While the number of crypto-currency companies in the US is on the rise, two remarkable names have come to the fore with their Bitcoin investments: American Bitcoin, the new Trump family-backed mining company, and GameStop, once the symbol of the “meme stock” craze. Both companies have made hundreds of millions of dollars of BTC purchases in recent weeks, strategically adding crypto assets to their treasuries.
Trump family's “American Bitcoin” buys $24 million worth of BTC
American Bitcoin, the new mining company backed by Eric Trump and Donald Trump Jr., reported to the U.S. Securities and Exchange Commission (SEC) that it had purchased 215 BTC worth approximately $24 million as of May 31.
The company plans to merge with Gryphon Digital Mining in the second quarter and go public on Nasdaq under the symbol “ABTC”. American Bitcoin's operations are currently based in Niagara Falls (New York), Medicine Hat (Alberta) and Orla (Texas) under a service agreement with Hut 8. The company's primary goal is to finance new purchases with low-cost BTC production and achieve a leadership position in the industry.
The interest of the names behind American Bitcoin, founded by Eric Trump and Donald Trump Jr., in the cryptocurrency market is not surprising. Although Donald Trump has been critical of Bitcoin in the past, he has recently attracted attention with his statements supporting cryptocurrencies.
GameStop added Bitcoin to its treasury
On the other hand, GameStop, which struggled to transition from physical game retailing to the digital world, bought 4,710 BTC between May 3 and June 10. While this figure corresponds to approximately 515 million dollars, it came after the company's decision to “adopt Bitcoin as a reserve asset” in March. GameStop had previously stepped into the sector with a Web3-compatible digital wallet project, but ended the project due to regulatory uncertainties.
However, despite the crypto investment, the company's financial statements remain weak. In the first quarter of 2024, revenues fell 17% to $732 million. Hardware and accessory sales declined by 32%. The Bitcoin investment, according to some analysts, is a “financial bulwark” against falling store sales and late digitalization strategies. But with share prices down nearly 20% following the announcement, investors remain cautious.
These steps by GameStop and American Bitcoin continue the wave of Bitcoin investment that began with MicroStrategy in 2020. With other companies, such as the Trump family's Trump Media, already known for its affinity for Bitcoin and cryptocurrency, also turning to BTC reserves, Bitcoin is increasingly becoming part of the long-term strategy of more and more companies. In particular, 2024 and 2025 have taken their place in crypto history as a period when Bitcoin started to be seen more frequently on company balance sheets.
