American Bitcoin Corp. (NASDAQ:ABTC) co-founder Eric Trump toasted the firm’s treasury hitting the 6,000 Bitcoin (CRYPTO: BTC) milestone on Tuesday.
Trump Sees ‘Exciting Days Ahead’
In an X post, Trump stated that the firm hit the “incredible” milestone within six months of going public.
“Today is a testament to ABTC’s execution, which has built one of the fastest-growing Public Bitcoin reserves in the world, outpacing many established players in a fraction of the time,” Trump added. “Exciting days ahead!”
As of this writing, American Bitcoin holds 6,039 BTC, worth $409 million, according to BitcoinTreasuries.net, ahead of companies such as GameStop Corp. (NYSE:GME) and Gemini Space Station Inc. (NASDAQ:GEMI).
Stock Performance Far From ‘Exciting’
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), started trading on the Nasdaq Exchange in September of last year. It functions as a hybrid Bitcoin mining and treasury firm, producing new BTC through its own mining operations.
However, the stock has collapsed 86% since the debut, weighed down by Bitcoin’s bear market and the expiration of its lock-up period, which enabled early investors to sell their shares and realize profits.
It’s worth noting that despite the subpar performance, analysts remained bullish on the stock. Roth Capital and H.C. Wainwright & Co. both initiated coverage of ABTC with a “Buy” rating and set a price target of $4.
The company will release earnings for the full year of 2025 before the market opens on Feb. 26.
Price Action: At the time of writing, BTC was exchanging hands at $67,540.58, down 1.41% over the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares fell 0.14% in after-hours trading after closing 3.54% lower at $1.090 during Tuesday’s regular trading session.
Benzinga’s Edge Stock Rankings showed the stock lagging in price trends across the short-, medium-, and long-term.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
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