Backing from Eric Trump and Donald Trump Jr.

Among the company’s high-profile supporters are Eric Trump and Donald Trump Jr. To accelerate its path to the markets, American Bitcoin merged with Gryphon Digital Mining. Instead of taking the longer traditional IPO route, the firm opted for a share-for-share merger, giving it faster access to public capital markets.

Trading Under the Symbol “ABTC”

Following the merger, the company began trading on Nasdaq under the ticker ABTC. Control of the merged entity remains firmly in the hands of the Trump family and Bitcoin mining giant Hut 8, who together hold roughly 98% ownership. This majority stake ensures they have significant influence over the company’s strategic direction.

Strategic Focus: Mining, Data Centers, and Global Expansion

American Bitcoin is not limiting its ambitions to the United States. The company has outlined several key goals, including:

• Low-cost Bitcoin mining operations

• Expansion of advanced data center infrastructure

• Exploration of global growth opportunities

In particular, acquisition prospects in Hong Kong and Japan are under review, signaling the company’s intent to strengthen its footprint in Asia’s competitive crypto market.

Holding 2,443 Bitcoin in Reserve

One of the company’s standout features is its sizable Bitcoin reserves. American Bitcoin currently holds 2,443 BTC, providing a solid financial foundation and an edge over many competitors in the mining sector. These holdings not only boost balance sheet strength but also reinforce its long-term positioning.

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Top Bitcoin Miners Generated Nearly $800 Million in Q1 2025

The largest Bitcoin mining companies produced nearly $800 million worth of Bitcoin in the first quarter of 2025, reflecting continuous growth in the sector as Bitcoin prices remained near record highs.

Over 9,700 BTC Produced in Q1

The top Bitcoin mining firms mined over 9,700 BTC in the first quarter, which was valued at approximately $800 million, with Bitcoin trading around $81,600 during that time.

Marathon Digital Leads the Way

Marathon Digital, the largest publicly traded Bitcoin mining company, led the pack by mining 2,285 BTC worth approximately $186 million in Q1. In March, the company produced 829 BTC, showing a 17.4% increase compared to February and a 10.5% rise from January.

CleanSpark and Iren Follow with Strong Performances

CleanSpark mined 1,950 BTC in Q1, valued at nearly $160 million. The company’s March performance saw a 13.4% month-on-month increase.

Iren (formerly Iris Energy) produced 1,513 BTC worth around $124 million in the first quarter. Its March production of 533 BTC marked a 16.1% increase from February.

Riot Blockchain and Hut8 Report Growth

Riot Blockchain, second only to Marathon by market capitalization, produced 1,428 BTC (about $117 million) in Q1. Riot also saw a 13.4% increase in March, with 533 BTC produced.

Hut8 Shows the Highest Growth Rate in Production

Despite being the smallest producer among the top miners, Hut8 Mining showed the highest growth rate. The company produced 199 BTC in Q1, valued at about $16 million, including 88 BTC in March. This marks a 91% increase from February.

New Partnerships and Investments

On March 31, Hut8 announced a new partnership with Donald Trump Jr. and Eric Trump to launch a new mining venture called American Bitcoin. The project aims to become the “world’s largest and most efficient pure-play Bitcoin miner.”

Hut8 CEO Asher Genoot stated that the company aims to dominate the U.S. Bitcoin mining industry and plans to build one of the largest and most efficient Bitcoin mining platforms rooted in American soil.

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The US-based company Bitwise announced its application to the SEC for a new fund called the Bitcoin Standard Corporations ETF. This fund aims to track the stock performance of companies that hold at least 1,000 BTC in their corporate reserves.

Bitwise’s new ETF will invest in companies meeting specific criteria. Eligible companies must have a market capitalization of at least $100 million, a daily average trading volume of at least $1 million, and a public float percentage below 10%.

Nate Geraci, President of ETF Store, shared a list on his X account of companies holding at least 1,000 BTC. The list is led by MicroStrategy, followed by Marathon Digital, Riot, Hut8, Tesla, and Coinbase.

Marathon Digital CEO Fred Thiel, whose company holds over 44,000 BTC, stated, “I believe MARA should be included in this ETF.”

Simon Gerovich, CEO of Metaplanet, also highlighted his company’s eligibility, saying, “Metaplanet is a Bitcoin standard company with at least 1,000 BTC in its corporate reserves.”

Nate Geraci’s tweet on the Bitwise Bitcoin ETF:

Bitwise’s application for the Bitcoin Standard Corporations ETF reflects the growing interest in institutional-level Bitcoin investments and efforts to make such investments more accessible. This type of ETF offers investors the opportunity to benefit from the performance of major companies holding Bitcoin, while also enhancing market transparency and encouraging greater institutional participation.

This initiative has the potential to attract interest from both key players in the crypto sector and traditional investors, further solidifying Bitcoin’s position within the financial ecosystem.

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The merger has transformed Hut 8 into a more diversified entity with various revenue streams, including self-mining, managed services, hosting, and high-performance computing (HPC) and artificial intelligence (AI). Analyst Mark Palmer believes that Hut 8’s stock trades at a discount compared to its peers, a gap that is expected to narrow as the company expands its self-mining operations.

Hut 8 currently holds a significant stash of 9,102 bitcoins, ranking it second among listed miners in terms of bitcoin holdings. This sizable bitcoin reserve not only provides a liquidity cushion but also offers the potential for upside during bitcoin price rallies. The value of its crypto holdings amounts to approximately $592 million, equivalent to around 82% of its market capitalization.

Since the merger, Hut 8’s management has been focused on reducing the company’s cost of mining bitcoin and its realized cost of energy, while also increasing cash flow. These strategic efforts are anticipated to contribute to the company’s growth and profitability moving forward. Hut 8’s stock was trading 5.2% higher at $8.47 at the time of publication, reflecting positive investor sentiment following Benchmark’s bullish rating.

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