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American Bitcoin Corp. (ABTC) is a company majority-owned by Hut 8. Also, it is linked to U.S. President Donald Trump’s family. This company has just made a huge bitcoin purchase.
ABTC started its buying streak on July 1st and continued till August 6th. During that period, ABTC bought 1726 BTC at an average price of $119,120 per coin and spent about $205.6 million. Now, the total bitcoin stash of ABTC has reached 2,130 BTC, which is worth over $257 million.
Hut 8 is using ABTC as a key player in its newly adapted strategy, which also includes consolidating big partnerships, stronger revenue streams, and expanding its mining and digital infrastructure. Currently, Hut 8 itself already holds **10,667 BTC, **which are worth around $1.1 billion.
Through a private sale, ABTC has raised around $220 million in cash and bitcoin earlier this year. Now, ABTC is preparing to go public. It will happen through ABTC’s merger with Gryphon Digital Mining. Soon, the shares of both entities will be traded on Nasdaq under the ticker ABTC.
Moreover, with this latest buy, ABTC has become the 26th largest bitcoin holder in the world.
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