American Bitcoin Corp (ABTC) has significantly enhanced its bitcoin holdings during a turbulent selloff, acquiring an additional 54 bitcoins on Monday. This latest purchase elevates the company’s total bitcoin holdings to 5,098 coins, valued at approximately $450 million, based on the current price of $87,600 per bitcoin. With this accumulation, ABTC now ranks among the top 20 publicly-traded firms by bitcoin treasury size, according to data from bitcointreasuries.net.
The company, which was co-founded by Eric Trump, who also serves as the chief strategy officer, reported that its bitcoin reserves were amassed through a combination of methods. These include self-mining activities and strategic purchases, as well as bitcoin held in custody or committed under a purchase agreement with Bitmain.
ABTC pointed out that its yield on bitcoin has seen impressive growth of 96.5% since its debut on the Nasdaq, with an indicator of 533 satoshis per share reported as of December 14. The bitcoin yield measures the percentage change in satoshis per share over time, while satoshis per share reflects the bitcoin amount attributed to each outstanding share.
However, despite gains in the broader bitcoin market on Tuesday, ABTC’s stock continues to struggle, registering a further decline of 2.7%. This downturn is part of a larger trend following the unexpected expiration of a stock lock-up two weeks ago, which has contributed to a dramatic loss of nearly 60% in shares since that event. The company is navigating a challenging landscape as it seeks to solidify its position in the volatile cryptocurrency sector.
