Trump Family-Backed Bitcoin Mining Firm Mines $23 Million Worth Of BTC, Signals More Accumulation In The Future (CORRECTED)
Editor’s Note: This article was updated to clarify that American Bitcoin mined its Bitcoin holdings.
American Bitcoin, a Bitcoin (CRYPTO: BTC) mining company backed by Eric Trump and Donald Trump Jr., mined millions worth of the apex cryptocurrency, according to a recent filing with the SEC.
What Happened: The firm reported having accumulated 215 BTC in its reserve as of May 31, amounting to $23.57 million at current market prices.
“ABTC considers its Bitcoin holdings to be long-term in nature and expects to continue accumulating Bitcoin. ABTC has not set any specific target for the amount of Bitcoin it seeks to hold,” the filing read. The company said its goal was to access “efficient” capital and use it to increase Bitcoin in reserve per share.
The firm, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), plans to go public in the second half of the year through a stock-for-stock merger with Gryphon Digital Mining, Inc. (NASDAQ:
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