American Bitcoin Corp. (ABTC), a Bitcoin (BTC) mining firm supported by Eric and Donald Trump Jr., has amassed a reserve of 215 BTC, valued at over $23 million, since its inception on April 1, 2025.
Bitcoin Accumulation As Core Business
This significant accumulation was revealed in a recent filing with the US Securities and Exchange Commission (SEC), underscoring the company’s commitment to Bitcoin as its primary business objective. ABTC emphasized in the filing, “Bitcoin accumulation is not a side effect of ABTC’s business. It is the business.”
The firm operates over 60,000 mining machines from leading manufacturers Bitmain and MicroBT, strategically located in facilities managed by Hut 8 across New York, Alberta, and Texas.
These mining operations contribute to pools such as Foundry and Luxor, with daily rewards allocated based on each miner’s hashrate contribution. To safeguard its Bitcoin holdings, American Bitcoin employs Coinbase Custody for cold storage, utilizing multifactor authentication and whitelisted withdrawal protocols to enhance security.
On May 12, 2025, American Bitcoin announced plans to go public through a stock-for-stock merger with Gryphon Digital Mining. The new entity will operate under the American Bitcoin name and aims to trade on Nasdaq under the ticker symbol “ABTC” as early as the third quarter of 2025.
Following the merger, current ABTC shareholders will own approximately 98% of the combined company, while Gryphon shareholders will retain around 2%. Hut 8, which holds a majority stake in ABTC, will continue to manage mining operations post-merger.
Eric Trump Joins American Bitcoin Board
Eric Trump is set to join the company’s board after the merger, solidifying the Trump family’s involvement in this venture and in the broader cryptocurrency industry. The merger aims to provide American Bitcoin with direct access to growth capital, independent of Hut 8’s financial resources, thereby facilitating the expansion of its operations.
In a related development, Trump Media & Technology Group (TMTG), the parent company of the Truth Social platform, announced plans to invest in Bitcoin.
According to Politico, TMTG has secured commitments from around 50 large investors to raise $2.5 billion through a mix of stock and debt.
Devin Nunes, CEO of TMTG and a former Republican representative, described Bitcoin as “an apex instrument of financial freedom.” He stated that incorporating cryptocurrency into TMTG’s assets would be a crucial step in protecting the company against potential discriminatory practices from financial institutions.
Nunes also noted that this Bitcoin acquisition would enhance synergies related to subscription payments and the proposed utility token across Truth Social and TMTG’s streaming platform, Truth+. The company anticipates concluding its fundraising efforts soon.
This growing interest in cryptocurrency among Trump-affiliated businesses reflects a broader trend within the financial landscape, as they seek new avenues for growth amid recent challenges.
Featured image from DALL-E, chart from TradingView.com
