American Bitcoin Corp. (ABTC), co-founded by Eric Trump, who now serves as its chief strategy officer, added 416 bitcoin to its reserve in the week ended Dec. 8.
The company, majority owned by bitcoin miner Hut 8 (HUT), now holds 4,783 BTC, according to a Wednesday press release.
ABTC's benchmark metric Satoshis Per Share (SPS) rose to 507, up more than 17% in just over a month, said Trump. SPS represents the amount of bitcoin tied to each outstanding share.
ABTC stock is up marginally in early Wednesday trading, though has yet to recover from its 50% flash crash on Dec. 2 triggered by pre-merger private placement shares being unlocked.
ProCap Financial (BRR) — which last week completed its SPAC merger and is led by Anthony Pompliano — meanwhile, added a modest 49 bitcoin to its stack to reach the 5,000 coin level. The latest purchase also generated a realized loss that can offset future gains, according to a press release.
"By using a tax conscious optimization strategy, we created real value for shareholders," said Pompliano.
BRR is also up modestly in early trading, though down more than 60% over the past several days.
According to bitcointreasuries.net, BRR and ABTC rank as the 21st and 22nd largest publicly-traded companies holding bitcoin.
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Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more
