**Trump-Backed Bitcoin Mining Firm American Bitcoin Increases Crypto Holdings Amid Strengthening On-Chain Factors**
American Bitcoin, a Trump-backed Bitcoin mining and accumulation company, has recently boosted its cryptocurrency holdings as on-chain factors showed signs of strengthening for the first time in ten days. This strategic move, combined with rising institutional sentiment, helped propel American Bitcoin’s stock price upward.
### Strong Appetite for Crypto Assets Continues
Throughout 2024, Bitcoin and altcoin treasury firms have maintained a robust appetite for acquiring more digital assets amid intensifying competition. American Bitcoin stands out as a leading firm in this space, driven by a strategy that blends mining with accumulation.
### American Bitcoin Now Holds 3,865 BTC
In its latest announcement, American Bitcoin revealed the acquisition of an additional 1,414 BTC — valued at approximately $163 million — pushing its total Bitcoin holdings to 3,865 BTC, worth around $446 million.
These recent purchases, described by the company as “strategic purchases and mining rewards,” have been significant drivers for bullish sentiment in the last 24 hours.
### Strong Leadership Backing
American Bitcoin is backed by Eric Trump and Donald Trump Jr., two prominent pro-crypto figures over the past year. Their involvement has added considerable attention and credibility to the firm’s initiatives.
### Significant Growth in Satoshi’s Per Share (SPS)
The company also highlighted that its Satoshi’s Per Share (SPS) metric has surged by 52% since September 1, currently standing at 418 SPS. To provide greater transparency, American Bitcoin pledged to disclose both shareholder values and SPS metrics regularly, giving investors clearer insights into the company’s growth trajectory.
### Acquisition History and Expansion Roadmap
Since its inception, American Bitcoin has rapidly expanded its holdings:
– Initially held 500 BTC
– Added 1,726 BTC throughout July and August, valued then at around $205 million
This most recent acquisition aligns with earlier commitments outlined in the firm’s expansion roadmap.
### Merger with Hut 8
American Bitcoin was formed through the merger of Eric and Donald Trump Jr.’s separate entity with Canadian mining firm Hut 8. This merger underpins the company’s plan to scale Bitcoin holdings by employing cost-effective mining strategies designed to reduce acquisition costs below market rates.
### Competitive Edge Through Integrated Mining Operations
Asher Genoot, American Bitcoin’s Executive Chairman, emphasized the firm’s unique advantage: “What sets American Bitcoin apart from most traditional Bitcoin treasury vehicles is our integrated mining operations. 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.”
He added, “That structural advantage allows us to compound Bitcoin value per share more efficiently for our investors.”
### Focus on Transparency and Long-Term Value
For Eric Trump, a key metric of a successful stablecoin firm is the amount of BTC backing each share, reflected in the company’s commitment to transparent, periodic updates.
With ongoing acquisitions and strategic mining efforts, American Bitcoin aims to attract key long-term investors by continuously increasing shareholder value while lowering overall costs.
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*Stay tuned for further updates on American Bitcoin’s growth and innovations in the crypto mining and accumulation space.*
https://zycrypto.com/bitcoin-bulls-shift-gears-as-trump-linked-treasury-firm-scoops-1414-btc/