American Bitcoin Corp, a mining company backed by the Trump family, has expanded its Bitcoin holdings to 6,500 BTC.
Eric Trump, the company’s founder and chief strategy officer, said the company amassed more than 500 bitcoins in the past 21 days, making it the world’s 17th largest corporate bitcoin holder.
The move reflects a broader trend among mining companies that are increasingly choosing to hold on to mined Bitcoin rather than immediately sell it to cover operating costs.
At current Bitcoin prices of around $71,500, the company’s assets are worth around $465 million.
U.S. Bitcoin shares rose more than 13% on Wednesday and were up about 0.5% in early Thursday trading. Despite the recent rally, shares remain down 90% from their peak near $14.66 last year, with shares recently trading around $1.15.
The increase in Bitcoin reserves coincides with the continuous expansion of the company’s mining operations. American Bitcoin recently acquired an additional 11,298 ASIC machines, which is expected to add approximately 3.05 exabytes of computing power per second.
After installation, the company’s fleet will reach about 89,000 machines with a combined hashrate of about 28.1 EH/s. The new equipment is slated for deployment at Drumheller’s facility in Alberta.
Separately, regulatory filings show that two of the company’s directors increased their stake through stock market purchases. Justin Mateen, co-founder of Tinder, bought about 1.8 million shares of Class A on March 3 at an average price of about $1.03. Board member Richard Bush bought 330,000 shares in two transactions on March 3 and March 4 at prices ranging from $0.96 to $1.15.
