American Bitcoin, a Bitcoin BTC/USD mining company backed by Eric Trump and Donald Trump Jr., bought millions worth of the apex cryptocurrency

The firm reported having 215 BTC in its reserve as of May 31, amounting to $23.57 million at current market prices.

American Bitcoin, the Bitcoin BTC/USD mining company backed by Eric Trump and Donald Trump Jr., has bought millions worth of the apex cryptocurrency, according to a recent filing with the SEC.

What Happened: The firm reported having 215 BTC in its reserve as of May 31, amounting to $23.57 million at current market prices.

"ABTC considers its Bitcoin holdings to be long-term in nature and expects to continue accumulating Bitcoin. ABTC has not set any specific target for the amount of Bitcoin it seeks to hold," the filing stated. The company aimed to access "efficient" capital and use it to increase Bitcoin in reserve per share.

The firm, a majority-owned subsidiary of Hut 8 Corp. HUT, plans to go public in the second half of the year through a stock-for-stock merger with Gryphon Digital Mining, Inc. GRYP and will be listed on the Nasdaq under the ticker symbol ABTC.

See Also: EXCLUSIVE: Bitcoin To Hit $200K In 2025? 15% Say Yes While Many See New All-Time Highs Coming

Why It Matters: The Trump brothers launched American Bitcoin in March, stepping deeper into the world of digital assets. Eric Trump, who will serve as the company's Chief Strategy Officer, said the mission is to build the world's largest Bitcoin miner, complete with its reserve of the apex currency.

The Trump family's foray into Bitcoin mining seems part of a calculated move. The Trump Media and Technology Group DJT, co-founded and majority-owned by President Donald Trump, has also announced a Bitcoin reserve strategy.

Moreover, Truth Social, the social media platform owned by Trump Media, submitted a filing for a "Truth Social Bitcoin ETF," designed to track the price of the apex cryptocurrency.

Their commitment to cryptocurrency was further solidified in when Donald Trump Jr. stated that they are "seriously long" on Bitcoin.

Price Action: At the time of writing, BTC was exchanging hands at $109,399, remaining nearly flat in the last 24 hours, according to data from Benzinga Pro.

The HUT stock was up 0.38% in after-hours trading after closing 0.11% lower at $18.53 on Tuesday.

As of this writing, the stock exhibited a high Momentum score— a metric that measures a stock's relative strength based on its price movement patterns and volatility over multiple timeframes. In case you're looking to pack your portfolio with high-momentum equities, visit Benzinga's proprietary Edge Rankings score for inputs.

This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.