American Bitcoin Holds 215 Bitcoin Valued at $23 Million Aims to Go Public

American Bitcoin, a company backed by the Trump family, has disclosed that it holds 215 Bitcoin, valued at approximately $23 million as of early June 2025. The firm, which commenced operations in April 2025, aims to grow its Bitcoin reserves over the long term. The company's core mission is to accumulate Bitcoin, viewing it not as a by-product but as a central strategy. This reserve is classified as its “Layer 2” strategy within a broader business structure focused on ownership, production, and ecosystem contribution.

American Bitcoin operates over 60,000 mining machines sourced from Bitmain and MicroBT, hosted in three sites managed by Hut 8 in New York, Alberta, and Texas. These sites provide a combined hashrate of 10.17 exahashes per second, with an average machine efficiency of 21.2 joules per terahash. The company's model is designed to reduce overhead, allowing it to focus resources on Bitcoin production and accumulation. Hut 8 manages the operational aspects, enabling American Bitcoin to concentrate on its core objectives.

In a significant development, American Bitcoin announced plans to go public through a stock-for-stock merger with Gryphon Digital Mining. The deal, announced on May 12, will see existing American Bitcoin shareholders retain 98% ownership of the new entity. Post-merger, the company will trade on Nasdaq under the ticker symbol ABTC. Eric Trump will sit on the board of directors, while Hut 8 will oversee the management of the mining infrastructure to ensure operational continuity. This merger is part of a long-term strategy to increase reserve capacity by producing Bitcoin.

American Bitcoin stores its Bitcoin with Coinbase Custody, utilizing cold storage services to protect its holdings. The security measures include multi-factor authentication and withdrawal restrictions to whitelisted addresses only. The company also expressed interest in projects that increase Bitcoin use, such as advancements to the system and related infrastructure. This aligns with the broader trend of more financial institutions accepting Bitcoin, as evidenced by the higher number of people owning Bitcoin compared to gold in the USA.

The disclosure of American Bitcoin's holdings and its strategic plans reflect a growing institutional involvement in the cryptocurrency space. The company's focus on accumulating Bitcoin and its plans to go public underscore its commitment to the long-term growth of its reserves. By leveraging efficient mining operations and strategic partnerships, American Bitcoin aims to contribute to the broader Bitcoin ecosystem while securing its position as a significant player in the industry.