American Bitcoin Corp. (Nasdaq: ABTC), the Miami-based bitcoin mining company with ties to Eric Trump, announced on Sunday that its corporate bitcoin reserves have surpassed 7,000 BTC. At Bitcoin's price of around $67,500 as of March 30, 2026, the holdings are valued at approximately $473 million to $475 million, according to data from bitcointreasuries.net. This places ABTC 16th among publicly traded companies holding bitcoin globally, just ahead of Galaxy Digital's 6,894 BTC.
Reserve Growth and Mining Operations
ABTC ended 2025 with roughly 5,401 BTC. The reserve crossed 6,000 BTC in mid-February 2026, reached 6,500 BTC in early March, climbed to 6,899 BTC by mid-March, and finally exceeded 7,000 BTC on March 30. The company stated that its satoshis per share metric has more than doubled since its Nasdaq debut.
About one-third of the reserves come from self-mining operations. ABTC runs a fleet of approximately 89,000 ASIC miners generating around 28.1 EH/s of hashrate, after purchasing 11,298 new ASICs in early March 2026. The remaining two-thirds reflect strategic purchases in the open market. Majority-owned by Hut 8 Corp., ABTC went public via a merger with Gryphon Digital Mining.
Why is the Stock Down 90%?
Despite the growing bitcoin stash, ABTC shares have plunged roughly 80% to 90% from their post-IPO highs near $9, trading around $0.85-$0.90 as of late March 2026. Several factors explain the drop. Equity dilution: the company has raised capital through at-the-market stock offerings, resulting in over 900 million shares outstanding, which has eroded per-share value even as the BTC reserve grows. Accounting losses: ABTC reported a net loss of $59 million in Q4 2025, driven by a non-cash mark-to-market charge of $227 million on its bitcoin holdings under the new FASB fair value accounting rules. Bitcoin fell about 23% in Q4 2025 from its all-time high above $126,000, triggering paper losses—even though ABTC did not sell any coins. Q4 revenue was $78 million, with mining gross margins near 53%.
The stock debuted near the peak of Bitcoin's 2025 rally. The expiration of the lock-up period at the end of 2025 triggered a 35%-39% single-day drop with high trading volume. ABTC has a beta of about 3.8, making it highly sensitive to Bitcoin's price movements and broader crypto sentiment. Analysts' consensus stands at 'Hold' with a price target near $4, though some give 'Sell' ratings due to valuation concerns relative to projected cash flows. The stock trades more like a leveraged miner than a direct Bitcoin proxy.
Credit Lines and Future Outlook
Credit facilities from Hut 8 and Two Prime have supported the ongoing accumulation. Company leadership insists that expanding the bitcoin reserve is the primary long-term value driver. Board members have purchased shares on the dip. Co-founder and Chief Strategy Officer Eric Trump has promoted the HODL approach, describing the firm as a builder of American bitcoin infrastructure. Donald Trump Jr. is also involved with the company.
ABTC stated that the reserves are "still increasing." However, the company's ability to sustain growth amid a potential crypto bear market remains in question, given its high leverage to bitcoin price and the significant dilution that has already occurred. The company's Q4 net loss and no imminent catalyst have left investors cautious.