Hut 8’s (NASDAQ: HUT) Q2 2025 results reveal that its majority-owned subsidiary, American Bitcoin (ABTC), purchased 1,726 BTC for $205.6 million between July 1 and August 6 at an average price of $119,120 per bitcoin.
A HUT 8-K filed on June 30 indicates that American Bitcoin has raised about $215 million in net proceeds from a private placement with 11,002,954 shares of ABTC common stock, and American Bitcoin earmarked this raise for bitcoin purchases. Further, investors paid $10 million in the raise with bitcoin. Given Hut 8’s revelation of American Bitcoin’s Q2 bitcoin acquisition, American Bitcoin likely deployed the proceeds from its raise to expand its bitcoin treasury.
American Bitcoin launched in March 2025 as a majority‑owned subsidiary of Hut 8 to concentrate on industrial‑scale bitcoin mining and long‑term bitcoin accumulation. The structure separates mining ownership and bitcoin treasury focus away from Hut 8 so the parent company can focus on power and infrastructure. Per the business division, Hut 8 shifted all of its self-mining operations to American Bitcoin in exchange for an 80% stake in the company, and Hut 8 will provide the subsidiary with hosting space, power, and managed services. President Donal Trump’s son, Eric Trump, serves as American Bitcoin’s chief strategy officer and co-founder.
ABTC is eyeing a public listing via an all‑stock combination with Gryphon Digital Mining. A Gryphon shareholder vote is scheduled for August 27 to approve the reverse merger, with an estimated closing date in September. Post‑merger, Hut 8 is expected to own roughly 64.37% of ABTC.
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