American Bitcoin Corp Acquires 1,414 BTC, Pledges Collateral

American Bitcoin Corp., the Nasdaq-listed bitcoin mining and treasury firm co-founded by Eric Trump and Donald Trump Jr. and majority-owned by Hut 8, said it acquired 1,414 BTC (about $163 million), bringing total reserves to 3,865 BTC (roughly $445–$446 million) as of Oct. 24. The company said the increase came from a mix of mining production and strategic market purchases, and that some coins are held in custody or pledged as collateral under a strategic miner supply agreement with Bitmain that backs a $314 million order for 16,299 Antminer units to be largely hosted at Hut 8’s new Vega site as ABTC builds toward about 25 EH/s of proprietary hashrate. ABTC introduced a transparency metric, Satoshis Per Share (SPS), which it said has risen about 52% since early September and will be published periodically to show how much bitcoin backs each share. Executives argued the integrated mining-plus-treasury model lowers average cost per coin versus treasuries that buy only on the open market. Shares jumped roughly 11–12% on the announcement, though the stock remains below its September debut amid crypto market volatility and heightened scrutiny of the company’s Trump-family ties and treasury strategy. Despite healthy liquidity and return metrics, ABTC continues to report operational losses and faces concerns about insider selling and earnings quality.