Trump-backed American Bitcoin mining firm acquires first $23 million worth of BTC

American Bitcoin, the newly launched Bitcoin mining company backed by Eric Trump and Donald Trump Jr., has purchased at least 215 BTC — worth nearly $24 million — as of May 31, according to a filing with the U.S. Securities and Exchange Commission dated June 6.

This marks the company's first sizable Bitcoin purchase since announcing a Bitcoin treasury strategy, inspired by Michael Saylor's Strategy.

President Donald Trump's eldest sons partnered with Bitcoin mining firm Hut 8 to form American Bitcoin. The newly established entity expects to go public in the second half of the year through a SPAC merger with Gryphon Digital Mining and will trade on the Nasdaq under the ticker symbol ABTC.

In the filing, the firm noted its first priority is building "efficient operations to produce Bitcoin below market cost" that will fund continued Bitcoin treasury purchases and "ecosystem leadership" efforts — three "distinct layers" of operation. 

ABTC employs one full-time employee and operates three facilities in Niagara Falls, NY, Medicine Hat, AB, and Orla, TX, through a services agreement with Hut 8 as of the end of May, according to the filing.