Hut 8 eyes Dubai for global expansion, separate from Trump-linked venture
American Bitcoin, a crypto mining startup backed by Eric Trump, has raised a substantial $220 million as it gears up for aggressive expansion into the Bitcoin mining industry. According to a new filing from Hut 8 Corp, a publicly listed Bitcoin mining firm, the capital will primarily be used to acquire mining equipment and strengthen Bitcoin reserves. The venture marks yet another high-profile step by the Trump family into the digital asset space.
Notably, part of the equity raised, around $10 million, was transacted in Bitcoin rather than fiat currency, according to Crypto News. This reflects the company’s intent to build strategic reserves of the asset it seeks to mine and reinforces a long-term bullish stance on BTC.
“The Company intends to use the net proceeds to fund its strategic and Bitcoin accumulation goals, which may include, but are not limited to, the purchase of Bitcoin and/or miners,” stated the SEC filing from Hut 8.
Launched in March 2025, American Bitcoin has set out to become a major industrial-scale Bitcoin miner. The firm is majority-owned by Hut 8 and is taking significant steps toward gaining public exposure. As part of its growth strategy, the company is pursuing a full stock merger with Gryphon Digital Mining in a move aimed at securing a Nasdaq listing.
Once the merger is finalized, the consolidated entity will operate under the American Bitcoin brand and trade under the ticker symbol ABTC. According to reports, Eric Trump and Donald Trump Jr., along with other existing stakeholders, will retain a commanding 98% ownership of the new enterprise.
Donald Trump Jr. emphasized in a May statement that “simply buying Bitcoin is only half the story,” suggesting that direct mining operations offer a stronger strategic edge, particularly under favorable market conditions.
While the Trump-backed venture is currently focused on U.S.-based operations, parent company Hut 8 is looking beyond North American borders. A spokesperson told Bloomberg that Hut 8 plans to expand into Dubai, citing the city’s crypto-friendly policies and infrastructure as key factors.
This expansion, however, is reportedly independent of the American Bitcoin project, signaling Hut 8’s broader ambition to scale its global presence beyond its political affiliations.
Dubai’s increasing appeal to miners comes amid a global search for jurisdictions offering low-cost energy, regulatory clarity, and supportive ecosystems for digital assets, positioning the Emirate as a rising hub for crypto innovation.
American Bitcoin’s trajectory highlights the ongoing convergence between traditional political influence and emerging digital finance. With the Trump family’s name behind it, the firm is attracting both investor attention and public scrutiny.
While some may view the political ties as a branding advantage, others will watch closely to see whether American Bitcoin can deliver performance that matches its bold ambitions, particularly as it navigates the volatile waters of cryptocurrency markets and public listings.
As it moves toward a Nasdaq debut and scales its mining operations, the company’s success could become a case study in how legacy political figures reshape, or are reshaped by, the crypto frontier.
