Shares of two bitcoin-focused firms posted modest gains Wednesday, though both remain sharply lower over the past several days.
American Bitcoin Corp. (ABTC), co-founded by Eric Trump, who now serves as chief strategy officer, added 416 BTC to its reserves in the week ending Dec. 8. Majority-owned by bitcoin miner Hut 8 (HUT), ABTC now holds 4,783 BTC, according to a Wednesday press release.
ABTC’s Satoshis Per Share (SPS) metric rose to 507, up more than 17% in just over a month. SPS reflects the amount of bitcoin tied to each outstanding share. The stock was up slightly in early trading Wednesday but has yet to recover from its 50% flash crash on Dec. 2, triggered by the unlocking of pre-merger private placement shares.
ProCap Financial (BRR), led by Anthony Pompliano and having completed its SPAC merger last week, added 49 BTC to reach a total of 5,000 coins. The purchase produced a realized loss that can offset future gains. “By using a tax-conscious optimization strategy, we created real value for shareholders,” Pompliano said. BRR also gained modestly Wednesday, though shares remain down more than 60% over the past several days.
According to BitcoinTreasuries.net, ABTC and BRR rank as the 22nd and 21st largest publicly traded bitcoin holders, respectively.
