Trump Family-Backed American Bitcoin Boosts BTC Reserves With $205M Purchase
Trump family-backed American Bitcoin Corp. (ABTC), a majority-owned subsidiary of Hut 8 (NASDAQ: HUT) Corp., has acquired an additional 1,726 BTC for $205.6 million, boosting its strategic Bitcoin reserves.
According to Hut 8’s quarterly filing last week, the purchases were made between July 1 and August 6 at a weighted average price of about $119,120 per coin. ABTC is the proprietary mining subsidiary carved out from Hut 8 as the parent company realigns its focus on data center infrastructure.
The accumulation marks a sharp acceleration from previous months. As of May 31—just two months after its April 1 launch—ABTC had built up roughly 215 BTC. By June 30, its holdings had grown to about 404 BTC, out of the 10,667 BTC in Hut 8’s strategic reserve.
The latest buying spree has lifted ABTC’s balance to approximately 2,130 BTC as of August 6, worth around $254 million at current market prices of about $119,060 per coin.
The purchases follow a $220 million private equity placement completed in late June, which ABTC said would be used to acquire more Bitcoin.
The treasury build-up also comes as the company moves closer to its planned public listing through a merger with Gryphon Digital Mining. The deal is set for a shareholder vote later this month, after receiving clearance from the U.S. Securities and Exchange Commission in early August.
