American Bitcoin Corp. (NASDAQ: ABTC) co-founder Eric Trump recently expressed optimism about the company’s expanding Bitcoin reserves, stating that “the best is yet to come.” In a post on X, Trump highlighted that over the past four months, the firm has rapidly ascended to become the 19th largest Bitcoin treasury, currently holding 5,427 BTC valued at approximately $509 million.
Trump emphasized the company’s achievements in a short time frame, remarking, “In just 4 months, we’ve built one of the fastest-growing and strongest Bitcoin companies on Earth.” He outlined an ambitious next goal: to surpass Galaxy Digital Inc. (NASDAQ: GLXY) and Next Technology Holding Inc. (NASDAQ: NXTT) to claim the title of the 16th-largest corporate Bitcoin holder. Michael Saylor’s Strategy Inc. (NASDAQ: MSTR) currently leads the pack with an impressive holding of $63 billion in Bitcoin.
Despite these advancements, American Bitcoin has faced challenges since its launch. Following its all-stock merger and debut on Nasdaq in early September, the company’s stock price has plummeted nearly 75%. This decline has been attributed to the general downturn in Bitcoin prices and the expiration of ABTC’s lock-up period, which allowed early investors to sell shares for profit.
Interestingly, even amid the stock’s depreciation, Roth Capital analyst Darren Aftahi initiated coverage with a “Buy” rating, setting a price target of $4 for ABTC. As of the latest data, Bitcoin was trading at approximately $93,715.33, up 0.81% over the last 24 hours. American Bitcoin shares experienced a slight increase of 0.05% in after-hours trading, following a 3.48% rise to close at $2.020 during the regular trading session.
Benzinga’s Edge Stock Rankings indicated that ABTC’s stock had shown a weaker price trend across short, medium, and long-term assessments, raising questions about its standing compared to others in the Bitcoin treasury sector.
