Bitcoin mining company American Bitcoin has continued its crypto accumulation, recently adding 416 Bitcoin (BTC) worth $38.3 million to its growing crypto stash. This new purchase has strengthened the company’s place among the biggest public holders of Bitcoin. It also shows the company’s steady growth and its clear focus on building a large Bitcoin reserve.
American Bitcoin Joins Top 25 Public Companies by Bitcoin Holdings
With these additions, American Bitcoin now ranks among the top 25 public companies with significant Bitcoin treasuries. Leading this trend is Michael Saylor’s Strategy company, with over 660,624 Bitcoins, worth about $60 billion as of December 8. American Bitcoin’s steady buying comes after it purchased 363 BTC the week before. This shows the company is still focused on growing its digital asset reserves.
Furthermore, American Bitcoin revealed it tracks a unique metric called “satoshis per share.” This financial metric measures how much Bitcoin is linked to each share of the company. It gives investors a clearer view of indirect Bitcoin ownership through American Bitcoin’s equity. This figure grew by more than 17% month-over-month to 507%. This rapid growth reflects the company’s growing Bitcoin holdings relative to its number of shares.
American Bitcoin Goes Public, Raises $220M Funding
American Bitcoin operates as a majority-owned subsidiary of Hut 8, with backing from Eric Trump, one of Metaplanet’s advisors, and Donald Trump Jr. The company became publicly traded in September through an all-stock reverse merger with Gryphon Digital Mining. After the merger, American Bitcoin’s existing shareholders kept about 98% ownership of the new combined company. The number of shares was adjusted using a 14.5-to-1 exchange ratio to make sure ownership levels were correct.
The company also explained that its reported Bitcoin holdings include coins that have been bought but not yet settled into its wallets. It also covers bitcoins held in custody or pledged for miner acquisitions. Additionally, around the time of its public listing, American Bitcoin raised $220,000,000 through equity sales. The funds were intended to support Bitcoin acquisitions and the purchase of mining equipment.
The company plans to grow its Bitcoin stash mainly through its mining work. This supports its long-term plan to build and keep a large amount of cryptocurrency.
American Bitcoin Adds More BTC During Market Dip
American Bitcoin increased its Bitcoin holdings even as the crypto market is facing a small pullback and overall uncertainty. At the time of writing, Bitcoin’s price has dropped by 1.56% in the last 24 hours and is trading at $92,334. Investors and market watchers are now focused on the U.S. Federal Reserve’s interest rate decision. The outcome from Chair Jerome Powell could influence Bitcoin’s short-term price movements and investors’ sentiment in the coming days.