American Bitcoin Corp., a Bitcoin mining and accumulation company, recently announced it has acquired approximately 1,414 BTC as part of its strategic market purchases since September 0 its latest purchase , the company’s total holdings have surged to 3,865 BTC, which is valued at around $445 million at current 1 makes the company the 26th largest public Bitcoin holder 2 Bitcoin now reports Satoshis Per Share (SPS) on its Bitcoin portfolio.) of 418, up 52% since September 3 company currently has an ongoing commitment to provide investors with visibility into shareholder value, and to that end, it has revealed plans to now provide periodic updates to Satoshis Per Share (“SPS”), a metric representing the amount of Bitcoin attributable to each outstanding share of the Company’s common stock that also provides shareholders with insight into their indirect ownership of Bitcoin through their equity in the 4 calculate SPS, multiply the Company’s total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then divide the total by the number of shares of the company’s common stock outstanding as of the measurement date.
“We believe one of the most important measures of success for a Bitcoin accumulation platform is how much Bitcoin backs each share,” said Eric Trump, Co-founder and Chief Strategy Officer of American Bitcoin. “As part of that conviction, we are focused on providing transparent updates as we aim to increase our holdings.” The new development aligns with the company’s rapid expansion trajectory, which began earlier this year when Hut 8 launched its 5 arm as a separate, publicly traded 6 Bitcoin initially held around 500 BTC at the time of the carve-out, but it increased its stash with another 1,726 BTC purchased between July and August for approximately $205 7 holdings were pledged to Bitmain as collateral for a $314 million order of 16,299 Antminer U3S21EXPH units, machines that will be hosted at Hut 8’s new Vega site in Texas, a 400-megawatt facility central to American Bitcoin’s push toward 25 EH/s of proprietary 8 Bitcoin’s strategy to flesh out its reserves There are already a number of treasury companies accumulating BTC.
However, American Bitcoin stands out for adopting a strategy that helps it manage costs while building its reserve. “What sets American Bitcoin apart from most traditional Bitcoin treasury vehicles is our integrated mining operations,” said Asher Genoot, the firm’s executive chairman. “By producing Bitcoin directly, we can reduce our average cost per Bitcoin to drive a cost advantage over vehicles that buy exclusively on the open 9 structural advantage allows us to compound Bitcoin value per share more efficiently for our investors.” Earlier this year, American Bitcoin 10 merged with Gryphon Digital Mining to form what they have said has the potential to become the most efficient pure-play Bitcoin miner in the 11 the all-stock merger, Gryphon shareholders now own about 2% of the combined entity while American Bitcoin stakeholders hold 98%.
The success of the merger gives the Trump-backed firm a faster route to public markets and combines Gryphon’s mining technology with American Bitcoin’s capital strength and large-scale 12 smartest crypto minds already read our 13 in? Join them .
Story Tags
Latest news and analysis from Cryptopolitan
