Trump Family-Backed American Bitcoin Has Scooped Up $23 Million Worth Of Bitcoin

American Bitcoin, Hut 8’s majority-owned Bitcoin-mining unit backed by the Trump family, has accumulated 215 BTC since its launch in April, according to a recent disclosure from the company to the U.S. Securities and Exchange Commission (SEC).

In the June 6 SEC filing, the digital asset mining firm revealed it was holding 215 Bitcoin in its reserves as of May 31. Based on current prices, the stash is worth $23.6 million. According to data from CoinMarketCap, Bitcoin was changing hands at $109,605 at publication time. 

This marks the company’s first sizable Bitcoin acquisition since announcing a Bitcoin treasury play, pioneered by Michael Saylor’s Strategy — which started accumulating BTC in 2020.

American Data Center, owned by Eric Trump and Donald Trump Jr., merged with Bitcoin mining company Hut8 to form American Bitcoin in March. The Trump brothers own 20% of American Bitcoin, while Hut 8 holds the remaining 80%.

The newly established entity plans to go public as early as the third financial quarter of this year through a stock-for-stock merger with Gryphon Digital Mining and will trade on the Nasdaq under the ticker symbol ABTC.

“ABTC considers its reserve a core strategic asset, managed adaptively to support balance sheet strength with a view to enhancing long-term stockholder value. Bitcoin accumulation is not a side effect of ABTC’s business. It is the business,” the firm said.

The company added that its accumulation strategy is open-ended, suggesting that it has no fixed BTC target. Instead, it will continuously assess market conditions to raise capital when favorable and boost its holdings of the foremost cryptocurrency.

American Bitcoin’s strategy to grow its Bitcoin stash comes as a slew of public and private companies increasingly add the asset to their corporate treasuries. Companies including Trump Media, GameStop, and Champions League winners Paris Saint-Germain became the latest to announce or advance their Bitcoin treasuries, joining the likes of Semler Scientific, Cantor-backed Twenty One, and Metaplanet.

Though American Bitcoin is separate from the Trump Organization, it may eventually team up with World Liberty Financial — the decentralized finance (DeFi) platform launched by Trump’s eldest sons late last year.