American Bitcoin Corp. (NASDAQ:ABTC) co-founder Erik Trump celebrated the company’s growth Bitcoin (CRYPTO: BTC) reserve Monday, indicating that “the best is yet to come.”
Trump sets ambitious target for ABTC
Trump said in an
“In just four months, we built one of the fastest growing and strongest Bitcoin companies in the world,” Trump said. “Disciplined accumulation. Ruthless execution.”
Trump added that the company’s next goal is to surpass it Galaxy Digital Inc. (NASDAQ:GLXY) And Next Technology Holding Inc. (NASDAQ:NXTT) to become the 16th largest corporate holder of Bitcoin.
Michael Saylors Strategy Inc. (NASDAQ:MSTR) is quite at the top, with a whopping $63 billion worth of Bitcoin on its books.
See also: Trump’s attack in Venezuela raises the chances of a broader war with Iran in the crypto betting market
ABTC has cratered since launch
American Bitcoin, a majority-owned subsidiary of Cabin 8 Corp. (NASDAQ:HUT), completed the merger of all shares and began trading on Nasdaq in early September.
However, since launch, the stock has fallen nearly 75%, partly due to Bitcoin’s decline and the expiration of ABTC’s lock-up period, which allowed early investors to sell their shares and realize profits.
Interestingly enough, despite the slump, says Roth Capital analyst Darren Aftahi initiated coverage of the stock with a buy rating and set a $4 price target.
Price promotion: At the time of writing, BTC exchanged hands at $93,715.33, up 0.81% in the past 24 hours, according to data from Benzinga Pro.
U.S. Bitcoin shares rose 0.05% in after-hours trading after closing 3.48% higher at $2.020 during Monday’s regular trading session.
Benzinga’s Edge Stock Rankings showed the stock experiencing weaker price performance in the short, medium and long term. How Does It Compare to Strategy and Other Bitcoin Treasury Stocks? Find out here.
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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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