American Bitcoin, a cryptocurrency firm backed by Eric Trump, has successfully raised $220 million to enhance its Bitcoin mining operations. The funding was secured through the issuance of new shares to private investors, with approximately $10 million of equity sold in Bitcoin. The company's primary shareholder, Hut 8 Corp, aims to take American Bitcoin public via a merger with Gryphon Digital Mining Inc. Previously, Hut 8 transferred its mining equipment to American Bitcoin in exchange for an 80% ownership stake.