Treasury Holdings Reach 4,367 BTC
American Bitcoin, the bitcoin mining and accumulation company co-founded by Eric and Donald Trump Jr., announced that it added 363 BTC to its treasury. As of December 2, the firm’s total bitcoin holdings grew to 4,367 BTC, up from 4,004 BTC reported on November 7.
The purchases occurred during Bitcoin’s November downturn, when the cryptocurrency fell from a peak of $126,000 to a low near $82,000. “Strategic accumulation continues,” the company said in a post on social media platform X.
Stock Volatility and Recovery
American Bitcoin’s shares experienced a 38% drop after shares from its pre-merger private placement unlocked on Tuesday. The stock closed at $2.19, but rebounded 9.13% on Wednesday, finishing the session at $2.39. Co-founder Eric Trump described the volatility as expected and reaffirmed confidence in the company’s fundamentals.
Strong Financial Performance
The company also reported robust third-quarter results, with revenue rising to $64.2 million from $11.6 million year-over-year. Net income reached $3.5 million, reversing a $0.6 million net loss from the previous year.
Bitcoin itself has shown signs of recovery since its recent dip. According to The Block’s bitcoin price page, the cryptocurrency is currently trading around $93,332, up 0.64% in the past 24 hours.
