American Bitcoin (Nasdaq: ABTC) is a Bitcoin mining and treasury company tied to the Trump family that builds its balance sheet two ways: it mines $BTC at a cost below market price, then buys more on the open market to push Bitcoin-per-share higher. In just over a year it has gone from zero coins to more than 7,500 $BTC, putting one of the youngest companies in the sector among the 15 largest corporate Bitcoin holders on the planet. That speed is the whole story, and it is also the whole risk.
Who is behind American Bitcoin?
The venture, led by Eric Trump (@EricTrump) and Donald Trump Jr. (@DonaldJTrumpJr), was built on a contribution of substantially all of Hut 8 Corp.’s ASIC mining fleet, which was then renamed and relaunched as American Bitcoin in 2025. Hut 8 (Nasdaq, TSX: HUT), a North American energy and digital infrastructure operator, holds roughly 80 percent of the business and runs it as a majority-owned subsidiary, while the Trump side, through American Data Centers, holds about 20 percent. Eric Trump serves as co-founder and chief strategy officer; Mike Ho is CEO; Matt Prusak is president and interim chief financial officer; and Donald Trump Jr. serves as senior advisor.
It reached public markets on September 3, 2025, through a stock-for-stock merger with Gryphon Digital Mining (Nasdaq: GRYP) rather than a traditional IPO, with existing American Bitcoin shareholders keeping roughly 98 percent of the combined company. The pitch is openly nationalist. The company says America should lead the global Bitcoin economy, and it leans on low-cost US energy and Hut 8 (@Hut8Corp) sites to do it.
How does the $BTC engine work?
ABTC runs a two-part accumulation model. The first part is self-mining. It operates next-generation ASICs hosted at Hut 8 facilities and aims to produce Bitcoin well under the spot price, so each mined coin adds more value than it costs. The second part is treasury buying. The company uses equity raises and market access to purchase $BTC outright, and it says it does not sell the coins it mines. The metric it pushes hardest is satoshis per share, the amount of Bitcoin backing each share. That figure was about 663 satoshis as of March 31, 2026 and passed 700 by mid-May, which the company says is more than double its level at the Nasdaq debut.
How fast has it grown?
The growth curve is steep. Per the company’s first-quarter 2026 results, Bitcoin holdings rose from about 5,401 $BTC at the end of 2025 to roughly 7,021 $BTC by March 31, 2026, an increase of about 1,620 coins, or 30 percent, in three months. Of that, 817 $BTC came from mining, the company’s highest quarterly production on record, and 803 $BTC came from open-market purchases. In a May 18 update, Eric Trump said the reserve had passed 7,500 $BTC, a figure that includes coins held in custody or pledged under the company’s Bitmain miner-purchase agreements. Citing data from bitcointreasuries.net as of that date, the company ranked 15th among public companies by Bitcoin holdings.
Costs moved the right way too. ABTC said its cost to mine one Bitcoin fell to roughly $36,200 in Q1 2026, down about 23 percent from $46,900 in the prior quarter, while mining gross margin held near 52 percent.
What about the stock?
The operational story is strong, but the share price is not. ABTC traded around $1.11 in mid-May 2026, near its 52-week lows and down sharply from the highs it reached just after listing. Barron’s noted the stock had fallen more than 70 percent within months of its debut, and a share lock-up expiry triggered a roughly 40 percent single-session drop along the way. The market value sits around $1.2 billion. The first quarter brought an $81.8 million net loss on $62.12 million in revenue, missing analyst estimates, with most of the red ink driven by mark-to-market accounting as Bitcoin fell about 22 percent in the quarter. The underlying mining business was profitable once that non-cash adjustment is stripped out, the company said, but the headline number still stung.
What are the latest moves?
The most visible recent step was hardware. In April 2026, the company finished energizing about 11,298 Bitmain miners at Hut 8’s Drumheller site in Alberta, adding roughly 3.05 EH/s. That lifted the total owned fleet to about 89,242 miners and 28.1 EH/s of capacity, with an operational fleet near 25 EH/s. The timing is notable. Many public miners are redirecting capital toward AI and high-performance computing, while @ABTC doubles down on Bitcoin mining.
Sources:
- American Bitcoin Corp. Q1 2026 results release with Bitcoin holdings, mining costs, satoshis per share, and fleet data
- American Bitcoin Corp. September 3, 2025 announcement of the Nasdaq debut and merger completion
- American Bitcoin Corp. Drumheller ASIC energization and fleet capacity detail
- Eric Trump on X May 18, 2026 update stating the reserve passed 7,500 $BTC and the 15th-place ranking
- Hut 8 Corp. SEC 8-K exhibit on the go-public transaction, ownership split, and merger structure
- Bitcoin Treasuries Corporate Bitcoin holdings tracker and public-company ranking
