The company, majority-owned by Hut 8, confirmed raising $220 million through a private placement of 11 million shares. Most notably, $10 million worth of shares were bought with Bitcoin, signaling a high-stakes bet on the future of digital assets.

Bitcoin-Funded Investment Draws Attention

The Form 8-K filing with the SEC reveals a significant shift in how capital is raised in the crypto world. American Bitcoin accepted Bitcoin instead of fiat for part of the raise, with an average acquisition price of $104,000 per coin.

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As of June 10, the company held 215 Bitcoin in its treasury — a figure likely to rise after this funding round. The strategic choice to hold Bitcoin rather than sell signals long-term confidence in the asset.

Hut 8 Expands Global Presence With Dubai Office

Meanwhile, parent company Hut 8 is expanding internationally. Bloomberg reports that a new office has been opened in Dubai under the name Hut 8 Investment Ltd., aimed at cryptocurrency trading and digital asset accumulation.

CEO Asher Genoot stated that the Dubai expansion would enhance capital strategy precision and execution. Importantly, Hut 8 clarified that the Dubai office operates independently from American Bitcoin.

The move reflects the United Arab Emirates’ growing appeal as a hub for crypto startups, thanks to favorable regulations and tax structures.

Going Public via Nasdaq: A Major Milestone

American Bitcoin also announced plans to go public by merging with Gryphon Digital Mining, a company listed on Nasdaq. The stock-for-stock merger will retain the American Bitcoin name and see Eric Trump take a seat on the board.

Post-merger, current American Bitcoin shareholders will own 98% of the new entity, while Hut 8 continues to oversee operations — cementing its position as a leading force in the global Bitcoin mining sector.

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Metaplanet Acquires Additional 1,111 BTC

In a statement released on Monday during Asia market hours, Metaplanet announced the purchase of 1,111 Bitcoin, bringing its total holdings to 11,111 BTC. The average price paid was $106,408 per coin.

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According to CEO Simon Gerovich, the company has now spent approximately $1.07 billion to accumulate its total Bitcoin holdings, at an average acquisition price of $95,869. At current market value, the portfolio is worth around $1.12 billion.

Revised Goal: 30,000 BTC By End Of 2025

After reaching its initial goal of 10,000 Bitcoin last week, Metaplanet has now set a new year-end target: 30,000 BTC. The company also revealed longer-term plans to hit 100,000 BTC by 2026 and 210,000 BTC by 2027.

With its latest acquisition, Metaplanet has overtaken miner Hut 8, which holds 10,273 BTC, becoming the ninth largest corporate Bitcoin holder — surpassing even Coinbase.

Despite the aggressive accumulation strategy, the market reaction was mixed. As of Monday morning, Metaplanet’s Tokyo-listed shares were down 3.54% at 1,718 yen ($11.72). Still, year-to-date performance remains strong, with a 393% increase reported by Yahoo Finance.

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American Bitcoin and Gryphon Unite Under One Roof

In a significant crypto industry move, Gryphon Digital Mining is merging with American Bitcoin via a stock-for-stock transaction. The resulting entity will operate under the American Bitcoin name and feature Eric Trump on its board of directors. His involvement adds a political layer to this already monumental business event.

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Following the merger announcement, Gryphon’s stock skyrocketed. The share price jumped from $0.52 on May 9 to $2.15 by May 12—an increase of over 313%.

IPO Strategy Highlights Independence and Expansion

American Bitcoin is majority-owned by energy and data center company Hut 8. According to CEO Asher Genoot, taking the company public is a strategic move to boost Bitcoin accumulation capacity while securing growth capital independently of Hut 8’s balance sheet. The company also aims to generate stable revenue through long-term infrastructure agreements.

After the merger, about 98% of the new company will be owned by existing American Bitcoin shareholders—indicating strong control from Trump-backed investors.

At The Crossroads Of Finance And Politics

Founded in late March with support from Donald Trump Jr. and Eric Trump, American Bitcoin acquired Hut 8’s mining hardware and aims to become the world’s largest and most efficient pure-play Bitcoin miner. By building strategic reserves, the company seeks a dominant position in the crypto market—not just economically, but politically.

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Record-High Energy Capacity

According to its latest financial update released on May 8, Hut 8 generated $21.8 million in revenue during the quarter. However, the company ended the period deep in the red due to major capital expenditures. CEO Asher Genoot described the first quarter as a necessary phase in the firm’s long-term strategy:

“This period marked a deliberate investment cycle aimed at future returns. We expect to see those gains become more apparent in the coming quarters.”

As of March 31, the company’s total energy capacity reached 1,020 megawatts, enough to power more than 800,000 U.S. households. Additionally, Hut 8 holds the rights to scale its operations by an extra 2,600 MW, giving it significant room for growth.

A New Chapter With American Bitcoin

One of the standout developments was the launch of American Bitcoin, a majority-owned subsidiary introduced in late March. The initiative aims to become the largest and most efficient pure-play Bitcoin mining operation in the world.

The new entity has drawn attention due to its reported ties with members of the Trump family and its stated intention to pursue an initial public offering (IPO). Commenting on the subsidiary’s impact, Genoot said:

“The creation of American Bitcoin strengthens our capital allocation strategy, allowing us to scale in lower-cost segments like high-performance computing.”

Expansion Plans for 2025

Looking ahead, Hut 8 is moving forward with several major projects. These include the launch of the Vega data center, preliminary development at the River Bend site, and expansion of its utility-scale power infrastructure.

“These initiatives are designed to drive near-term cash flow resilience while positioning us for long-term leadership in digital infrastructure markets.”

