Trump-Backed American Bitcoin Expands Holdings to 4,004 BTC Worth $415M
American Bitcoin (ABTC), the Nasdaq-listed Bitcoin treasury and mining firm backed by Eric Trump and Donald Trump Jr., has grown its Bitcoin holdings to 4,004 BTC (valued at roughly $415 million), according to a company announcement released Friday. This expansion cements American Bitcoin’s position as a major player in the digital asset space, with a dual strategy of Bitcoin mining and at-market purchases driving growth.
The company’s holdings have increased by 139 Bitcoins, worth over $14 million at current prices, between October 24 and November 5. This move has contributed to a 2% rise in the company’s share price, demonstrating the market’s positive response to American Bitcoin’s aggressive expansion plans. As Eric Trump, co-founder and Chief Strategy Officer of the firm, noted, “We continue to expand our Bitcoin holdings rapidly and cost-effectively through a dual strategy that integrates scaled Bitcoin mining operations with disciplined at-market purchases.”
American Bitcoin Becomes 25th Largest BTC Holder
The expansion has solidified American Bitcoin’s position as the 25th largest Bitcoin-holding company, based on data from bitcointreasuries.net. This ranking is a testament to the company’s commitment to accumulating and mining Bitcoin, mirroring the approach of other major players in the industry, such as Strategy (formerly MicroStrategy). However, American Bitcoin faces tighter margins due to the increasingly competitive nature of the Bitcoin mining industry, particularly following the 2024 Bitcoin halving, which reduced block rewards from 6.25 to 3.125 BTC.
Despite these challenges, American Bitcoin’s shares traded nearly 2% higher on Friday afternoon in New York, following a volatile session that saw early declines. The company’s emergence as a publicly traded entity in September, following a series of mergers, has made it one of the more high-profile corporate plays in the digital asset space. As the Trump family continues to expand its presence in the cryptocurrency market, American Bitcoin is poised to remain a key player in the industry.
Trump Family’s Crypto Ventures Net $1B in Pre-Tax Gains
The Trump family has reportedly generated around $1 billion in pre-tax gains over the past year through a wide network of cryptocurrency ventures, according to an investigation by the Financial Times. Their portfolio spans memecoins, stablecoins, DeFi projects, and digital collectibles, including the TRUMP and MELANIA tokens, which together brought in roughly $427 million, and the WLFI token, which added another $550 million. The family’s USD1 stablecoin, backed one-to-one by U.S. Treasuries, has attracted $2.71 billion in reserves and fees, further cementing their growing footprint in the digital asset sector.
As the cryptocurrency market continues to evolve, American Bitcoin and the Trump family’s other ventures are likely to remain at the forefront of the industry. With their commitment to accumulating and mining Bitcoin, as well as their diverse portfolio of cryptocurrency investments, they are well-positioned to capitalize on the growing demand for digital assets. For more information, visit the original source link: https://cryptonews.com/news/trump-backed-american-bitcoin-expands-holdings-to-4004-btc-worth-415m/
