Eric Trump-backed American Bitcoin has purchased a fresh batch of 417 BTC tokens this week. The development comes at a time when BTC has been hovering over the price mark of $92,000 for some days now.
The BTC treasury firm headquartered in Delaware, Texas, has reportedly shelled out $38 million to acquire the new tokens. With this, the company’s total holdings have come to 4,784 BTC.
Last week, Eric had shared an update that American Bitcoin is among the top 25 corporations with the most BTC on their balance sheets. At the time, American Bitcoin had 4,367 in its treasury.
Earlier in November, the company had purchased 1,414 BTC for about $163 million. At the time, its total holdings had had about 3,865 BTC.
Eric founded American Bitcoin in March this year alongside his younger brother Donald Trump Jr.. Collectively they have a stake of up to $1.5 billion in the company. Meanwhile, Canada-based BTC mining form Hut 8 Mining is the majority partner in this company controlling 80 percent equity stake. The company stocks debuted on Nasdaq in September.