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Eric Trump, co-founder and Chief Strategy Officer at American Bitcoin Corp. (NASDAQ:ABTC), voiced optimism about the company’s growth potential following the announcement of fresh Bitcoin (CRYPTO: BTC) acquisitions on Monday.
Trump took to X, stating, “And we are just getting warmed up! Incredibly excited about ABTC and what we are building.”
The enthusiasm comes after the Miami-based firm added 1,414 BTC to its balance sheet, bringing total reserves to 3,865 BTC, totaling $441.17 million at current prices.
Trump said earlier that the company’s integrated mining operations give it a cost advantage over traditional Bitcoin treasuries that rely solely on market purchases.
Executive Chair Asher Genoot echoed the sentiment, noting that “a lot” of the newly added BTC stash was produced through in-house mining.
See Also: Rethinking Insider Trading In A Blockchain Economy
The acquisition comes at a time when the Trump family’s involvement in cryptocurrency has been under scrutiny.
Rep. Ro Khanna (D-Calif.) announced he would introduce a resolution prohibiting Trump and his family from engaging in cryptocurrency business and accepting foreign funds. Khanna accused Trump of using his office to amass cryptocurrency wealth, calling it “unprecedented” corruption.
Price Action: At the time of writing, BTC was exchanging hands at $114,057.29, down 0.73% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares rose 2.18% in after-hours trading after closing 6.23% higher at $5.970 during Monday’s regular trading session.
The stock failed to maintain a stronger price trend over the short, medium, and long terms. Visit Benzinga Edge Stock Rankings to compare it with similar Bitcoin treasury stocks.
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Photo courtesy: Maxim Elramsisy / Shutterstock.com
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
