8,000 Bitcoin treasury

What happens when a company ties its entire future to Bitcoin and then the price starts climbing? American Bitcoin, the Trump-backed, NASDAQ-listed miner, just pushed its treasury past 8,000 Bitcoin, up from 5,401 at the end of last year.

That's a 50% jump in 6 months and nearly 3 times the Bitcoin per share since its market debut. The company mined 817 Bitcoin in the first quarter alone, then bought another 620, growing its stack by 30% in just 3 months.

Mining costs fell too—deploying 11,000 new ASIC rigs in Alberta cut the price to produce 1 Bitcoin to $36,200, a 23% drop from the quarter before. Yet the balance sheet still shows a net loss of $81.8 million, on $62.1 million in revenue, as the firm bets everything on its Bitcoin reserve.

Eric Trump calls the growth disciplined and large in scale, but the real test is whether shareholders profit when the price moves next. With the Treasury now among the largest corporate holdings, the answer could define the year for Bitcoin stocks.