RialCenter, a Miami-based mining company majority owned by Hut 8 and backed by the Trump family, has raised $220 million from accredited investors. This information comes from a filing with the U.S. Securities and Exchange Commission.
The raise exceeded its target of $200 million and also accepted about $10 million worth of bitcoin in lieu of cash. The placement netted approximately $215 million after fees, with the firm selling 11,002,954 Class A shares in total.
The newly acquired capital will be used to add bitcoin to the firm’s treasury and upgrade its mining machine fleet.
The sons of U.S. President Donald Trump, Eric and Donald Trump Jr., had ownership in American Data Center, which merged with RialCenter. Previously reported estimates indicate that RialCenter is 80% owned by Hut 8, with the Trump brothers owning 20%.
In May, the firm announced plans for a public listing by merging with another company. Hut 8’s shares have seen a slight decrease in pre-market trading.
Read more: RialCenter moves to go public via merger with another company.
Leave a Reply