American Bitcoin Company Supported by Trump Makes Its First Purchase of Bitcoin Worth $23 Million
Powered by ChatGPTAmerican Bitcoin, a US-based Bitcoin mining company supported by Eric Trump and Donald Trump Jr., has purchased at least 215 bitcoins valued at nearly 24 million USD before May 31. This marks the company's first large-scale Bitcoin acquisition since announcing its Bitcoin treasury strategy, inspired by Michael Saylor. The Trump sons co-founded American Bitcoin in partnership with Bitcoin mining company Hut 8. The company plans to go public in the second half of this year through a SPAC merger with Gryphon Digital Mining, with the stock ticker ABTC. The company's primary goal is to establish efficient operations that produce Bitcoin below market cost to support ongoing Bitcoin treasury purchases and ecosystem leadership. As of the end of May, ABTC has one full-time employee and operates three facilities located in Niagara Falls, New York; Medicine Hat, Alberta, Canada; and Orla, Texas, through a service agreement with Hut 8.