America’s Bitcoin Backed by Trump Family Joins SEC Filing with $23M Strategic Reserve
American Bitcoin (ABTC), the bitcoin mining firm co-founded by Donald Trump Jr. and Eric Trump among other family associates, has disclosed holding a 215 BTC reserve built since its April inception. The significant accumulation, valued over $23 million, was previously unannounced and highlights the company’s core strategy beyond conventional mining.
Strategic Accumulation Plan
According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on June 6, ABTC views its Bitcoin reserves as a “core strategic asset” actively managed to enhance balance sheet strength and long-term shareholder value. The filing emphasizes that the accumulation strategy is “open-ended,” with holdings increased “when favorable” market conditions permit capital raising, rather than being a byproduct of mining operations.
ABTC stated, “Bitcoin accumulation is not a side effect of ABTC’s business. It is the business. ABTC’s layer 2 strategy is designed to transform its Bitcoin production into long-term Bitcoin ownership.”
Infrastructure and Operations
To support its mining endeavors without bearing the full burden of physical infrastructure, ABTC deploys over 60,000 machines primarily from Bitmain and MicroBT. These miners, operating at a combined hashrate of 10.17 exahashes per second, are under management through Hut8, operating from Texas, New York, and Alberta. This partnership facilitates operational efficiency and capital preservation.
The company underscores its Bitcoin security by storing reserves in cold storage wallets at Coinbase Custody, protected by multi-factor authentication and whitelisted withdrawal protocols.
Path to Public Offering
American Bitcoin announced plans in early May to become a publicly traded company via a stock-for-stock merger with cryptocurrency-focused acquisition firm Gryphon Acquisition Corp. II. The merged company will retain the American Bitcoin name. Eric Trump is expected to join the board post-merger. Hut8 will maintain a controlling interest and operational management of the mining infrastructure.
Current American Bitcoin shareholders are projected to retain approximately 98% ownership of the resulting publicly traded entity following the transaction.
