American Bitcoin received more than $100 million from the Scaramucci family during its most recent fundraising round. The investment came through Solari Capital, led by AJ Scaramucci. The financing supported the company’s $220 million raise in July. The miner later entered public markets through a reverse merger in September.
Solari Capital supplied a large portion of the total investment. AJ Scaramucci did not share the exact figure. He also supported the transaction with a smaller personal contribution.
Notable Backers Join American Bitcoin’s Growing Network
According to Fortune report, the deal also had several more supporters. Tony Robbins participated, and Cardano founder Charles Hoskinson gave. Grant Cardone and Peter Diamandis were also investors. Their participation broadened the list of backers for the project. The company had not previously disclosed its investors.
That was because of Anthony Scaramucci’s long-simmering public war with Donald Trump. Anthony was White House communications director for a short time during 2017. He has fired them all in relatively short order. He later condemned Trump and publicly supported 2020 and 2024 Democratic candidates Joe Biden and Kamala Harris.
AJ Scaramucci said political history played no part in the choice. The business plan was the basis for their investment, he said. He also argued that Bitcoin transcends conventional political rifts. Anthony Scaramucci has described Bitcoin as a neutral force in financial markets.
The investment opportunity came through a contact. AJ Scaramucci and Matt Prusak became roommates at Stanford’s business school. Prusak is now president of American Bitcoin. He let AJ know they were breaking the company away from Hut 8.
BTC Miner’s Ownership Structure and Expanding Operations
American Bitcoin was formed as a joint venture between Eric Trump, Donald Trump Jr., and Hut 8. The company moved most of its Bitcoin mining hardware to the new operation. In return, the firm got 80% of American Bitcoin’s shares. The Trump family kept the rest of ownership.
The company conducted a reverse merger in September that allowed shares of American Bitcoin to begin trading on the Nasdaq. In company filings, mining operations in Canada’s Niagara Falls region are mentioned. Additional facilities operate in Texas. These sites operate tens of thousands of crypto mining rigs. The arrangement provides the company a large footprint in the world of mining.
Eric Trump has dubbed American Bitcoin “a proxy play” for Bitcoin. The company lets investors get a piece of that performance without having to buy the cryptocurrency, he said. The model is similar to companies that increase their Bitcoin holdings and let shareholders profit through ownership in shares.
The Trump family’s publicly traded media group said it planned to raise $2.5 billion. The funds will help form a treasury for Bitcoin. The move is part of a broader bid to extend itself in the digital assets space.
The firm also purchases additional BTC on the open market. Data from BitcoinTreasuries.NET indicates a holding of 4,004 BTC. The total value is approximately $383.86 million.
In comments to The Wall Street Journal, Eric Trump spoke about recent market volatility. The drop was nothing to worry about, he said. He said wild swings were par for the course in the industry. His comments came as Bitcoin dropped momentarily below $95,000. The decline left the price some 25% below its early-October high.
Source: https://coingape.com/scaramuccis-lead-major-investment-in-american-bitcoin-tied-to/
