American Bitcoin Corp. (ABTC) co-founder Eric Trump took to social media Monday to celebrate what he's calling one of the fastest Bitcoin accumulation stories in corporate America. The company has rocketed to become the 19th largest Bitcoin treasury holder in just four months, and Trump made it clear he's not planning to slow down anytime soon.
Climbing the Bitcoin Treasury Rankings
In a post on X, Trump laid out some impressive numbers. American Bitcoin now holds 5,427 BTC, worth roughly $509 million at current prices. "In just 4 months, we've built one of the fastest-growing and strongest Bitcoin companies on Earth," Trump wrote. "Disciplined accumulation. Relentless execution."
That's not just marketing speak. The company has genuinely moved up the ranks quickly. And Trump isn't stopping at 19th place. He's already eyeing the next targets: Galaxy Digital Inc. (GLXY) and Next Technology Holding Inc. (NXTT). If American Bitcoin can leapfrog those two companies, it would claim the 16th spot among corporate Bitcoin holders.
For context, Strategy Inc. (MSTR), led by Michael Saylor, sits comfortably at the top of the mountain with a staggering $63 billion worth of Bitcoin on its balance sheet. So American Bitcoin still has quite a climb ahead if it wants to challenge the real heavyweights.
The Rocky Road Since Launch
Here's where the story gets more complicated. American Bitcoin, which operates as a majority-owned subsidiary of Hut 8 Corp. (HUT), completed its all-stock merger and started trading on Nasdaq back in early September. Since then, things haven't exactly gone according to plan for shareholders.
The stock has cratered nearly 75% since its debut. Some of that pain comes from Bitcoin's own decline, but there's another factor at play: the expiration of ABTC's lock-up period. When that lock-up ended, early investors got the green light to sell their shares and cash out their profits, which put significant downward pressure on the stock price.
Still, not everyone is bearish. Roth Capital analyst Darren Aftahi recently initiated coverage of American Bitcoin with a Buy rating and slapped a $4 price target on the stock. That would represent substantial upside from current levels, suggesting Aftahi sees value that the market is currently missing.
Where Things Stand Now
As of this writing, Bitcoin was trading at $93,715.33, up 0.81% over the past 24 hours. American Bitcoin shares rose a modest 0.05% in after-hours trading after closing Monday's regular session up 3.48% at $2.020.
That price action tells you something about investor sentiment. Despite Trump's bullish tweets and the company's aggressive Bitcoin accumulation strategy, the market remains skeptical. The stock continues to show weak price trends across short, medium, and long-term timeframes.
The big question now is whether American Bitcoin can execute on its ambitious growth plans while also restoring investor confidence. Trump clearly believes "the best is yet to come," but after a 75% decline since launch, shareholders will need to see more than just growing Bitcoin reserves. They'll want to see the stock price start moving in the right direction too.
For now, American Bitcoin finds itself in an interesting position: rapidly climbing the Bitcoin treasury rankings while simultaneously watching its stock price sink. Whether those two trends can eventually align will determine if Trump's optimism proves justified or if this becomes another cautionary tale about the volatility of Bitcoin-linked stocks.