American Bitcoin Expands Treasury to 6,500 BTC as Eric Trump Accuses Big Banks of Lobbying Against Crypto

American Bitcoin, a Bitcoin mining company backed by the Trump family, has expanded its corporate treasury to over 6,500 BTC, valued near $470 million, ranking it among the top 17 public holders of the asset. This accumulation follows infrastructure investments, including the purchase of over 11,000 new ASIC mining machines to boost its hashrate to 28.1 EH/s, supporting a strategy of producing BTC below spot prices.

Concurrently, co-founder Eric Trump publicly accused major U.S. banks like JPMorgan Chase and Bank of America of lobbying in Washington D.C. to block higher-yield crypto and stablecoin products, suggesting they aim to protect traditional banks from competition while paying depositors near-zero interest.

Despite these strategic moves and revenue exceeding $185 million in its first year, American Bitcoin reported a fourth-quarter loss of $59 million and a full-year net loss over $150 million, partly due to accounting rules marking BTC holdings to market. The company also disclosed insider purchases, with board member Justin Mateen acquiring 1.3 million shares.

(Source：Bitcoin Magazine)