American Bitcoin Corp. (Nasdaq: ABTC), a Trump family–backed mining platform, has expanded its Bitcoin holdings to 3,865 bitcoin, adding 1,414 bitcoin since September through a combination of mining production and secondary market purchases.
The Miami-based firm, which describes itself as “America’s Bitcoin infrastructure backbone,” said the latest accumulation includes coins held in custody and those pledged for miner purchases under its ongoing procurement deal with Bitmain.
The update continues a rapid expansion trajectory that began earlier this year when Hut 8 spun out its U.S. mining arm as a separate, publicly traded entity.
American Bitcoin initially held around 500 BTC at the time of the carve-out, then purchased another 1,726 BTC between July and August for approximately $205 million.
Those holdings were pledged to Bitmain as collateral for a $314 million order of 16,299 Antminer U3S21EXPH units — nearly the full 15 EH/s option under the companies’ strategic supply agreement. Most of those machines will be hosted at Hut 8’s new Vega site in Texas, a 400-megawatt facility central to American Bitcoin’s push toward 25 EH/s of proprietary hashrate.
“We believe one of the most important measures of success for a Bitcoin accumulation platform is how much Bitcoin backs each share,” said Eric Trump, co-founder and chief strategy officer. “As part of that conviction, we are focused on providing transparent updates as we aim to increase our holdings.”
Executive Chairman Asher Genoot added that American Bitcoin’s integrated mining model allows it to lower its average cost per Bitcoin compared with treasury-style vehicles that buy on the open market.
“That structural advantage allows us to compound Bitcoin value per share more efficiently for our investors,” he said.
Shares of ABTC have been volatile since their September debut, rising 11% on Friday to close at $5.62 after recovering from midweek lows below $5.
The company, valued around $5.1 billion, remains one of the most closely watched plays in the sector — both for its aggressive expansion plans and its deep ties to the Trump family.
At the time of writing, the stock is trading at $5.83 and Bitcoin is trading at $115,000 after a couple of tumultuous weeks.
Gryphon, American Bitcoin merger
Earlier this year, Gryphon Digital Mining merged with American Bitcoin Corp., the Trump family–backed subsidiary of Hut 8, to form what they claim could become the most efficient pure-play Bitcoin miner in the industry.
The all-stock merger saw Gryphon shareholders own about 2% of the combined entity and American Bitcoin stakeholders hold 98%.
The merger, now finalized, provides American Bitcoin with a faster route to public markets and combines Gryphon’s mining technology with American Bitcoin’s capital strength and large-scale reserve strategy.
Source: https://bitcoinmagazine.com/business/american-bitcoin-adds-1414-bitcoin
