American Bitcoin, the Nasdaq-traded Bitcoin treasury and mining company backed by Eric Trump and Donald Trump Jr., has brought its holdings to 4,367 BTC after its latest purchase.
American Bitcoin Ramps Up Its Bitcoin Holdings
According to the company’s Wednesday announcement, American Bitcoin acquired an additional 363 BTC, lifting its total stockpile to 4,367 BTC as of Dec. 2.
This means that the company and its founders were undeterred by the recent downturn in the cryptocurrency markets, with Bitcoin plummeting to as low as $82,000 from an all-time high of $126,080 a month before. The correction extended the weakness that started with the historic Oct. 10 market crash, which wiped out nearly $20 billion in leveraged positions.
“Strategic accumulation continues,” American Bitcoin’s X account asserted on Wednesday.
American Bitcoin is currently the 23rd-largest Bitcoin treasury, according to bitcointreasuries.net data.
The company was formed earlier this year when the Trump bros merged their own business entity with Miami-based Bitcoin miner Hut8. American Bitcoin revealed in May that it was going public via a reverse merger with Gryphon Digital Mining.
The firm’s stock price tumbled as much as 50% on Tuesday after shares from its pre-merger private placement were unlocked. Shares slumped to a closing price of $2.18, but they rebounded on Wednesday, closing up 9%. Eric Trump noted that the volatility was expected, stressing that the company’s fundamentals remain “virtually unmatched.”
Trump has often emphasized expanding the company’s Bitcoin reserves, prioritizing metrics such as its Bitcoin-per-share ratio, which he suggests will ultimately boost shareholder value.
Michael Saylor’s Bitcoin giant Strategy was the OG of publicly listed firms buying huge amounts of BTC, a model now being emulated by numerous other companies, American Bitcoin being one of them.
Source: https://zycrypto.com/trump-brothers-american-bitcoin-boosted-bitcoin-holdings-by-34-million-during-november-crypto-carnage/
