Bitcoin Mining Major Move. American Bitcoin Adds 10,000 Mining Rigs, Eric Trump Reveals President Family Crypto Expansion Plan

TradingKey - American Bitcoin adds over 10,000 Bitcoin mining rigs, shares rebound by more than 5%.

According to a BitcoinNews report on April 27, American Bitcoin, a company owned by former President Trump's family ( ABTC) activated 11,298 mining rigs this week, bringing its total to nearly $90,000 worth of mining equipment; with 3.05 EH/s in new capacity, its total capacity reached 28.1 EH/s. During overnight trading, American Bitcoin's stock price once rose by more than 5% to hit $1.30, and currently sits at $1.24.

American Bitcoin stock chart, Source: TradingView

It is reported that American Bitcoin was co-founded last March by Donald Trump Jr. and Eric Trump, the eldest and second sons of the former president, and was listed on Nasdaq in September of the same year through a merger with Gryphon Digital Mining.

Currently, Eric Trump serves as the company's co-founder and Chief Strategy Officer. Eric Trump stated, "The company employs a disciplined capital allocation strategy aimed at expanding Bitcoin investments on an institutional scale." According to Coinglass data, as of April 27, American Bitcoin holds a total of 6,235 Bitcoins, ranking 24th globally.

In addition to American Bitcoin, the Trump family owns several other companies with varying levels of involvement in cryptocurrency. The most direct and core is World Liberty Trust, which applied for a U.S. national bank charter earlier this year with plans to become a regulated crypto-asset custody and issuance institution. Other notable entities include Trump Media & Technology Group ( DJT) and CIC Digital LLC; the former integrates media and blockchain, with plans to incorporate payment and crypto-asset features, while the latter focuses on NFT and digital asset management, overseeing the issuance and royalties for various NFT series.

From a cryptocurrency perspective, the Trump family has entered multiple fields, including DeFi, stablecoins, MEMEs, and NFTs. To date, they have issued cryptocurrencies and digital assets such as World Liberty Financial (WLF), USD1, OFFICIAL TRUMP (TRUMP), MELANIA, and Trump Digital Trading Cards.