Trump-backed Bitcoin miner ABTC amasses $23M in BTC, eyes Nasdaq listing
American Bitcoin accumulates 215 BTC
American Bitcoin Corp. (ABTC), a Bitcoin mining firm backed by Eric Trump and Donald Trump, has quietly accumulated a reserve of 215 BTC—valued at over $23 million—since its launch on April 1, 2025.
This accumulation was disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC).
The company emphasizes that Bitcoin accumulation is its primary business objective. In its SEC filing, ABTC stated, "Bitcoin accumulation is not a side effect of ABTC’s business. It is the business." The firm employs a three-tiered strategy: building cost-efficient mining operations, leveraging capital to grow its BTC reserves, and actively participating in the broader Bitcoin.
ABTC operates over 60,000 mining machines, primarily from Bitmain and MicroBT, across facilities managed by Hut 8 in New York, Alberta, and Texas. These miners contribute to pools like Foundry and Luxor, with daily mining rewards distributed based on hashrate contributions. The company's Bitcoin holdings are secured with Coinbase Custody in cold wallets, employing multifactor authentication and whitelisted withdrawal protocols.
Merger with Gryphon Digital Mining
On May 12, 2025, American Bitcoin announced plans to go public through a stock-for-stock merger with Gryphon Digital Mining. The merged entity will operate under the American Bitcoin brand and is expected to trade on Nasdaq under the ticker symbol "ABTC" as early as the third quarter of 2025.
Under the terms of the merger, current American Bitcoin shareholders will own approximately 98% of the new company, while Gryphon shareholders will retain about 2%. Hut 8, which holds a majority stake in American Bitcoin, will continue to manage mining infrastructure and operations post-merger.
Eric Trump will serve on the company's board following the merger, reinforcing the Trump family's involvement in the venture. The company aims to leverage this merger to unlock direct access to growth capital, independent of Hut 8's balance sheet, and to scale its operations in the Bitcoin mining industry.
Read also: Saylor urges Apple to start buying Bitcoin.
