American Bitcoin Corporation, a publicly traded mining company backed by the Trump family, has expanded its Bitcoin holdings to 6,500 BTC.
Eric Trump, the company’s co-founder and chief strategy officer, said the company has accumulated more than 500 Bitcoin in the past 21 days, making it about the 17th largest corporate Bitcoin holder in the world.
The move reflects a growing trend of mining companies choosing to hold on to the bitcoins they mine, rather than immediately selling them to cover operating costs.
With the current Bitcoin price near $71,500, the company’s holdings are worth about $465 million.
U.S. Bitcoin stock rose more than 13% on Wednesday and was up about 0.5% in early Thursday trading. Despite the recent rally, the stock is still more than 90% below last year’s peak of around $14.66, with shares recently trading around $1.15.
The increase in Bitcoin reserves coincides with the company’s continued expansion of its mining operations. American Bitcoin recently acquired an additional 11,298 ASIC machines, which is expected to add approximately 3.05 exahashes of computing power per second.
Once installed, the company’s fleet is expected to reach approximately 89,000 machines with a total hashrate of approximately 28.1 EH/s. The new equipment will be deployed at the Drumheller facility in Alberta.
Separately, regulatory filings show that two of the company’s directors increased their stake through open market purchases. Tinder co-founder Justin Mateen purchased approximately 1.8 million Class A shares on March 3 at an average price of around $1.03. Director Richard Busch purchased 330,000 shares in two transactions on March 3 and March 4 at prices between $0.96 and $1.15.
Disclosure: This article was edited by Estefano Gómez. Please see our Editorial Policy for more information on how we create and review content.
