TLDR
- American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., added 1,414 BTC to its holdings for $163 million.
- The company’s total Bitcoin holdings now exceed 3,865 BTC, valued at approximately $445 million.
- Eric Trump emphasized the importance of increasing the Bitcoin-per-share ratio for shareholder value.
- American Bitcoin made its Nasdaq debut in early September under the ticker “ABTC” despite early trading volatility.
- The company’s Nasdaq listing followed a merger with Gryphon Digital Mining, boosting investor confidence.
American Bitcoin, a company co-founded by Eric Trump and Donald Trump Jr., has expanded its holdings of Bitcoin. The company recently purchased 1,414 BTC for $163 million, increasing its total treasury to 3,865 BTC. This move brings the total value of American Bitcoin’s holdings to nearly $445 million, based on current market prices.
Eric Trump Focuses on Bitcoin-Backed Shares
Eric Trump, who serves as the company’s chief strategy officer, emphasized the importance of Bitcoin-backed shares. He stated, “One of the most crucial metrics for a Bitcoin accumulation platform is how much Bitcoin backs each share.” He added that American Bitcoin aims to increase its Bitcoin-per-share ratio, a key indicator of shareholder value.
The company’s strategic focus aims to grow its Bitcoin reserves while improving shareholder returns. American Bitcoin believes that its Bitcoin holdings will drive long-term value for its investors. Additionally, it seeks to become a prominent player in the cryptocurrency mining sector.
American Bitcoin’s Nasdaq Listing and Merger
American Bitcoin began trading on the Nasdaq exchange in early September under the ticker “ABTC.” Despite a volatile first day, the company’s stock ended up 16% higher. Trading was temporarily halted five times on the debut day due to significant fluctuations in the share price.
The listing followed a merger with Gryphon Digital Mining, a Bitcoin mining company based in Las Vegas. This stock-for-stock merger led to the company’s Nasdaq debut and rebranded it as American Bitcoin. The merger caused Gryphon’s stock to surge by 230%, indicating strong investor interest in the newly formed company.
Trump’s Increasing Involvement in Digital Assets
President Donald Trump has shown growing interest in digital assets, including Bitcoin. His family’s increasing engagement with cryptocurrency has garnered attention from both investors and lawmakers. Critics have raised concerns over potential conflicts of interest, particularly regarding Trump’s financial dealings in the crypto space.
Recently, Trump granted a pardon to Binance founder Changpeng “CZ” Zhao, who had pled guilty to violating U.S. Anti-Money Laundering laws. Democratic Representative Maxine Waters criticized the decision, accusing Trump of using his political influence for personal gain. Despite the controversy, Trump’s involvement in digital assets continues to shape the landscape of Bitcoin investment.
