American Bitcoin, a bitcoin mining and treasury company backed by Eric Trump and Donald Trump Jr., has moved into the top 20 list of corporate bitcoin holders after expanding its reserves to 5,098 BTC. The latest purchase pushes the company ahead of Semler Scientific, according to data from Bitcoin Treasuries, marking a notable milestone just months after its public market debut.
American Bitcoin has increased its total Bitcoin reserve to over 5,098 BTC and achieved a BTC Yield of 96.5% from its Nasdaq debut on September 3 through December 14, 2025. Strategic accumulation continues. pic.twitter.com/yB4rYV1t6Y
— American Bitcoin (@ABTC) December 16, 2025
The accumulation reflects American Bitcoin’s treasury-focused strategy since it began trading on Nasdaq on September 3. Between its listing and December 14, the company reported a bitcoin yield of 96.5 percent, a measure commonly used by crypto treasury firms to track growth in bitcoin holdings relative to the number of outstanding shares.
Growing bitcoin reserves amid stock market pressure
While the company continues to add to its bitcoin holdings, its stock performance tells a different story. Shares of American Bitcoin, which trade under the ticker ABTC, fell to a record low of $1.57 on Tuesday before staging a modest rebound. The decline extends a drawdown of more than 75 percent from highs reached in September, following the expiration of a post-merger share lockup.
Despite the sharp selloff, the company still trades at a significant premium compared to the value of its bitcoin treasury. According to Bitcoin Treasuries, American Bitcoin’s enterprise value-to-net asset value (mNAV EV) stands at roughly 3.7. This metric compares a company’s total valuation, including debt, to the market value of its bitcoin holdings.
That figure places American Bitcoin near the top of the range among U.S.-listed bitcoin miners. By comparison, CleanSpark trades at an mNAV EV of about 3.6, Hut 8 at 3.5, and Riot Platforms at roughly 3.2. Companies trading closer to an mNAV of 1 are generally viewed as being priced near, or even below, the value of their underlying bitcoin reserves.
A young public company with an aggressive treasury strategy
American Bitcoin was created as a majority-owned subsidiary of Hut 8 and became publicly listed through an all-stock reverse merger with Gryphon Digital Mining earlier this year. The company has stated that it plans to continue expanding its bitcoin holdings through a combination of mining operations and direct market purchases.
This approach mirrors a broader trend among bitcoin-focused firms that view BTC not only as an operational asset but also as a long-term treasury reserve. Supporters argue the strategy offers leveraged exposure to bitcoin’s upside, while critics point to the added volatility and valuation risk when stock prices diverge sharply from underlying asset values.
Bitcoin market context
The company’s latest accumulation comes during a period of heightened volatility in the broader crypto market. Bitcoin was trading around $87,900 at the time of publication, after briefly dipping to approximately $85,200 the previous day.
