American Bitcoin Corp, backed by Donald Trump Jr. and Eric Trump, has overtaken ProCap Financial in total Bitcoin holdings, reaching 5,044 BTC (about $443 million) as of December, with more than 1,000 BTC added since the start of the month.

2025 is described as Bitcoin’s IPO moment, with top publicly listed holders aggregating over 1.08 million BTC as institutions and ETFs bring in fresh capital.

American Bitcoin originated from a reverse merger with Gryphon Digital Mining and rebranded from American Data Center, with involvement from Donald Trump Jr. and Eric Trump.

Strategy, led by Michael Saylor, disclosed purchases totaling over 21,000 BTC in a two-week span, including a single day buy of 10,645 BTC for roughly $980 million, underscoring ongoing institutional demand.

American Bitcoin is a Trump-family backed venture started in March 2025, with about 20% ownership held by Donald Trump Jr. and Eric Trump; Hut 8 Corp holds the majority stake, and the project operates as a private family-backed entity not tied to government investment.

American Bitcoin sits at 21st on the Bitcoin 100 list, narrowly trailing top holders such as Semler Scientific with 5,048 BTC, signaling proximity to the top tier.

ProCap Financial debuted publicly through a SPAC that raised about $750 million, aiming to provide exposure to Bitcoin and the broader digital-asset economy.

American Bitcoin’s reserves total 5,044 BTC, worth roughly $450 million, as Bitcoin trades near $89,700 per coin, reflecting a continued rise in corporate treasury activity.

Shares of American Bitcoin rose in premarket trading but slipped as Bitcoin fell to around $85,600, with the stock down about 64% over the past month amid merger-related private placement share overhang.

Bitcoin proxy stocks are under pressure and exhibit rising volatility as traditional markets reprices risk amid growing institutional and corporate adoption of Bitcoin as treasuries.