Trump’s ABTC Makes Major Bitcoin Buy Ahead of Nasdaq Listing
Main Idea
American Bitcoin Corp. (ABTC), a Hut 8 subsidiary backed by Trump's family, has significantly increased its Bitcoin holdings to 2,130 BTC ($257M) as part of its strategic reserve expansion, ahead of its Nasdaq listing.
Key Points
1. ABTC purchased 1,726 Bitcoin between July 1 and Aug. 6 at an average price of $119,120 per coin, totaling $205.6 million.
2. The acquisition boosts ABTC's total Bitcoin holdings to 2,130 BTC ($257M), surpassing Exodus Movement, Inc.'s 2,087 BTC.
3. Hut 8 reported a strategic Bitcoin reserve of 10,667 coins ($1.1B) as of June 30, with ABTC acting as a key subsidiary.
4. ABTC expanded its Bitcoin-backed credit facility with Coinbase to $130 million and raised $220 million in a private placement earlier this year.
5. The combined entity is expected to trade on Nasdaq under the ticker 'ABTC.'
Description
American Bitcoin Corp. (ABTC), a majority-owned subsidiary of Hut 8 Corp., has added 1,726 bitcoin to its holdings, expanding its strategic reserve as part of a summer acquisition push. Trump-Linked ABTC Grows Bitcoin Stash Past $250M Mark Hut 8 disclosed in its quarterly filing that the purchases occurred between July 1 and Aug. 6 at
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