Bitcoin’s recent fluctuations have not deterred corporate treasury companies from increasing their holdings of the digital asset. American Bitcoin, which received backing from Eric Trump, has surpassed ProCap Financial—founded by entrepreneur Anthony Pompliano—in total Bitcoin reserves. Since the beginning of December, American Bitcoin has added over 1,000 BTC to its inventory, bringing its total to 5,044 BTC, valued at approximately $443 million, as reported by the industry tracker BitcoinTreasuries.NET.
In contrast, ProCap Financial, which was designed to create a Bitcoin-centric financial platform and investment vehicle, has slipped to the 22nd position among corporate holders with around 5,000 BTC. Though ProCap has also increased its Bitcoin holdings in recent weeks, American Bitcoin’s growth has allowed it to outpace its competitor.
Earlier this year, American Bitcoin went public through a reverse merger with Gryphon Digital Mining, a publicly traded Bitcoin mining firm. The company rebranded from American Data Center and was introduced by Donald Trump Jr. and Eric Trump in March.
ProCap Financial made its own public debut after securing $750 million in funding over the summer through a special-purpose acquisition company, which aims to give investors access to Bitcoin and the broader digital asset landscape.
In recent discussions, Wall Street veterans, including Bitwise chief investment officer Matt Hougan, have described 2025 as Bitcoin’s “IPO moment.” This term reflects the idea that early investors are starting to reap significant returns as new capital flows into the market through exchange-traded funds and corporate acquisitions. Jordi Visser of 22V Research commented that this phase resembles a traditional IPO—time when initial supporters cash out and venture capitalists reward their limited partners.
The competition in the corporate Bitcoin treasury landscape has intensified, with the top 100 publicly listed holders amassing over 1.08 million BTC collectively. However, equities that have direct exposure to Bitcoin—either through treasury assets or core operational activities—have experienced significant volatility amid a broader risk reassessment in financial markets.
American Bitcoin itself has faced serious challenges, with its share price plummeting more than 50% in a single session earlier this month. Similarly, shares of Strategy, led by Michael Saylor, have declined more than 60% from their peak, highlighting the pressures confronting Bitcoin-focused treasury companies. Nonetheless, the appetite for accumulating the digital currency remains strong, as Strategy reported a significant acquisition of over 10,000 BTC in the past week alone, culminating in over 20,000 BTC bought within a two-week span.
