American Bitcoin (ABTC), a Bitcoin mining firm backed by Eric Trump and Donald Trump Jr., has quietly accumulated 215 BTC (worth over $23 million) since its launch on April 1, 2024. The company, preparing to go public via a merger with Gryphon Digital Mining, is positioning itself as a long-term Bitcoin holder rather than just a mining operation.
ABTC’s Bitcoin Accumulation Strategy
In a June 6 SEC filing, ABTC revealed its 215 BTC reserve, previously undisclosed. The company stated:
“ABTC considers its reserve a core strategic asset, managed adaptively to support balance sheet strength with a view to enhancing long-term stockholder value.”
Unlike traditional miners, ABTC focuses on Bitcoin accumulation as its primary business model, not just a byproduct of mining. The firm follows an open-ended strategy, meaning it has no fixed BTC target but continuously evaluates market conditions to expand its holdings.
Mining Without Owning Real Estate
ABTC operates 60,000+ miners (primarily from Bitmain and MicroBT) across three Hut 8-managed facilities in:
- New York
- Alberta
- Texas
With a combined hashrate of 10.17 EH/s and an average efficiency of 21.2 J/TH, ABTC keeps costs low by partnering with Hut 8, avoiding infrastructure ownership.
The firm contributes computing power to Foundry and Luxor mining pools, keeping pool fees below 1%. Daily mining rewards are distributed based on hashrate contributions.
Three-Tiered Business Model
ABTC’s strategy includes:
- Cost-efficient mining operations
- Leveraging capital to grow BTC reserves
- Active participation in Bitcoin’s ecosystem
The company stores its Bitcoin in Coinbase Custody cold wallets, using multi-factor authentication and whitelisted withdrawal protocols for security.
Going Public via Gryphon Merger
On May 12, 2024, ABTC announced a merger with Gryphon Digital Mining in a stock-for-stock transaction. Post-merger:
- The company will operate under the American Bitcoin brand.
- Eric Trump will join the board.
- Hut 8 (majority owner) will retain management control.
Current ABTC shareholders will own 98% of the merged entity, with Hut 8 continuing to manage mining operations under long-term agreements.
Key Takeaways
- 215 BTC ($23M+) accumulated since April 2024.
- No fixed BTC target—adaptive accumulation strategy.
- 60,000+ miners, 10.17 EH/s hashrate, 21.2 J/TH efficiency.
- Merger with Gryphon to go public, Eric Trump on board.
This strategic approach positions American Bitcoin as a major player in Bitcoin mining and long-term BTC ownership.