Trump-Linked American Bitcoin (ABTC) Surpasses 7,000 BTC as Treasury Growth Accelerates; Mining Peer Slides

ABTC has crossed 7,000 BTC in corporate reserves, marking more expansion of its Bitcoin treasury following its Nasdaq listing. The company reported its holdings have nearly tripled since launch, while “satoshis per share” have more than doubled over the same period. 

ABTC now ranks among the top publicly traded Bitcoin-holding firms globally, coming in at #16, according to bitcointreasuries.net. 

American Bitcoin has been aggressively expanding its mining operations, purchasing over 11,000 ASIC machines this month to significantly boost hashrate capacity. 

The company plans to scale its fleet toward ~89,000 rigs and ~28 EH/s, focusing on self-mining BTC at lower costs rather than market purchases. 

Executives say this strategy is designed to increase Bitcoin holdings efficiently, with strong reported mining margins.

ABTC co-founder Eric Trump also took to X earlier this month and said that major U.S. banks, including JPMorgan Chase, Bank of America, and Wells Fargo, are lobbying in Washington to restrict higher-yield crypto and stablecoin products through legislation like the CLARITY Act, aiming to protect traditional banking profits.

ABTC’s rough stock performance

The company reported a challenging fourth quarter earlier this year as bitcoin’s 23% price decline triggered a $227 million non-cash mark-to-market loss and a $59 million net loss. Revenue for the quarter was $78.3 million, slightly below estimates but up from $64.2 million a year earlier, with full-year revenue of $185.2 million. 

The firm ended last year with 5,401 BTC and has since grown holdings above 6,000 BTC through mining and open-market purchases. 

The company said roughly one-third of its bitcoin came from mining, the rest from acquisitions. It operates at a 53% mining margin, indicating profitability despite volatility. 

Since its Nasdaq debut in September of 2025, shares have fallen sharply from peak levels, down over 90%.

Industry peers such as MARA and Riot are diversifying into AI infrastructure, while Hut 8 supports American Bitcoin and expanded credit facilities to $400 million, alongside a $200 million revolving line from Two Prime, strengthening liquidity. 

At the time of writing, shares of ABTC are near $0.90 a share.

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How Bitcoin Found Its Purpose At Oslo Freedom Forum

This is an opinion editorial by Josef Tětek, the Trezor brand ambassador for SatoshiLabs.

At this year’s Oslo Freedom Forum (OFF), a financial freedom content track gave freedom fighters from around the world the chance to learn about Bitcoin, and Bitcoiners the chance to learn the true extent of fiat slavery. As Matt Odell recently put it, “The most important thing is perspective.” And the event demonstrated that considering Bitcoin from the perspective of the unprivileged is worth every sat.

Even though this year’s OFF was the 14th instance of the annual conference, I only first learned about it in April at Bitcoin 2022. I was lucky enough to bump into Alex Gladstein, with the intention to have my copy of “Check Your Financial Privilege” signed. I got the signature, and an invitation to Oslo on top of that. When I learned that many of the Bitcoiners mentioned in Gladstein’s book were going to be present at the event, it was clear to me that I had to take part.

Bitcoin Is For Activists

At the entrance to the conference venue, participants were reminded of the current state of the world: More than four billion people live under authoritarian rule. Authoritarianism is the leading cause behind refugee crises, keeps billions locked in poverty and water insecurity, and crushes all dissent. No less humbling were the statistics on the event speakers: OFF hosted 365 speakers representing 107 countries, 89 of them exiled from their homelands, and they earned a combined total of 252 years spent behind bars.

The main themes of the conference were human rights and the struggle against despotism in all its forms. This year, however, the activists were presented with a powerful aid: Bitcoin and its permissionless payments, its individual empowerment, its ability to help raise funds for any cause, anywhere in the world.

What struck me as very refreshing compared to most Bitcoin (or, God forbid, “crypto”) conferences was the down-to-earth nature of discussions. There was urgency in some of the Bitcoin talks, yes, but it never revolved around price; rather the urgency addressed the pressing needs of millions to access a neutral monetary system that could save lives right now. There were no price predictions, no shitcoin talk, no KYC-exchanges’ siren songs. The terms that moved the crowd were “open,” “permissionless,” “unstoppable,” and “borderless.” They were quite ready to be orange pilled since few participants needed any convincing that their money sucked; they knew it for a fact from lifelong experience, and now they were being presented with a workable solution.

A session that was representative of this meeting of minds was the “Integrating Bitcoin Into Your NGO” panel, led by Gladstein, with Wolf von Laer (from Students For Liberty) and Meron Estefanos (from the International Commission on Eritrean Refugees). Meron described how she has been able to help Eritrean refugees more effectively in recent years with Bitcoin, whereas before, the only option was using the 1,000-year-old system of Hawala. Gladstein ended the session with a memorable quote:

“Maybe Bitcoin isn’t for everybody, but it’s certainly for activists,” he said.

