Trump-backed American Bitcoin surges to $23M in BTC reserves amid plans for public listing

The Trump-backed American Bitcoin (ABTC) has built a $23 million Bitcoin reserve in just three months, according to a June 6 SEC filing. The mining firm, championed by Eric Trump and Donald Trump Jr., now holds 215 BTC ($109,032 each at press time) while preparing to go public via a merger with Gryphon Digital Mining.

“Bitcoin accumulation isn’t a side effect—it’s the core of our business,” ABTC stated, framing its strategy as a long-term play to “enhance stockholder value.”

The disclosure marks the first official confirmation of the Trump-backed American Bitcoin’s holdings, which were mined using 60,000 Bitmain and MicroBT rigs across North America.

How Trump-backed American Bitcoin outpaces rivals with asset-light mining

Unlike competitors burdened by real estate costs, the Trump-backed American Bitcoin operates through a partnership with Hut 8, utilizing facilities in New York, Texas, and Alberta. This hybrid model delivers a 10.17 EH/s hash rate at 21.2 J/TH efficiency while keeping overheads low.

“By outsourcing infrastructure, we maintain capital flexibility,” ABTC noted.

The firm’s miners contribute to top pools like Foundry and Luxor, earning daily rewards with sub-1% fees. All BTC is stored in Coinbase Custody cold wallets with whitelisted withdrawals—a security measure aligning with its “balance sheet first” philosophy.

Analysts suggest the Trump-backed American Bitcoin’s approach could disrupt an industry struggling with post-halving profitability. “Their focus on liquidity over physical assets is a hedge against volatility,” said Marco Streng, CEO of Genesis Mining.

Public listing via Gryphon merger to fuel further Bitcoin buys

The Trump-backed American Bitcoin’s May 12 merger announcement with Gryphon Digital Mining will create a Nasdaq-listed entity majority-owned by Hut 8. Eric Trump will join the board, while existing shareholders retain 98% control.

Critics question the timing as Bitcoin hovers near $70,000, but ABTC insists its “open-ended accumulation” strategy adapts to market cycles. The filing reveals no target threshold—instead, the Trump-backed American Bitcoin will “opportunistically raise capital” to expand holdings.

This contrasts with Tether’s planned mining foray, highlighting divergent sector strategies. While stablecoin giants build infrastructure, the Trump-backed American Bitcoin bets on financial agility.

Why Wall Street is watching Trump-backed American Bitcoin

With OpenAI annual revenue projections dominating tech headlines, ABTC’s pivot to “Bitcoin as a treasury asset” taps into two trends: institutional crypto adoption and Trump-linked ventures. The firm’s SEC disclosure emphasizes “stockholder value,” suggesting appeals beyond crypto natives.

As OpenAI annual revenue debates spotlight AI’s economic impact, the Trump-backed American Bitcoin positions itself as a bridge between traditional finance and digital assets. Its success may hinge on Bitcoin’s price stability—a factor ABTC acknowledges by storing rewards rather than selling.