Trump-backed American Bitcoin received $100M investment from political critic

The Scaramuccis have revealed that they committed a $100 million investment to the Trump family-linked American Bitcoin despite their sour relationship with President Donald Trump. 

American Bitcoin is a mining company backed by the Trump family, and it has big ambitions for the crypto industry, specifically focusing its business on Bitcoin.

Fortune reported that the $220 million round was led by Solari Capital. Other backers in the round include Tony Robbins, Charles Hoskinson the co-founder of Cardano, Grant Cardone, and Peter Diamandis. 

Scaramuccis invest millions in Trump-backed Bitcoin miner 

Solari Capital, an investment firm led by AJ and Anthony Scaramucci, reportedly contributed more than $100 million in a July funding round for American Bitcoin. 

This is of note because of the Bitcoin mining company’s ties to Donald Trump’s sons. Anthony Scaramucci, AJ’s father and the founder of SkyBridge Capital, made a smaller personal investment, although he did not share the exact amount. 

Anthony Scaramucci is well-known for his short stint as White House communications director under Donald Trump and also for being quite critical of him afterward. However, both he and his son have been investing in American Bitcoin. The pair have said that their motive is their belief in the power of Bitcoin despite their dissatisfaction with Trump. 

AJ has even closer ties with American Bitcoin’s president, Matt Prusak, who was his roommate at Stanford Business School. According to Fortune, Prusak told AJ that American Bitcoin was being spun off from Hut 8, and AJ jumped on the opportunity. 

American Bitcoin’s operations 

American Bitcoin was launched by Eric Trump and Donald Trump Jr., in partnership with Hut 8.  As part of the deal, Hut 8 contributed “substantially all” of its Bitcoin mining equipment, in exchange for 80% of the company’s shares. The Trump family reportedly holds the remaining stake. 

After a reverse merger in September, American Bitcoin began trading on the Nasdaq. According to its filings, it operates mining facilities in places including the Niagara Falls in Canada and Texas, with tens of thousands of mining rigs. 

As of mid-November 2025, American Bitcoin said it held 4,004 BTC, worth roughly $415 million at the time. According to a regulatory filing reported by Cryptopolitan, American Bitcoin raised the full $220 million through a private share placement. About $10 million of the amount was paid in Bitcoin instead of cash. The reported average “cost” for those shares was about $104,000 per Bitcoin, according to the same filing. 

Out of that capital, American Bitcoin said it would use some of it to buy more mining gear and also to build up its Bitcoin treasury.  

Eric Trump described American Bitcoin as a way to profit from Bitcoin without buying Bitcoin directly, a “proxy play” as he called it. This is similar to what Michael Saylor does with his company, which buys huge amounts of Bitcoin and lets investors gain exposure by owning the company’s stock. 

The Trump family’s publicly traded media business has also announced plans to raise $2.5 billion to build a Bitcoin treasury.