at
