INSUBCONTINENT EXCLUSIVE:
American Bitcoin, a majority-owned subsidiary of crypto mining firm Hut 8, has raised $220 million to buy Bitcoin mining equipment and to
Bitcoin.Form 8-K filing with the SEC shows Hut 8 subsidiary American Bitcoin raised $220 million from institutional investorsNotably, the
and Eric Trump, were among the founders of American Bitcoin
Hut 8 acquired a majority stake in the firm on March 31.Hut 8 opens crypto trading office in DubaiMeanwhile, Hut 8 is expanding its
operations to Dubai by opening an office in the city, according to a Bloomberg report
The purpose behind the expansion is to trade cryptocurrencies and accumulate digital assets.The company was registered with the authorities
for crypto startups in recent years due to its favorable crypto regulations and taxation structure.However, crypto startups still need to
lay out a legal strategy to avoid missteps and comply with local regulations.The new Dubai office has no ties to American Bitcoin, a Hut 8
spokesperson told Bloomberg.Publicly traded companyIn May, it was announced that American Bitcoin would go public by merging with Gryphon
Digital Mining, a crypto-mining company listed on the Nasdaq exchange.The deal will be conducted via a stock swap, with the new entity using
the American Bitcoin brand
Eric Trump will be on the board post-merger.Under the new structure, existing shareholders of American Bitcoin will hold 98% of the newly
Hut 8 will continue to oversee the operational activities of the newly formed venture.Magazine: North Korea crypto hackers tap ChatGPT,
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