American Bitcoin, a mining and treasury company co-founded by Eric Trump and Donald Trump Jr., has increased its holdings by over 1,400 bitcoins.
According to an announcement on Monday, American Bitcoin acquired 1,414 bitcoins for approximately $163 million. This brings its total holdings to 3,865 BTC, valued at nearly $445 million.
Eric Trump, serving as Chief Strategy Officer, stated that the company focuses on increasing its bitcoin per share ratio, which it believes is a core metric of shareholder value. "We believe one of the most important measures of success for a bitcoin accumulation platform is how many bitcoins are behind each share," he said.
The company began operations in March when mining company Hut 8 exchanged a majority stake for its bitcoin mining hardware.
Before the announcement, American Bitcoin went public on the Nasdaq exchange in early September, closing up over 16% on its volatile first trading day. However, due to significant price fluctuations that day, trading was halted five times, with the stock price soaring 85% during the session.
Prior to going public, the company merged with publicly traded bitcoin mining firm Gryphon Digital Mining, based in Las Vegas, at the end of August. Shareholders approved the stock-for-stock merger, allowing the company to begin trading under the ticker symbol "ABTC" while retaining the name American Bitcoin.
Before the merger, Gryphon's stock surged 230%, rebounding before the completion of the merger.
Former President Trump’s increasing involvement in digital assets as a policymaker and investor has drawn scrutiny from lawmakers. He recently pardoned Binance founder Changpeng Zhao "CZ" (who admitted to violating U.S. anti-money laundering laws), reigniting allegations of corruption and conflicts of interest.
Democratic Congresswoman Maxine Waters described the decision as "a shocking but not surprising reflection of his presidency," stating that Trump "provides tremendous assistance to cryptocurrency criminals." She also accused him of corruption, leveraging the presidency for personal wealth.
These statements came after analysis revealed that Trump's second presidential term coincided with an extraordinary increase in his personal wealth. The Trump family has been open about its growing wealth. Eric Trump recently told supporters that the family's profits from digital asset investments "could exceed" the reported $1 billion.
Related: Politico: Before CZ received Trump's pardon, Binance engaged in expensive lobbying efforts in Washington
Original article: “Trump-linked American Bitcoin adds $163M in BTC, lifting treasury above $445M”
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