Currently trading on Nasdaq, Hut 8’s stock closed the day up 2.2% at $12.66. Still, the share price has dropped over 38% since the beginning of the year, when it was priced at $20.49.

The update comes shortly after another Nasdaq-listed mining firm, Core Scientific, reported a $580 million net profit in Q1. However, it still fell short of analyst expectations due to a decline in mining revenues.

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Bitcoin Mining is Getting Harder!

The difficulty of the Bitcoin network surged to 110 trillion, making it harder for miners to produce new blocks. With the increased computation power required, miners had to upgrade their equipment. Riot Platforms managed to overcome these challenges by launching a new mining facility, boosting its production.

Riot Platforms opened a massive new mining facility in Texas, allowing them to ramp up production. CEO Jason Les stated, “The Corsicana Facility reached a hash rate of 15.7 EH/s by the end of the month, and we saw significant improvements in our operational hash rate with newly deployed miners.” Riot’s move stands out as a success in the face of tough market conditions.

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Among the leading miners, Hut 8 saw a 27% drop in production in January, while Mara and Bitfarms experienced decreases of 12.5% and 4.7%, respectively. Miners are taking steps to upgrade infrastructure and improve equipment to handle the rising difficulty.

In the last week of January, Bitcoin mining difficulty decreased to 108 trillion, providing some relief. However, with the Bitcoin network’s high hashrate (832 EH/s) and declining hardware demand, miners are preparing for new strategies that could shape future operations. Miners will adapt their approaches in the coming months based on these developments.

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The company announced on December 19 that it had purchased 990 Bitcoin (BTC) at an average price of $101,710, aligning with its strategy of combining low-cost Bitcoin production with opportunistic market purchases to establish BTC as a reserve asset.

Hut 8‘s expansion of its BTC reserves highlights the increasing interest from institutional investors in Bitcoin as a strategic asset in financial portfolios. This trend gains momentum as the United States prepares for a more crypto-friendly administration under Donald Trump.

With this purchase, Hut 8 has brought its total BTC reserves to 10,096 BTC, with an average acquisition cost of $24,484.

Strategic Reserve Management

Hut 8 CEO Asher Genoot stated that the company’s strategic BTC reserve is a vital component of its treasury strategy and aligns with its operational and capital objectives. Genoot explained, “As we scale operations and extend our cost advantage in Bitcoin production, we expect to grow these reserves organically at prices significantly below market rates.”

The company aims to raise a total of $500 million to purchase BTC as a strategic reserve asset, supported by a recent $250 million stock repurchase and sale program.

Hut 8 Class-Action Lawsuit

On December 2, the company filed a motion to dismiss a class-action lawsuit initiated by its shareholders. The lawsuit allegedly stems from a short-seller report by J Capital Research, which Hut 8 claims was part of a campaign to sink its stock for financial gain.

The lawsuit arose after J Capital Research accused Hut 8 of overstating the profitability of its acquisition of United States Bitcoin Corp. and concealing operational issues at a Texas facility. Hut 8 has denied these allegations.

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Coatue Management will invest in Hut 8 through convertible notes with an annual interest rate of 8% and a conversion rate of $16,395 per share. This investment caused Hut 8 shares to rise 4% on Monday morning. Many of the company’s competitors lost value with the decline of Bitcoin.

This investment has also had a positive impact on other Bitcoin mining-related data centers that offer artificial intelligence and high-performance computing (HPC) services. Soluna Holdings (SLNH) shares increased by approximately 17%, while Applied Digital (APLD) shares gained 10%.

Artificial intelligence and HPC companies are turning to the Bitcoin mining industry to meet their ever-increasing computing power needs. Miners usually already have the necessary computing capacity and agreements with energy suppliers. Energy demand from large-scale data centers and AI firms could usher in a new era of mergers and acquisitions with attractive energy deals for Bitcoin miners, JPMorgan said.

Most recently, cloud computing provider CoreWeave signed a 200 megawatt (MW) deal with miner Core Scientific (CORZ) for AI-related services and offered to acquire the company for more than $1 billion. Core Scientific rejected this offer on the grounds that the company was undervalued. Interestingly, Coatue Management is one of CoreWeave’s investors, highlighting its interest in redirecting Bitcoin miners’ existing infrastructure towards AI-related services.

Hut 8 reaffirmed this energy need in Monday’s press release. “Many traditional data center operators are unable to meet demand for AI computing capacity due to power shortages, long wait times to bring new capacity online, and the need to expand existing data centers to support the latest generation of high-density computing,” the company said. Hut 8 can help bridge this gap, he said.

This investment will increase the capacity of Hut 8 and similar Bitcoin mining companies to provide AI and HPC services and allow them to seize opportunities in this field.

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Canaccord noted Hut 8’s increased diversification post-merger, emphasizing that its ownership of more than 9,000 bitcoins offers significant flexibility. The company’s revenue streams now include self-mining, managed services, hosting and high-performance computing.

The company’s self-mining capacity is approximately 7 exahashes per second (EH/s), contributing approximately 68% of current revenue, with the remainder coming from other services. Canaccord praised the company’s cost-cutting measures and strategic use of US Bitcoin Corp. technology in its facilities.

Amid the upcoming Bitcoin halving event, Canaccord reported that Hut 8’s management is prioritizing efficiency over expansion in the short term. In addition, the partnership with Iconic Digital is expected to generate over $20 million in annual cash flow.

With the departure of former CEO Jamie Leverton in February following a short selling report, Asher Genoot, one of the founders of US Bitcoin Corp. assumed the role of president and director.

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