American Bitcoin Corp. has purchased 1,414 Bitcoin valued at more than $160 million, according to a Monday announcement. The acquisition pushed the Nasdaq-listed firm into the top 25 public holders of the asset.
The mining and accumulation platform, co-founded by Eric Trump and Donald Trump Jr., now controls 3,865 Bitcoin worth nearly $450 million as of Oct. 24. The treasury was built through a combination of mining operations and direct market purchases, with some of the Bitcoin pledged for miner acquisitions under an agreement with Bitmain.
Transparency Initiative and Strategic Advantage
American Bitcoin ranks just behind Gemini Space Station and ahead of OranjeBTC among public holders. The company announced plans to introduce a new transparency measure called Satoshis per Share, which will show investors how much Bitcoin backs each outstanding share by dividing total satoshis held by shares outstanding.
Eric Trump, the firm's chief strategy officer, stated that the metric represents a critical success measure for Bitcoin accumulation platforms. He posted on X that the team is just getting started with its acquisition strategy.
Executive Chairman Asher Genoot highlighted that integrated mining operations provide a cost advantage over competitors who solely purchase Bitcoin on the open market.
Company Evolution and Market Performance
American Bitcoin debuted on Nasdaq in September and is majority-owned by Hut 8 Mining, combining mining output with treasury accumulation to increase Bitcoin exposure per share. The company emerged in March when Hut 8 acquired a majority stake in exchange for mining hardware.
In late August, American Bitcoin merged with Gryphon Digital Mining, a Las Vegas-based publicly traded Bitcoin miner, in a stock-for-stock transaction that led to trading under the ticker symbol ABTC.
Shares of ABTC climbed nearly 12% on Monday to $6.28. However, the stock remains below its Nasdaq debut price of around $8 from early September. The listing day saw volatile trading with five halts as the share price surged 85% intraday before closing up over 16%.
The listing followed a 230% spike in Gryphon's stock ahead of the merger completion. American Bitcoin aims to expand its Bitcoin holdings while maintaining transparency through regular updates on key metrics that matter to shareholders focused on digital asset accumulation strategies.