Trump Brothers’ American Bitcoin Hits BTC Milestone as Stock Falls to Lowest Price Since IPO

American Bitcoin Corp, the publicly traded Bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr., eclipsed 7,000 BTC in holdings—or around $471 million worth—as shares in the firm (ABTC) sank nearly 4% to $0.82, its lowest point since its IPO. 

The firm said it has approximately tripled its Bitcoin holdings since its public debut and has more than doubled its “satoshis per share,” a metric which tracks its Bitcoin holdings compared to shares outstanding. That metric utilizes Bitcoin’s smallest unit, a satoshi, or 1/100,000,000 of a full Bitcoin.

“The accumulation machine is running at full throttle—mining at a discount plus disciplined buying,” Eric Trump posted on X.

Despite its growing holdings of the top crypto asset, shares in the firm have not responded positively, falling nearly 88% in the last six months and 94% from post-IPO high mark of $14.52. 

Shares wicked up to $14.52 on September 3 as part of nearly a 100% surge on its opening day, before they settled up around 34% on the day. During that time, ABTC trading was halted seven times on account of the price volatility. 

The firm was formed when the Trump brothers combined their own entity with publicly traded Bitcoin miner, Hut8. Later, its path to public trading was made through a stock-for-stock merger with Gryphon Digital Mining, a firm that was already publicly traded. 

In Q4, American Bitcoin—which went public with a treasury of around 2,443 BTC—posted a loss of more than $59 million as crypto prices slid from their fall highs. That mark was in contrast to the previous year, when it posted a profit of around $3.49 million. 

The firm, which maintains a goal of setting “the global benchmark for Bitcoin infrastructure, reserves, and innovation” while making America the leader of the Bitcoin economy, says it is now the 16th largest publicly traded Bitcoin holder in the world, using data from Bitcointreasuries.org. 

Bitcoin is up 1.3% in the last 24 hours, changing hands around $67,336. It remains more than 46% off its all-time high of $126,080, set last October.