American Bitcoin, the mining and treasury firm co-founded by Eric Trump and Donald Trump Jr., announced on Monday that it has added 1,414 Bitcoin (BTC) to its holdings, valued at approximately $163 million.
This acquisition brings the company's total Bitcoin treasury to 3,865 BTC, worth just under $445 million. Eric Trump, serving as chief strategy officer, emphasized the importance of the Bitcoin-per-share ratio, stating, "We believe one of the most important measures of success for a Bitcoin accumulation platform is how much Bitcoin backs each share."
The company went public on the Nasdaq exchange in early September under the ticker symbol "ABTC" after a merger with Gryphon Digital Mining. Its first day of trading saw significant volatility, with the share price surging by 85% intraday and trading halted five times due to price swings.
However, contrary to initial reports, there is no evidence that the Trump family directly purchased the 1,414 BTC in a single spot transaction. Official statements clarify that their involvement is through American Bitcoin's mining and asset accumulation activities, leveraging public capital. Eric Trump noted, "Our plan leverages public capital to both mine and accumulate bitcoin, positioning American Bitcoin as a leading digital asset treasury vehicle alongside its core mining operations."
The political ties have drawn scrutiny, with lawmakers like Representative Maxine Waters criticizing President Trump's pro-crypto actions, including the pardon of Binance founder Changpeng Zhao, and accusing him of conflicts of interest.
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