American Bitcoin Corp, a publicly listed mining enterprise associated with the Trump family, has increased its Bitcoin reserves to a total of 6,500 BTC.
According to Eric Trump, who serves as the co-founder and chief strategy officer of the company, they have acquired over 500 Bitcoins in just three weeks. This acquisition positions them as approximately the 17th largest corporate holder of Bitcoin worldwide.
This strategy is indicative of a larger trend within the mining sector where companies are opting to hold onto their mined Bitcoins instead of selling them off immediately for operational expenses.
With current Bitcoin prices hovering around $71,500, American Bitcoin’s assets are estimated to be worth nearly $465 million.
The company’s stock saw an increase exceeding 13% on Wednesday and experienced a slight rise of about 0.5% during early trading on Thursday. However, despite this recent surge, shares remain significantly lower—over 90%—compared to their peak value near $14.66 from last year; they are currently trading at approximately $1.15.
The growth in their Bitcoin holdings aligns with American Bitcoin’s ongoing efforts to expand its mining capabilities. Recently, they procured an additional batch of 11,298 ASIC machines that is anticipated to enhance their computing power by roughly 3.05 exahash per second.
Once these new machines are operational, the total number in use will reach about 89,000 units with an aggregate hashrate nearing 28.1 EH/s. The installation is planned for their facility located in Drumheller, Alberta.
In related news regarding ownership stakes within the company’s leadership team: regulatory documents reveal that two directors have boosted their investments through purchases on the open market. Justin Mateen—a co-founder of Tinder—acquired around 1.8 million Class A shares at an average price close to $1.03 on March third; meanwhile board member Richard Busch bought up another set totaling 330 thousand shares across two transactions dated March third and fourth at prices ranging from $0.96 up to $1.15.
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