American Bitcoin (ABTC), backed by Eric and Donald Trump Jr., expanded its holdings to 4,004 BTC worth $415 million. The company’s dual strategy of mining and at-market purchases boosted its share price by 2%. Between October 24 and November 5, ABTC added 139 Bitcoins, valued over $14 million. This growth solidifies its position as the 25th largest Bitcoin-holding company.

Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin, stated, “We continue to expand our Bitcoin holdings rapidly and cost-effectively.” The company’s shares rose nearly 2% on Friday in New York. ABTC went public in September after merging with Hut 8 and Gryphon Digital Mining, forming a high-profile player in the digital asset space.

Bitcoin (BTC) was trading near $103,369, up 3% in 24 hours. Despite this increase, Bitcoin is still 18% below its all-time high of $126,000. American Bitcoin’s approach mirrors that of Strategy (formerly MicroStrategy), the world’s largest corporate Bitcoin holder with over 641,000 BTC. Miners face tighter margins post-2024 Bitcoin halving.

The Trump family reportedly earned around $1 billion in pre-tax gains through various cryptocurrency ventures. Their portfolio includes memecoins, stablecoins, DeFi projects, and digital collectibles. The family’s USD1 stablecoin has attracted $2.71 billion in reserves and fees. Global investors have poured billions into what some call the Trump crypto empire.

Read more at Yahoo Finance: Trump-Backed American Bitcoin Expands Holdings to 4,004 BTC Worth $415M