American Bitcoin Corp. (NASDAQ:ABTC) co-founder Eric Trump celebrated the company’s growing Bitcoin (CRYPTO: BTC) reserve Monday, signaling that “the best is yet to come.”
Trump Sets Ambitious Target For ABTC
Trump said in an X post that within a span of four months, the company has grown to become the 19th largest Bitcoin treasury, holding 5,427 BTC, worth $509 million, as of this writing.
“In just 4 months, we’ve built one of the fastest-growing and strongest Bitcoin companies on Earth,” Trump said. “Disciplined accumulation. Relentless execution.”
Trump added that the company’s next target is to surpass Galaxy Digital Inc. (NASDAQ:GLXY) and Next Technology Holding Inc. (NASDAQ:NXTT) to become the 16th-largest corporate holder of Bitcoin.
Michael Saylor’s Strategy Inc. (NASDAQ:MSTR) is sitting pretty at the top, with a whopping $63 billion worth of Bitcoin on its books.
See Also: Trump’s Venezuela Strike Raises Odds Of A Broader War With Iran In Crypto Betting Market
ABTC Has Cratered Since Launch
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), completed its all-stock merger and began trading on Nasdaq in early September.
However, the stock has tumbled nearly 75% since launch, in part due to Bitcoin’s decline and the expiration of ABTC’s lock-up period, which enabled early investors to sell their shares and realize profits
Interestingly, despite the slump, Roth Capital analyst Darren Aftahi initiated coverage of the stock with a “Buy” rating and set a price target of $4.
Price Action: At the time of writing, BTC was exchanging hands at $93,715.33, up 0.81% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares rose 0.05% in after-hours trading after closing 3.48% higher at $2.020 during Monday’s regular trading session.
Benzinga’s Edge Stock Rankings showed that the stock had a weaker price trend in the short, medium and long terms. How does it compare with Strategy and other Bitcoin treasury stocks? Find out here.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
