American Bitcoin Corp, a Miami-based mining company majority owned by Hut 8 (HUT) and backed by the Trump family, has raised $220 million from accredited investors, according to a filing with the U.S. Securities and Exchange Commission.

The raise topped its target of $200 million, and it also accepted about $10 million worth of bitcoin (BTC) in lieu of cash, the filing details. The placement netted roughly $215 million after fees. The firm sold 11,002,954 Class A shares in total.

The fresh capital will be used add bitcoin to the firm’s treasury and upgrade its fleet of mining machines.

The sons of U.S. President Donald Trump, Eric and Donald Trump Jr, owned American Data Center, which merged with American Bitcoin. According to earlier reports, American Bitcoin is 80% owned by Hut 8, with the Trump brothers owning 20%.

In May, the firm announced it is vying a public listing by merging with Gryphon Digital Mining (GRYP). Hut 8’s share are down 0.86% in pre-market trading at $18.44.

Read more: Trump Family-Backed American Bitcoin to Go Public via Merger With Gryphon Digital

Australian bitcoin (BTC) miner IREN (IREN) said it reached its midyear hashrate target of 50 exahashes per second (EH/s) installed self-mining capacity.

The growth from 31 EH/s at the end of last year is anchored by IREN’s 750MW site in Childress, Texas, the company formerly known as formerly Iris Energy, said in an announcement on Tuesday.

Sydney-based IREN’s attention is now on Horizon 1, a 50MW AI data center at Childress, which it says it set for delivery in the fourth quarter.

Hashrate is a measurement of the computing power behind the Bitcoin network. The higher a company’s hashrate, the higher its chances of mining new BTC and receiving the rewards that come with it. Rival CleanSpark (CLSK) also reached the milestone of 50 EH/s last month.

«With 50 EH/s of mining expansion complete, we’re now turning to our next frontier, leveraging the same execution discipline to scale AI infrastructure across high-growth compute markets,» co-founder Daniel Roberts said in the statement.

IREN’s Nasdaq-listed shares closed over 4% higher at $14.57 on Monday. They were recently 4.12% lower in pre-market trading.

Disclaimer: The analyst who wrote this article has shares in Strategy (MSTR)

Strategy’s (MSTR) perpetual preferred shares may be anticipating the bitcoin-accumulation company’s inclusion in the S&P 500 index after the largest cryptocurrency posted a record-high monthly close at a price some analysts calculate lifted quarterly earnings to a level that qualifies it for the U.S. equity benchmark.

That may not be the only reason for their popularity, however. The stocks all offer yields above the Federal Reserve’s target rate of 4.25%-4.5% at levels that may be enough to attract investor interest, especially given President Donald Trump’s calls for U.S. interest rates to be lowered.

While the official announcement regarding S&P 500 inclusion is not due until September. Still, on Monday, MSTR rose 5%, pushing the stock above $400, its highest since May 22. More notable gains came from the perpetual preferred shares, STRK, which climbed 15% and STRF, which added 7.5%. The STRD shares rose 3%.

Bitcoin BTC ended June at $107,750, a level that translates into a positive earnings impact of about $11 billion for Tyson Corner, Virgina-based Strategy, and boosts earnings per share to around $39.50, according to MSTR analyst Jeff Walton. That’s enough for it to post a net positive figure from the most recent four quarters, the last barrier it faced to be added to the S&P 500.

Shares often rise when they join, or are expected to join, the benchmark because membership opens up greater demand from institutions who are not allowed to invest in companies that haven’t made the cut.

STRK’s advance pushed the price to $121 with an effective yield of 6.6%. Since its Feb. 6 launch, STRK has delivered a 42% return, outperforming both bitcoin’s 11% jump and the S&P 500’s 2%. The figures exclude dividend payments associated with these products. STRF now offers an effective yield of 8.8% and STRD 11.1%.

Altogether, these developments raise the question of whether recent market moves represent front running ahead of a possible inclusion of MSTR in the S&P 500 alone.

Read more: Strategy Could Be Eligible for S&P 500 Inclusion in June if Bitcoin Closes Q1 Above $96K