Orange Pills For The Underprivileged

The Bitcoin talks and panels at OFF were quite unique from what I’ve seen at other conferences. The main reason was that the speakers had no other agenda than to clearly explain to the uninitiated why they should take a serious look into this neutral monetary system, and how it could work as one of their most powerful allies.

For instance, Fodé Diop and Jack Mallers discussed the CFA franc regime, and how it has kept dictators in charge in Central and Western Africa for decades. Diop stressed that the nature of money can either enable or suppress human rights. Mallers pointed out that bitcoin as a permissionless payment system works no matter the price, and explained why that feature is so revolutionary: anyone in the world, no matter their nationality, political affiliation, religion or race can transfer value to anyone else, with little more than just a phone and a low-bandwidth connection. This is something simply unheard of, especially for the unprivileged majority of the world population.

Another great session was the discussion of central bank digital currencies (CBDCs) between Odell, Matthew Mezinskis, Lisa Neigut and Janine Roem.

Mezinskis, from Porkopolis Economics, kicked the discussion off with his quarterly update on the global monetary base, a thorough analysis of the monetary inflation of dozens of fiat currencies that constitute 97% of world GDP, which I highly recommend reading (see the embedded tweet below). The panelists also stressed the importance of cash for private transactions; and along with it the high probability that cash will be phased out in the coming years, to be replaced with CBDCs, which were dubbed part of an unconventional warfare that the state is waging on its citizens.

The key difference between CBDCs and bitcoin, according to the session participants, is the aspect of permission. While CBDCs will be fully under control of the central bank and the State and will open up new forms of oppression and surveillance, bitcoin is the very opposite — open for everyone, always and everywhere.

A highlight from the panel was the conclusion that a free society needs cash, which can be either physical (fiat cash), or digital (bitcoin).

Time for the 2022 Q1 update on the Global monetary base. This is the only money supply that economically compares with bitcoins. Current price weakness drops #Bitcoin under the Swiss franc and silver vs. last quarter. This is quarterly update #16. 🧵 pic.twitter.com/bs2f3LO1Re

— Matthew Mežinskis (@1basemoney) May 20, 2022

Most of the bitcoin content was scheduled for the afternoon of the last conference day, when the Bitcoin Academy took place. The academy was comprised of panel discussions (like the one on CBDCs mentioned above) and workshops. Many high-profile Bitcoiners took part in the academy and it felt like an all-star bitcoin meetup, with folks like Odell, Stephan Livera, BTC Sessions, Jimmy Song and Uncle Rockstar taking turns explaining how Bitcoin works in understandable terms.

Paradoxically, the problem of the Bitcoin Academy was that there were too many Bitcoiners taking part, so the ratio of Bitcoiners to activists was around 80 to 20. While it was fun and each activist had several teachers at once, it was a pity that the academy failed to attract more of those who might benefit the most from the sessions. Perhaps next time the activists should have preferential seating, so that Bitcoiners in the audience wouldn’t take up all the spots.

Solid orange pilling squad doing Satoshi’s work in Oslo right now. @BTCsessions@stephanlivera @ODELL pic.twitter.com/R9mgGrEvSZ

— hodlonaut (@hodlonaut) May 25, 2022

The Beginning Of A Beautiful Friendship

As Sergej Kotliar beautifully put it, the first OFF with a broader representation of Bitcoiners was perhaps not so much about orange pilling the freedom fighters, but rather about freedom pilling the Bitcoiners.

New friendships that transcend social bubbles were formed, and bitcoiners were strongly reminded why their work matters. Open-source tools like Muun, Trezor and BTCPay Server can save lives and help individuals escape oppression and poverty. We must not fail those who rely on us with everything they have.

I think the greatest bitcoin trick @gladstein pulled this week wasn't showing bitcoin at the OFF. It was showing the OFF to the bitcoiners. There's so much more we can and will do. So thank you Alex. The bar has been set. pic.twitter.com/qfbREd0TOm

— Sergej Kotliar (@ziggamon) May 26, 2022

This is a guest post by Josef Tětek. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Why Bitcoin Eats Altcoins For Lunch

Mimesis Capital: Inside The Event Horizon, Report #16

Bitcoin Versus Ethereum And Other Alts

It’s been “alt season” for the past couple months. Bitcoin has remained situated around $50,000 while Dogecoin, Shiba Inu and Ethereum are soaring.

While short-sighted gamblers like to make bets on the next big dog meme coin, it’s important to review the basics of why bitcoin has accrued value and compare bitcoin to other tokens.

Bitcoin is the best monetary good.

Why? It has specific credible properties: scarce, durable, portable, transactable and so on.

From these properties, we can derive two unique characteristics:

1. No counterparty risk

2. No dilution risk

These two characteristics can only be maintained by having the ability to hold your own private keys and run your own full node.

