American Bitcoin Corp. (NASDAQ:ABTC) co-founder Eric Trump celebrated on Tuesday after the company surpassed 8,000 Bitcoin (CRYPTO: BTC) in its corporate treasury holdings.
‘Onwards We Go’
Trump shared this in an X post, adding that the firm achieved a 52% mining profit margin in the first quarter and maintained “one of the lowest” Selling, General, and Administrative ratios—a measure of a company’s overhead costs relative to its total revenue—in the industry.
“The stacking continues,” Trump said. “Huge congrats to the incredible ABTC team! Onwards we go!”
American Bitcoin currently holds 8,000 BTC, worth approximately $504 million. This positions the company as the 16th-largest corporate Bitcoin holder, surpassing firms including Galaxy Digital Inc. (NASDAQ:GLXY) and Gemini Space Station Inc. (NASDAQ:GEMI), according to bitcointreasuries.net.
Michael Saylor’s Strategy Inc. (NASDAQ:MSTR) leads the pack, holding over $53 billion worth of Bitcoin on its balance sheet.
ABTC Goes Downhill
American Bitcoin, which operates as a hybrid Bitcoin mining and treasury company that generates fresh BTC via in-house mining, went public in September of last year. Since then, the stock has had a rough ride, plummeting 94% in value.
The company reportedly burned $500 million in shareholder value since going public, while Trump’s personal wealth jumped from $190 million to $280 million.
The report mentioned that the firm’s all-in costs to mine Bitcoin—including machines, marketing and capital—surged sharply, leaving thin margins that vanished as BTC prices dropped in the bear market. Trump dismissed the report, alleging political bias.
Last month, American Bitcoin approved a 1-for-15 reverse stock split. However, the move failed to provide any meaningful impetus, with the stock falling 38% since then
Price Action: At the time of writing, BTC was exchanging hands at $62,725.25, down 1.13% over the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares rose 0.82% in after-hours trading following a 23.20% decline to close at $6.52 during Tuesday’s regular session.
Benzinga’s Edge Stock Rankings show the ABTC stock is trending weakly across short-, medium- and long-term horizons.
Photo courtesy: Maxim Elramsisy / Shutterstock.com
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