American Bitcoin, a cryptocurrency mining company linked to the Trump family, is reportedly looking to acquire at least one publicly listed company in Asia to further its Bitcoin (BTC) purchases.
According to a Financial Times report, American Bitcoin wants to buy a company in Japan and potentially another in Hong Kong. It aims to follow the blueprint of Strategy, which to date has accumulated 628,946 BTC worth $73.8 billion at this writing.
American Bitcoinโs โambition is to build the strongest and most efficient Bitcoin accumulation platform in the world,โ the company told the Financial Times on Friday. โWhile we are evaluating possibilities in certain regions, we have not made any binding commitments.โ
Cointelegraph contacted American Bitcoin but had not received a response at time of publication.
Part of an ever-growing tree of Trump family crypto businesses, American Bitcoin was founded by two of US President Donald Trumpโs sons, Donald Trump, Jr. and Eric Trump. In May, the company announced its public listing via a merger with Gryphon Digital Mining, a crypto mining company listed on the Nasdaq.
American Bitcoin has started a Bitcoin treasury, with 215 Bitcoin as of June 10. On June 30, the company announced a $200 million raise to bolster its treasury and buy more Bitcoin mining equipment.
Related: American Bitcoinโs ambition is to dominate mining โ Hut 8 CEO
Bitcoin treasury companies keep stacking amid near ATHs
Popularized by Michael Saylorโs Strategy, Bitcoin treasury companies have kept stacking amid the worldโs largest cryptoโs teetering around an all-time high.
On Monday, Strategy added 155 BTC worth $18 million to its balance sheet. The acquisition brought the original Bitcoin treasury companyโs BTC holdings to 628,946 BTC.
On Tuesday, Japanese Bitcoin treasury company Metaplanet revealed that it bought 518 BTC, bringing its holdings to 18,133 coins worth $2.1 billion.
According to BitcoinTreasuries.NET, publicly traded companies hold 976,132 Bitcoin worth approximately $114.6 billion, while private companiesโ stakes stand at 294,101 coins worth $34.5 billion at this writing.
According to experts, Bitcoin’s limited supply of 21 million tokens is part of its appeal in a currency debasement and inflationary environment.
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