Trump-backed American Bitcoin firm buys $23m worth of Bitcoin ahead of merger

American Bitcoin, a mining firm backed by Eric Trump and Donald Trump Jr., has accumulated 215 Bitcoin, worth nearly $24 million, since launching operations on April 1, according to a June 6 SEC filing.

The company, known formally as ABTC, intends to go public later this year through a stock-for-stock merger with Gryphon Digital Mining. The filing outlines ABTC’s unconventional approach: Bitcoin (BTC) ownership isn’t a byproduct of mining—it is the business.

The firm describes its strategy as “layered,” focusing on producing Bitcoin below market cost, leveraging capital to expand its treasury, and participating actively in the broader Bitcoin ecosystem.

Unlike traditional miners that build and operate their own infrastructure, ABTC contracts out its mining operations.

Notably, the firm’s 215 BTC reserve—held securely with Coinbase Custody—is part of an open-ended strategy. ABTC said it plans to increase its holdings over time, depending on market conditions and capital availability.

This approach echoes Michael Saylor’s Bitcoin treasury strategy at MicroStrategy, which has influenced a number of corporate accumulators.

Upcoming merger

American Bitcoin announced their merger with Gryphon Digital Mining in a stock-for-stock deal announced on May 12, 2025. Although Gryphon was the acquirer, American Bitcoin shareholders took 98% ownership of the new entity, which retained the American Bitcoin name.

Though ABTC employs just one full-time employee, its ambitions extend beyond mining efficiency. By treating Bitcoin accumulation as its central business model and avoiding high fixed costs, the company aims to become a high-leverage proxy for BTC exposure.

The company planned to become the largest pure-play Bitcoin miner and seek a Nasdaq listing under the ticker ‘ABTC.’