Eric Trump's American Bitcoin bought $34 million in BTC during November slump
Quick Take Bitcoin mining and treasury firm American Bitcoin disclosed holdings of 4,367 BTC, as of Tuesday. This figure is 363 BTC greater than its previous disclosure on Nov. 7.
American Bitcoin, the bitcoin mining and accumulation firm co-founded by Eric and Donald Trump Jr., revealed that it recently added 363 BTC to its treasury.
According to the company’s Wednesday announcement , American Bitcoin’s total bitcoin holdings, as of Dec. 2, grew to 4,367 BTC. The company had reported holdings of 4,004 BTC in its previous disclosure on Nov. 7. This indicates that American Bitcoin bought more of the world’s largest cryptocurrency during its November slump, where it fell to a low of nearly $82,000 from a peak of $126,000 a month earlier.
“Strategic accumulation continues,” the company said in its Wednesday post on social media platform X.
Meanwhile, the firm experienced a steep 38% drop in its stock price after shares from its pre-merger private placement unlocked on Tuesday. After shares dropped to a closing price of $2.19, they recovered 9.13% on Wednesday to close trading at $2.39. Co-founder Eric Trump said the volatility was expected, but expressed confidence in the company’s fundamentals.
American Bitcoin reported strong third-quarter result s, with revenue rising to $64.2 million from $11.6 million year-over-year, and net income reaching $3.5 million compared to a $0.6 million net loss a year earlier.
Bitcoin has recently been recovering from its dip last month. It is up 0.64% in the past day and is trading around $93,332, according to The Block’s bitcoin price page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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