Eric Trumpco-founder and Chief Strategy Officer at American Bitcoin Corp. (NASDAQ:ABTC), expressed optimism about the company’s growth potential following Fresh’s announcement Bitcoin (CRYPTO:BTC) acquisitions on Monday.
‘Warm up’
Trump told X, “And we’re just getting warmed up! Incredibly excited about ABTC and what we’re building.”
The excitement comes after the Miami-based company added 1,414 BTC to its balance sheet, bringing its total reserves to 3,865 BTC, which totals $441.17 million at current prices.
A mix of mining and strategic purchases
Trump previously said the company’s integrated mining operations give it a cost advantage over traditional Bitcoin government bonds that rely solely on market purchases.
Executive Chairman Asher Genot echoed the sentiment, noting that “much” of the newly added BTC supply was produced via internal mining.
See also: Rethinking insider trading in a blockchain economy
Concerns surrounding Trump’s crypto ventures
The acquisition comes at a time when the Trump family’s involvement in cryptocurrency is under scrutiny.
Rep. Ro Khanna (D-Calif.) announced he would introduce a resolution banning Trump and his family from engaging in cryptocurrency activities and accepting foreign funds. Khanna accused Trump of using his office to amass wealth in cryptocurrency, calling it “unprecedented” corruption.
Price promotion: At the time of writing, BTC exchanged hands at $114,057.29, down 0.73% in the past 24 hours, according to data from Benzinga Pro.
U.S. 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 in the short, medium and long term. 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 created in part with the help of Benzinga Neuro and is reviewed and published by the editors of Benzinga.
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