American Bitcoin (ticker ABTC), a bitcoin mining and treasury firm backed by Eric and Donald Trump Jr., has increased its holdings to 5,098 BTC, edging into the top 20 corporate holders following its latest purchase.
The accumulation marks another step in the company’s treasury strategy since its Nasdaq debut on Sept. 3. From its listing through Dec. 14, American Bitcoin reported a BTC yield of 96.5%, a metric used by crypto treasury firms to measure growth in bitcoin holdings relative to outstanding shares.
The buy was enough to lift American Bitcoin ahead of Semler Scientific in the corporate bitcoin rankings, moving the firm into the 20th position, according to Bitcoin Treasuries.
American Bitcoin’s continued accumulation comes amid heavy volatility in its stock price. Shares hit an all-time low of $1.57 on Tuesday before rebounding slightly, extending a drawdown of more than 75% from September highs following the expiration of a post-merger share lockup.
American Bitcoin (ABTC) stock price chart. Source: The Block/TradingView
High mNav
Despite the selloff, American Bitcoin continues to trade at a steep premium to the value of its bitcoin holdings.
Data from Bitcoin Treasuries shows the company at an enterprise value-to-net asset value (mNAV EV) of roughly 3.7, a metric that compares a firm’s total valuation, including debt, to the value of its bitcoin treasury.
That places American Bitcoin at the upper end of the range among major U.S.-listed bitcoin miners. CleanSpark trades at an mNAV EV of about 3.6, Hut 8 at 3.5, and Riot Platforms at roughly 3.2, according to the same data. A lower mNAV, close to or below 1, means the company trades at a discount relative to its holdings — effectively enabling investors to buy into the crypto treasury for less than its worth.
American Bitcoin was formed as a majority-owned subsidiary of Hut 8 and went public through an all-stock reverse merger with Gryphon Digital Mining in September. The company has said it plans to continue building its bitcoin reserve through a combination of mining operations and market purchases.
Bitcoin was trading around $87,900 as of publication, after briefly falling to roughly $85,200 the day prior, according to The Block’s BTC price page.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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