Trump’s American BTC Enters Top 20 Corporate Holders later than Latest Buy
What’s Behind American BTC’s quick-Growing BTC Treasury?
American BTC (ABTC) has pushed its holdings to 5,098 BTC, placing the firm inside the top 20 corporate BTC treasuries later than its latest accumulation. The company, backed by Eric and Donald Trump Jr., has been purchaseing steadily since its Nasdaq listing on Sept. 3, reporting a BTC yield of 96.5% between listing and Dec. 14 — a metric used by treasury-focused growth relative to outstanding shares.
The latest purchase moved the firm ahead of Semler Scientific in the corporate rankings tracked by . The accumulation strategy continues even as ABTC shares swing sharply in public markets, reflecting a mix of BTC balance-sheet growth and equity volatility.
Shares hit an all-time low of $1.57 on Tuesday before a slight bounce, extending a decline of more than 75% from September highs later than the expiration of a post-merger lockup triggered heavy tradeing pressure.
Investor Takeaway
Why Does American BTC Trade at One of the Richest mNAV Premiums?
Despite the drawdown, American BTC trades at one of the highest enterprise value-to-net asset value multiples among U.S.-listed miners. Data from BTC Treasuries places its mNAV EV at roughly 3.7 — well above the levels viewn at many peers.
CleanSpark sits near 3.6, Hut 8 around 3.5, and Riot Platforms near 3.2. In simple terms, ABTC trades at a higher valuation relative to the . A company with an mNAV around 1 trades close to the fair value of its BTC, while anything below 1 implies the market is pricing the treasury at a discount.
At 3.7, ABTC commands a premium multiple that assumes future growth in mined and purchased BTC, plus operational upside. That leaves the equity exposed to sharper repricing when BTC fragileens or when the market questions the speed of treasury expansion.
How Does the Company’s Structure Influence Its Market Profile?
American BTC was formed as a majority-owned subsidiary of Hut 8 and went public via an all-stock reverse merger with in September. The combined structure blends mining output with active treasury accumulation, making ABTC function partly like a miner and partly like a BTC-leveraged holding vehicle.
The company has said it intends to keep building reserves through both mining operations and direct market purchases. Investors in the stock therefore take on both mining-sector risks and treasury-premium risks, with the valuation largely tied to BTC performance and the firm’s pace of accumulation.
BTC traded around $87,900 at publication time later than dipping to roughly $85,200 the previous day, according to The Block’s BTC price index. That move alone can shift the mark-to-market value of ABTC’s treasury by millions, feeding directly into valuation metrics like mNAV.
Investor Takeaway
What Comes Next for ABTC Investors?
With ABTC trading at a richer premium than most peers, future pricing will hinge on whether the company can continue expanding its treasury quick enough to justify that valuation. Any sluggishdown in BTC accumulation — whether due to mining output, cash constraints or market conditions — could compress the mNAV premium toward sector norms.
The stock’s steep drop following the lockup expiration also shows how sensitive ABTC is to shareholder liquidity events. If BTC strength returns and the firm keeps adding coins, the market may continue rewarding ABTC with a higher premium. If BTC fragileens or treasury growth cools, the repricing could be sharp.
For now, ABTC remains one of the highest-multiple BTC miners in the U.S. market, with a treasury strategy that keeps pushing it up the corporate rankings — even as its share price moves in the opposite direction.
