Key Takeaways
- American Bitcoin has amassed 215 BTC since April.
- The company plans to go public via a merger with Gryphon.
- ABTC's strategy focuses on Bitcoin accumulation and mining efficiency.
American Bitcoin, a mining firm backed by Eric Trump and Donald Trump Jr., has accumulated 215 BTC, worth over $23 million, since its launch on April 1st.
The company, known as ABTC, filed a statement with the SEC on June 6, revealing its strategy as a long-term Bitcoin accumulator.
ABTC considers its Bitcoin reserve a core strategic asset, aiming to strengthen its balance sheet and enhance long-term shareholder value. The company’s strategy is open-ended, continuously assessing market conditions to expand its holdings.
The firm stated that Bitcoin ownership is central to its operations:
Bitcoin accumulation is not a side effect of ABTC’s business. It is the business.
Mining Operations and Expansion
ABTC invests in mining without owning physical infrastructure, managing over 60,000 miners primarily from Bitmain and MicroBT.
These are deployed across facilities in New York, Alberta, and Texas, managed by Hut 8. With a combined hashrate of 10.17 exahashes per second, ABTC participates in pools like Foundry and Luxor, maintaining pool fees below 1%.
The firm employs a three-tiered strategy focusing on cost-efficient mining, capital leverage for BTC reserve growth, and active participation in the Bitcoin ecosystem.
Going Public via Gryphon Merger
On May 12, ABTC announced plans to go public through a merger with Gryphon Digital Mining.
The transaction will be stock-for-stock, with Eric Trump joining the board. Hut 8, a majority owner, will continue its role in managing mining operations, securing stable revenue through long-term agreements.
