The race among public companies to build bitcoin-heavy balance sheets is still accelerating. American Bitcoin Corp. (Nasdaq: ABTC) said it added roughly 416 BTC over the past week, bringing its total holdings to about 4,783 BTC as of Dec. 8. That makes the company one of the larger U.S.-listed firms explicitly focused on systematic bitcoin accumulation.
According to the company, those reserves were assembled through a mix of in-house mining and strategic market purchases. In other words, American Bitcoin is not relying solely on mined output. It is also buying BTC directly in the market to expand treasury exposure and strengthen the bitcoin position on its balance sheet.
The reported total includes more than just freely deployable coins. American Bitcoin said part of its BTC is held in custody, while another portion is pledged as collateral for miner purchases under a supply agreement with hardware manufacturer Bitmain. That distinction matters because the headline number reflects the full treasury position, even though some of the bitcoin may be tied to custody arrangements or financing obligations linked to mining equipment procurement.
American Bitcoin, which listed on Nasdaq earlier this year, also updated investors on a proprietary metric called Satoshis Per Share, or SPS. The idea behind SPS is to show how much bitcoin exposure is attributable to each outstanding common share, giving equity investors a more transparent way to evaluate the stock as an indirect BTC vehicle rather than just a conventional operating company.
As of Dec. 8, SPS stood at 507, up more than 17% in a little over a month. From an investor-relations perspective, that increase suggests the bitcoin exposure represented by each share has improved over time, depending on the interaction between total BTC holdings and the number of shares outstanding. For investors comparing bitcoin treasury companies, metrics like SPS can become an important shorthand.
Eric Trump, the company’s co-founder and chief strategy officer, said the pace of accumulation reflects American Bitcoin’s operating model and cost structure. In comments released with the update, he argued that within just three months of listing, the company has built one of the largest and fastest-growing bitcoin accumulation platforms, supported by margins intended to favor long-term value creation instead of short-term reactions to price movements.
Still, treasury growth has not translated into stock market resilience. ABTC shares were modestly higher in early Wednesday trading, but the stock remained far below recent highs after a sharp selloff earlier in the month. On Dec. 2, ABTC fell roughly 50% in a single session after pre-merger private placement shares became freely tradable, increasing supply and putting heavy pressure on the stock.
Anthony Pompliano’s ProCap Financial keeps adding bitcoin
American Bitcoin’s expansion is happening alongside similar moves by other newly listed firms. This week, ProCap Financial (Nasdaq: BRR), led by Anthony Pompliano, said it had increased its holdings to 5,000 bitcoin after adding 49 BTC following the completion of its SPAC merger.
Crossing the 5,000 BTC threshold is symbolically important. It signals that ProCap is not treating bitcoin as a one-off treasury experiment, but as a repeatable capital allocation strategy. Markets often pay closer attention to companies that continue stacking BTC over time than to those making a single headline purchase.
ProCap also said the latest purchase was structured to realize a tax loss that could offset future gains. The firm framed that approach as shareholder-friendly capital allocation. The broader implication is that management is trying to optimize not just the size of its bitcoin reserve, but also the tax efficiency and financial structure around those purchases.
Pompliano described the transaction as part of a larger effort to maximize long-term BTC accumulation while preserving balance-sheet flexibility. ProCap reported holding more than $175 million in cash, which it said gives the company room for further bitcoin purchases as well as ongoing operating needs. That cash buffer may become a key strategic advantage if management chooses to continue buying on weakness or maintain optionality for future moves.
Even with the recent buying activity, investors have not rewarded either company with near-term stock strength. BRR shares have fallen more than 60% over the past several days, underscoring that public-market pricing can remain under pressure even when management is aggressively building bitcoin reserves. In practice, share unlocks, post-merger trading dynamics, market liquidity, and risk sentiment can outweigh treasury headlines in the short run.
According to data from bitcointreasuries.net, ProCap Financial and American Bitcoin now rank 21st and 22nd, respectively, among publicly traded companies holding BTC. They are not yet among the very largest corporate bitcoin holders, but they have clearly entered the upper tier of public companies using bitcoin accumulation as a defining part of their market identity.
Taken together, the two firms illustrate a broader trend in listed markets: companies are increasingly using public listings, merger structures, treasury policy, and investor-facing metrics to package bitcoin exposure into an equity format. Whether that strategy ultimately delivers durable stock performance is still an open question, but the underlying direction is clear. Public-company bitcoin accumulation is no longer limited to a handful of early adopters; it is becoming a more competitive and more explicitly branded corporate playbook.