No other coin or token can even compete with bitcoin on these properties and characteristics.

Therefore, no other coin or token can compete with bitcoin as being the best monetary good.

Like the invention of the number zero, “Bitcoin is a path-dependent, one-time invention; its critical breakthrough is the discovery of absolute scarcity — a monetary property never before (and never again) achievable by mankind.” — Robert Breedlove, “The Number Zero and Bitcoin”

The point of money is being able to send wealth through time and space. Bitcoin’s unique properties enable it to do that better than any other good. Since money is a winner-take-all, network effect–driven good, individuals game theoretically converge on bitcoin as a Schelling point due to its specific properties and characteristics.

“Each digital value network carries a network effect, the strength of which can be approximated by the $ value of each. (Shown here as size of circle, with accurate scale.) 

With your hard-earned money at stake, pick which circle others will value most.” — @croesus

Why Do Ethereum And Other Alts Have Value?

First, ETH is a token.

Before its launch, 71% of ETH was premined. Some of this ETH was given to developers, but it was mostly distributed to ICO investors.

ETH clearly has not and cannot compete with bitcoin on being a monetary good as its monetary policy has and never will be credibly perfect like bitcoin.

Instead ETH is “pitched” as a promise to be useful in a variety of different applications. Since ETH is a token and not equity in a corporation, the community attempts to create both supply and demand narratives to incentivize speculators to buy and hold the token.

The ETH community must continue to come up with unique narratives that rationalize a reason for holding ETH. It must continue changing if it wants to bring in new buyers.

Some of these include demand use cases like issuing ERC-20 tokens, DeFi, NFTs and DAOs.

Other narratives are supply driven, like “Ultra-Sound Money,” where the community has recently started to argue that ETH supply could potentially decrease over time.

The unethical part of this is some people pitch ETH as “ultra-sound” money, something that is supposedly “better” than bitcoin.

This idea of ETH being “ultra-sound” money is scammy and misleading.

In fact, ETH is actually copying the monetary policy of an ERC-20 token built on ETH, $BOMB. This token has a monetary policy that dictates that supply will forever decline.

The market cap of $BOMB is $3 million. If ETH successfully copies $BOMB and becomes worth just as much, it will trade at $0.02 per ETH, a rather large drawdown from $4,000.

Of course, since this token has a constantly decreasing supply, it should confirm that supply itself (or “ultra-sound” money) does not make a token a good monetary good.

Unlike bitcoin, whose value accrued as a game theory Schelling point from the organically decentralized, credibly fixed nature of its monetary properties, ETH’s value is derived from promises and speculation.

ETH must continue changing and promising more applications and usefulness otherwise why hold the token? The hope is simply that it becomes more scarce and more in demand, forever. Like most startups and bubbles, it’s not the underlying fundamentals that give the asset value, it’s the hope and/or speculation of what it could become.

Like stated above, ETH is a token. It’s useful if you want to use the Ethereum blockchain. It’s not money.

The ETH token is like a Chuck E. Cheese token to use the Ethereum blockchain.

ETH’s best-case scenario: There are sustainable, long-term, useful applications on the Ethereum blockchain that are not able to be built on Bitcoin or Bitcoin second layers, don’t require perfect censorship resistance or decentralization (average person can’t run an Ethereum node), and wouldn’t just be more efficient as a product or service offered by a corporation.

Potential use cases:

• Buy an NFT or buy a Fortnite skin (corporation)?

• Trade on DeFi exchange or trade on Binance or Coinbase (corporation)?

• Get a DeFi loan or get a loan from Unchained Capital, BlockFi or HodlHodl (corporation)?

• Casino, gambling or speculation (e.g., Dogecoin, ETH, and all other alts)?

The ONLY major use case for a blockchain is money (bitcoin). For money, you need censorship resistance and decentralization in order to have the best credible monetary properties.

With that said, even if some of these use cases do play out, it doesn’t mean the token (ETH) would accrue value.

When Chuck E. Cheese launched in 1977, you should have bought equity in the business, not their tokens.

ETH And Alts Are Riding Bitcoin’s Monetization

All alts are riding the success of bitcoin. On top of bitcoin’s monetization process, unprecedented monetary and fiscal policy leads to a breakdown in the pricing mechanism of “free” financial markets.

Traditional finance doesn’t understand bitcoin, and they bring their idea of diversification to the world of monetary goods (not a good idea). In addition, retail speculators are shortsighted and constantly looking for the next big thing (SPACs, GME, Dogecoin, ETH, Tron, etc.) to get rich quickly. They fall for unit bias and chase price.

At the end of the day, alts fall to the greater fool theory. Can I sell my token to someone else at a higher price?

The best monetary good (bitcoin) becomes money, and the rest are nothing more than gambling in a casino. Dogecoin (nothing more than a joke/meme) closing in on Ethereum as the number three coin should help shed more light on that.

This is a guest post by Mimesis Capital. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.