Trump-linked American Bitcoin adds $163M in BTC, lifting treasury above $445M

Adrian Zmudzinski 1 minute ago Trump-linked American Bitcoin adds $163M in BTC, lifting treasury above $445M Trump-linked Bitcoin miner and treasury firm American Bitcoin added 1,414 BTC to its holdings, bringing its total stash to 3,865 BTC. Listen 0:00 6 News COINTELEGRAPH IN YOUR SOCIAL FEED American Bitcoin, the mining and treasury firm co-founded by Eric Trump and Donald Trump Jr., has added more than 1,400 Bitcoin to its holdings. According to a Monday announcement , American Bitcoin acquired 1,414 Bitcoin ( BTC ) for around $163 million. This brings the firm’s total holdings up to 3,865 BTC, worth just under $445 million. Eric Trump, who serves as chief strategy officer, said the company is focused on increasing its Bitcoin-per-share ratio, a metric it considers central to shareholder value. “We believe one of the most important measures of success for a Bitcoin accumulation platform is how much Bitcoin backs each share,” he said. The company sprang to life in March when mining firm Hut 8 acquired a majority stake in it in exchange for its Bitcoin mining hardware. American Bitcoin's Bitcoin holdings charts. Source: American Bitcoin Related: CZ’s pardon came after costly Binance lobbying push in Washington: Politico American Bitcoin’s rapid rise The announcement follows American Bitcoin’s public listing on the Nasdaq exchange in early September, with the company closing its choppy first day up over 16%. Still, the firm’s trading was halted five times amid heightened price volatility on the day, with the share price surging by 85% intraday. The listing followed a late August merger with Gryphon Digital Mining , a publicly traded Bitcoin miner based in Las Vegas. Shareholders approved the stock-for-stock merger, which led the company to begin trading under the ticker symbol “ABTC ” while retaining the American Bitcoin name. The listing was preceded by a 230% spike in Gryphon’s stock , which rallied ahead of the merger’s completion. Related: Trump to nominate SEC's ‘pro-crypto’ Michael Selig as CFTC chair: Report Political ties and growing scrutiny President Trump’s increasing engagement with digital assets, both as a policymaker and investor, has drawn scrutiny from lawmakers. His recent pardon of Binance founder Changpeng “CZ” Zhao, who pleaded guilty to violating US Anti-Money Laundering laws, reignited accusations of corruption and conflicts of interest. United States Representative Maxine Waters described the decision as “an appalling but unsurprising reflection of his presidency” and said that he is “ doing massive favors for crypto criminals .” She also accused him of corruption and of leveraging the presidency to gain personal wealth. The statements follow analysis finding that Trump’s second term in office has coincided with an extraordinary increase in his personal wealth . Trump’s family has been open about its growing fortune. Eric Trump recently told supporters that the family’s profits from its digital asset ventures were “probably more” than the $1 billion reported. Magazine: Quitting Trump’s top crypto job wasn’t easy: Bo Hines # Bitcoin # Cryptocurrencies # Mining # Bitcoin Price # Adoption # Bitcoin Mining # Donald Trump # United Nations # Regulation Add reaction