Hut 8 Corp. filed with the SEC that its majority-owned subsidiary, American Bitcoin Corp., has raised $220 million in a private stock placement with accredited investors, with a portion of the investment made in Bitcoin.

The company announced that it sold over 11 million shares of its Class A common stock during the first closing of the transaction on June 27, following a June 24 agreement with accredited investors. The offering included $10 million worth of shares purchased with Bitcoin, using a conversion rate of $104,000 per Bitcoin. After fees and commissions, the company received approximately $215 million in net proceeds.

The funding will be used to grow the…

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