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.
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.
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-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.
