American Bitcoin, a mining and treasury company backed by Eric Trump and Donald Trump Jr., has announced that it has increased its Bitcoin holdings to 4,004 BTC, worth approximately $415 million.
Between October 24 and November 5, the company reportedly purchased 139 Bitcoins, now worth over $14 million. The move makes American Bitcoin the 25th largest Bitcoin vault in the world.
Eric Trump, co-founder and chief strategy officer of the company, says:
“We are rapidly increasing our Bitcoin holdings through a combination of extensive mining operations and smart purchases.”
American Bitcoin has been able to strengthen its presence in the public market and mining after merging with Hut 8 and Gryphon Digital Mining.
Despite Bitcoin’s recent rally to around $102,300, up 1.5% over the past 24 hours, the cryptocurrency remains 20% below its all-time high. However, the recent move by American Bitcoin suggests continued accumulation of the cryptocurrency by public companies and increasing investor confidence in it.
