Coinbase-Backed American Bitcoin Corp Amasses $23M BTC Reserve Ahead of Public Listing
American Bitcoin Corp (ABTC), a Trump-affiliated mining firm, has rapidly accumulated 215 BTC (~$23M) within two months of launching operations, per a June 6 SEC filing. The company—operating 60,000 miners across three sites—explicitly positions Bitcoin accumulation as its core business strategy rather than a secondary activity. This bullish move coincides with ABTC''s planned public listing via merger with Gryphon Digital Mining, signaling institutional confidence in Bitcoin''s long-term value proposition. The reserve buildup mirrors Coinbase''s institutional custody growth, reflecting broader adoption trends as 2025''s halving cycle approaches.
American Bitcoin Corp Announces $23 Million Bitcoin Reserve, Outlines Strategic Growth with Gryphon Merger
American bitcoin Corp (ABTC) has accumulated 215 BTC, valued at nearly $23 million, within just two months of launching mining operations. The Trump-affiliated company disclosed the reserve in a June 6 SEC filing, emphasizing Bitcoin accumulation as its core business strategy rather than a byproduct.
ABTC operates 60,000 miners across three sites and plans to go public through a merger with Gryphon, expecting to trade under the ticker $ABTC by Q3 2025. The company stores its assets with Coinbase Custody, leveraging institutional-grade security for its growing Bitcoin holdings.
The filing revealed ABTC''s adaptive approach to market conditions, with no fixed BTC target but a commitment to strategic accumulation. "Bitcoin is not a side effect of our business—it is the business," the company stated, positioning its reserve as a long-term asset for shareholder value creation.
The Quiet Campaign for Scott Bessent as Next Fed Chair: Implications for Crypto Markets
Scott Bessent, the current U.S. Treasury Secretary, has emerged as a potential successor to Jerome Powell as Federal Reserve Chair when Powell''s term ends in May 2026. A June 10 Bloomberg report revealed discussions within the TRUMP administration about nominating Bessent, though the White House dismissed the claims as inaccurate. President Trump hinted at an accelerated decision timeline, stating he would name Powell''s replacement "very soon"—a notable shift from prior expectations.
The crypto market faces both opportunity and risk under a Bessent-led Fed. His pro-growth, risk-friendly policy leanings could fuel capital inflows into digital assets, particularly Bitcoin (BTC) and Ethereum (ETH), as investors seek higher-yielding alternatives. However, abrupt monetary easing might also invite volatility, testing the resilience of altcoins like SOL and MEME.
Market analysts are scrutinizing Bessent''s historical stance on financial innovation. His tenure at Soros Fund Management showcased a pragmatic approach to macroeconomic shifts—a trait that could benefit crypto-native projects such as Coinbase-listed assets (e.g., FIL, DOT) while unsettling stablecoin issuers reliant on stringent oversight.
Stablecoins on the Rise: 2025 Set to Be a Game-Changer
Stablecoins are poised for a breakthrough year in 2025, according to Coinbase''s latest State of crypto report. The digital asset class is gaining traction as a preferred tool in modern finance, with businesses and individual users driving adoption.
Small and medium enterprises familiar with crypto show particularly strong interest—80% aim to integrate stablecoins into their operations. The appeal lies in cost reduction, faster payments, and streamlined cross-border transactions. Corporate engagement has surged, with Fortune 500 companies'' exploration of stablecoins tripling year-over-year.
Nearly 20% of Fortune 500 executives now view blockchain and on-chain systems as strategic priorities, marking a 47% increase from the previous year. Global adoption metrics underscore the trend: over 161 million people currently hold stablecoins.
