American Bitcoin Corp, the publicly traded mining company backed by the Trump family, has expanded its Bitcoin treasury to 6,500 BTC.
Eric Trump, co founder and chief strategy officer of the company, said the firm accumulated more than 500 Bitcoin over the past 21 days, pushing it to roughly the 17th largest corporate Bitcoin holder globally.
The move reflects a broader trend among mining companies increasingly choosing to retain mined Bitcoin rather than immediately selling it to cover operating costs.
At current Bitcoin prices near $71,500, the company’s holdings are valued at roughly $465 million.
Shares of American Bitcoin rose more than 13% on Wednesday and gained about 0.5% in early Thursday trading. Despite the recent rally, the stock remains more than 90% below its peak near $14.66 reached last year, with shares recently trading around $1.15.
The buildup in Bitcoin reserves coincides with the company’s ongoing expansion of its mining operations. American Bitcoin recently acquired 11,298 additional ASIC machines, expected to add about 3.05 exahash per second of computing power.
Once installed, the company’s fleet is projected to reach roughly 89,000 machines with a combined hashrate of around 28.1 EH/s. The new equipment is slated for deployment at its Drumheller facility in Alberta.
Separately, regulatory filings show that two company directors increased their stakes through open-market purchases. Justin Mateen, co-founder of Tinder, bought about 1.8 million Class A shares at an average price near $1.03 on March 3. Board member Richard Busch purchased 330,000 shares across two transactions on March 3 and March 4 at prices between $0.96 and $1.15.
Source: https://cryptobriefing.com/american-bitcoin-holdings-increase/
