Have you ever watched a company literally print money—except the money is Bitcoin, and they’re doing it faster than most people realize?
That’s exactly what’s been happening over at American Bitcoin Corp lately. In the span of just one week, they scooped up another 416 BTC, bringing their total corporate treasury to roughly 4,783 coins. At today’s prices that’s well north of $430 million sitting on the balance sheet. And yet, somehow, the stock still trades more than 70% off its post-listing highs. It feels almost surreal.
I’ve been following public Bitcoin miners for years, and rarely have I seen this kind of disconnect between on-chain reality and market price. So let’s dig in—because there’s a lot more here than meets the eye.
The Quiet 416 BTC Accumulation Nobody Saw Coming
Last week’s purchase wasn’t some flashy announcement with press releases and fireworks. It was disclosed quietly in the regular weekly update, almost as an afterthought. 416 Bitcoin added—part freshly mined, part bought on the open market—and just like that, the treasury grew again.
To put that number in perspective, 416 BTC is more Bitcoin than many hedge funds own in their entirety. It’s roughly what some smaller nations have been rumored to hold. And American Bitcoin did it in seven days while most retail investors were arguing about whether we’re in a bull or bear market.
In my experience, when a company can consistently add triple-digit Bitcoin amounts week after week, something structural is working in their favor. Either the mining operation is firing on all cylinders, or the capital markets team has found a clever way to keep the coins cheaper than spot. Often it’s both.
Where Exactly Did Those 416 Coins Come From?
The disclosure makes it clear this wasn’t purely an open-market shopping spree. A decent chunk came straight from their own mining rigs—coins that never touched an exchange. The rest were strategic purchases, likely executed during the brief dips we saw mid-week.
There’s an important nuance here that gets overlooked: some of the treasury Bitcoin is actually pledged as collateral in equipment-financing deals. That means not every single coin is completely “free and clear,” but it also means they’ve been able to leverage future mining output to acquire even more hash rate. It’s a virtuous cycle when Bitcoin price cooperates.
When your business model literally creates the asset you’re accumulating, the game changes completely.
I’ve always believed that’s the real edge public miners have over pure holding companies. They don’t just sit on Bitcoin—they produce it. And right now American Bitcoin is producing and buying with equal aggression.
Satoshis Per Share Keeps Climbing—And That Actually Matters
If you’ve never heard of Satoshis Per Share (SPS) before, think of it as the Bitcoin miner equivalent of “book value per share” but way more exciting. Every time the company adds Bitcoin to the treasury (whether mined or purchased), the SPS number goes up.
After this latest 416 BTC batch, American Bitcoin’s SPS has now solidly broken into new territory. We’re talking measurable, on-chain progress that directly benefits shareholders. In a world where most stocks dilute you over time, watching your slice of actual Bitcoin grow feels… refreshing.
- September → first big SPS jump after initial treasury build
- October → steady climb continues despite market pullback
- November → aggressive accumulation phase begins
- December → 416 BTC week pushes metric to all-time high
It’s one of those metrics that starts off as nerdy and ends up being the single most important number for investors. I won’t be surprised if analysts begin valuing the company almost entirely on SPS growth within the next year.
The Trump Family Backing—Blessing or Distraction?
Let’s address the elephant in the room. Yes, Eric Trump and Donald Trump Jr. are involved at the board/strategic level. Yes, that instantly makes the company politically charged in some circles.
From a pure investment standpoint, I actually see it as a net positive—for one simple reason: access. When you have that kind of network, doors open. Financing deals get done faster. Regulators pay attention (whether you like it or not). In crypto especially, relationships still move mountains.
That said, the association also brings volatility. Every political headline becomes a trading catalyst, fair or not. We saw it after the election, we saw it during the brief post-listing euphoria, and we’re seeing it now in the current discount.
Why Is the Stock Still Down 70% Then?
This is the question that keeps me up at night—because on paper, everything looks phenomenal. Treasury growing, hash rate expanding, SPS soaring… yet the chart looks like it got caught in a bear trap.
Several factors are at play:
- Lock-up expirations — Early investors and insiders finally able to sell
- Broader crypto volatility — Bitcoin itself dropped from $108k to $90k recently
- Sector rotation — Money flowing out of miners into layer-1s and memes
- Political risk premium — Some funds simply won’t touch anything with the Trump name
Add it all together and you get a stock trading at a massive discount to its underlying Bitcoin per share. In other words, the market is currently letting you buy treasury Bitcoin at maybe 30–40 cents on the dollar if you go through the equity.
Dangerous? Possibly. Asymmetric? Absolutely.
Comparing American Bitcoin to the Rest of the Pack
Let’s put some numbers side by side (approximate as of Dec 2025):
| Company | Bitcoin Held | Market Cap | BTC per $1M Market Cap |
| MicroStrategy | ~252,000 | $48B | ~5.25 BTC |
| American Bitcoin | ~4,783 | ~$1.1B | ~4.35 BTC |
| MARA | ~26,000 | $7.2B | ~3.61 BTC |
| Riot | ~12,000 | $4.1B | ~2.93 BTC |
Look at that second line again. American Bitcoin is delivering nearly as much Bitcoin exposure per dollar of market cap as the 800-pound gorilla—while still having room to grow production dramatically.
Perhaps the most interesting aspect? They’re doing it with a fraction of the attention.
What Happens If Bitcoin Keeps Running?
Simple math: every $10,000 move in Bitcoin price swings the value of their treasury by roughly $48 million. That’s real torque.
Combine that with continued accumulation (they’ve shown no signs of slowing down) and expanding mining capacity, and you start to see how explosive the setup could become if sentiment flips.
I’m not saying it’s risk-free—far from it. But I’ve rarely seen this level of fundamental disconnect in a name that’s actually executing.
Final Thoughts—Opportunity or Trap?
Here’s where I land personally: American Bitcoin feels like one of those stories that historians will look back on and say, “How was this trading at that valuation?”
The treasury is real. The mining operation is real. The SPS growth is real. The only question is whether the market catches up before some catalyst (higher Bitcoin price, better sector sentiment, lock-up overhang clearing) forces it to.
In the meantime, every week they keep adding hundreds of Bitcoin while the stock drifts lower, the discount just gets more absurd.
Whether that discount ever closes? That’s the multi-bagger question hiding in plain sight.
Either way, I know one thing for sure—I’ll be watching the next weekly update very closely.
