Trump-Linked American Bitcoin Boosts Reserve to 3,865 BTC

According to the company, its reserve comprises bitcoin obtained through its own mining operations as well as strategic market purchases, including bitcoin held in custody or pledged under an agreement with Bitmain Technologies Ltd.

Along with announcing the bitcoin purchase, American Bitcoin introduced a new instrument of transparency, "Satoshis Per Share" (SPS), intended to provide investors with an understanding of the number of satoshis (1 BTC = 100 million satoshis) due on each common share outstanding. Through 24 October 2025, Satoshis Per Share was 418, an increase of 52 percent from 1 September to 24 October. The firm justified this amount as being at the center of its business model of raising "bitcoin-per-share" through a mix of mining output and judicious treasury accumulation.

Asher Genoot, executive chairman of American Bitcoin, highlighted the company’s unique structure compared to conventional treasury models. “What sets American Bitcoin apart from most traditional Bitcoin treasury vehicles is our integrated mining operations,” he said. “By producing Bitcoin directly, we can reduce our average cost per Bitcoin to drive a cost advantage over vehicles that buy exclusively on the open market. That structural advantage allows us to compound Bitcoin value per share more efficiently for our investors.”

The press release points to American Bitcoin's objective of building its holdings and becoming a dominant publicly listed player in the bitcoin-reserve and mining space. With the 3,865 BTC reserve, the company ranks among the larger corporate treasury holders but remains small relative to giant institutions. A third-party estimator valued the holding at nearly $450 million at current bitcoin prices. American Bitcoin is controlled by Canadian miner Hut 8 Corp., which owns an around 80 percent stake, and was co-founded by Eric Trump and Donald Trump Jr. The firm went public with a merger with publicly traded Gryphon Digital Mining in 2025 and has the ticker symbol ABTC.

This hybrid approach of combining mining activities and direct accumulation is a mix of the "bitcoin-treasury" model constructed by investors such as MicroStrategy Inc. (MSTR) and traditional bitcoin mining firms. Combining mining, the company claims cost per bitcoin saved and margin maximized. American Bitcoin's site states that its strategy is based on three levels: a mining platform for sub-market-price bitcoin production; a treasury system for purchasing bitcoin from public markets; and an ecosystem to build infrastructure around the Bitcoin protocol.

The firm calls investors' notice to the fact that the purchase as well as its forward-looking disclosures are subject to risks inherent in bitcoin price volatility, miner hardware costs, reliance on third-party infrastructure, and regulations. Those risks are particularly noteworthy in the context of current macro-regulatory trends. In the US, regulators like the Securities and Exchange Commission, the Commodity Futures Trading Commission, and others keep explaining supervisory regimes for digital assets. At the same time, energy prices, network difficulty, and supply chain factors remain the most crucial determinants of mining profitability.

From a market structure viewpoint, the announcement by American Bitcoin says much about how companies that specialize in mining and accumulation are using capital markets increasingly in order to access and attract investors. As institutions would rather have indirect exposure to bitcoin via regulated equities rather than outright buying, issuers like ABTC could be for investors looking for explicit, bitcoin-related vehicles on the Nasdaq. Implementation of the SPS metric also shows effort at higher transparency in the "bitcoin-backed-per-share" dimension, acting as a guideline for future reporting among similar companies.

The combination of treasury buildup and mining can create a cost advantage if properly managed, as it lowers the average cost of bitcoin purchases for the company compared to those companies solely engaging in market purchases. Investors will, however, be watching to see how much emphasis the company continues to place on buildup as opposed to operational expansion in mining, and to what degree macroeconomic or regulatory developments will impact its long-term strategy.

American Bitcoin's success will not just be measured in terms of total holdings but in how well it increases its percentage of bitcoin per share over time. Catalysts in the future include new news on its SPS metric, ongoing build-out of its reserve, expansion in mining production through Hut 8 facilities, and the general bitcoin market direction. With the company's stated goal to increase bitcoin per share, analysts will watch how changes in mining scale, treasury discipline, and shareholder value affect it.