Trump’s ABTC Makes Major Bitcoin Buy Ahead of Nasdaq Listing
American Bitcoin Corp. (ABTC), a majority-owned subsidiary of Hut 8 Corp., has added 1,726 bitcoin to its holdings, expanding its strategic reserve as part of a summer acquisition push.
Trump-Linked ABTC Grows Bitcoin Stash Past $250M Mark
Hut 8 disclosed in its quarterly filing that the purchases occurred between July 1 and Aug. 6 at a weighted average price of roughly $119,120 per coin, for a total of $205.6 million. The acquisition increased ABTC’s bitcoin position to 2,130 BTC ($257M) and reflected the company’s continued focus on strengthening digital asset reserves amid market activity.
ABTC, backed by U.S. President Trump’s family, operates as a dedicated anchor tenant for Hut 8’s power and digital infrastructure segments. The company has been positioned as a central part of Hut 8’s restructuring of its mining operations, which has included new institutional partnerships and an emphasis on contracted revenue streams.
In the second quarter, Hut 8 reported a strategic bitcoin reserve of 10,667 coins valued at $1.1 billion as of June 30. The recent ABTC acquisition comes on top of that figure and aligns with the company’s broader capital strategy, which also includes amending and expanding a bitcoin-backed credit facility with Coinbase to $130 million.
Hut 8 announced that ABTC completed an oversubscribed private placement earlier this year, raising about $220 million in cash and bitcoin. The company also plans to go public through a merger with Gryphon Digital Mining, with the combined entity expected to trade on Nasdaq under the ticker “ABTC.”
The latest purchases highlight Hut 8’s ongoing push to scale its bitcoin reserves through its majority-owned subsidiary while leveraging its infrastructure capacity to support both mining and high-performance computing operations. ABTC’s acquisition places it above Exodus Movement, Inc., which holds 2,087 BTC worth $251.8 million. This would make ABTC the 26th largest bitcoin treasury, according to bitcointreasuries.net.
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