The Trump family’s crypto business is increasingly becoming a bet on Bitcoin. On Monday afternoon, American Bitcoin, a cryptocurrency mining and holding company backed by Eric Trump and Donald Trump Jr., announced that it had raised $220 million. The firm plans to use the new capital to acquire more of the world’s largest cryptocurrency, and to buy more miners, which are computer servers that process Bitcoin transactions in exchange for crypto.
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.
