Bitcoin Holdings Milestone Amidst Market Reaction
American Bitcoin Corp. (NASDAQ: ABTC), the Bitcoin (BTC) mining firm co-founded by Eric Trump and Donald Trump Jr., has become the 22nd largest Bitcoin treasury company, surpassing GameStop Corp (NYSE: GME) in BTC holdings. Despite this significant milestone, the market reaction was notably subdued.
Eric Trump Touts 'Fast-Scaling' Reserves
On December 10, American Bitcoin Corp. acquired an additional 416 Bitcoin, valued at $38 million. This strategic purchase, according to BitcoinTreasuries.net, increased the company's total Bitcoin reserves to 4,783 BTC. This acquisition positions American Bitcoin Corp. slightly ahead of GameStop's holdings of 4,710 BTC, which were valued at approximately $434 million, representing a difference of 73 BTC.
Eric Trump, co-founder and chief strategy officer of American Bitcoin Corp., characterized the recent purchase as a component of the firm's accelerated expansion strategy. He stated that the company's Satoshis Per Share (SPS) metric saw an increase of over 17% in a little over a month. Trump described the acquisition as evidence of the firm's successful execution of its scaling plan, asserting that American Bitcoin Corp. has emerged as one of the "largest and fastest-growing BTC accumulators" since its Nasdaq listing three months prior. He further commented that the company's cost structure and margin profile are favorable for long-term value creation as it continues to build its strategic Bitcoin reserves.
Just getting warmed up! 🇺🇸🇺🇸
— Eric Trump (@EricTrump) December 10, 2025
Despite reaching this new level of Bitcoin reserves, American Bitcoin Corp.'s stock experienced a decline of 4.39% on the day, trading at $1.96.
GameStop Reports Bitcoin Holding Loss
In contrast, GameStop's investment in Bitcoin has not yet yielded positive returns. As of November 1, the conclusion of its third quarter, the company's Bitcoin holdings were valued at approximately $519.4 million. This valuation reflected a loss of $9.2 million on its digital asset portfolio during the quarter. GameStop is understood to have maintained its position of 4,710 BTC, the same amount it acquired between early May and mid-June using funds from a $1.3 billion debt sale announced in March. The decision to incorporate Bitcoin into its balance sheet in March marked a significant strategic shift for GameStop.
A Volatile Month for the Trump-Linked Miner
American Bitcoin Corp.'s initial weeks on the Nasdaq exchange have been marked by volatility. The miner's shares saw a sharp decline of over 50% in a matter of minutes earlier in December, coinciding with a broader sell-off in Bitcoin. Initial market speculation attributed this sudden drop to insider selling. However, filings with the United States Securities and Exchange Commission indicate that the majority of shareholders are still subject to a 180-day lockup period, restricting sales until March 3, 2026.
Eric Trump later clarified that the volatility was caused by the unlocking of pre-merger private placement shares. He explained that these early investors were able to realize profits for the first time, leading to temporary selling pressure. This event underscored the inherent risks faced by newly listed mining companies, even as they pursue aggressive strategies to accumulate Bitcoin holdings.