Despite the prolonged downturn of Bitcoin, corporate treasury firms continue to amass the cryptocurrency, with American Bitcoin, backed by Eric Trump, surpassing ProCap Financial, founded by entrepreneur Anthony Pompliano, in total Bitcoin holdings.
Since early December, American Bitcoin has added over 1,000 Bitcoin (BTC) to its reserves, bringing its total to 5,044 BTC, valued at about $443 million, according to data from industry tracker BitcoinTreasuries.NET.
ProCap Financial, established to create a Bitcoin-centered financial platform and investment vehicle, has dropped to 22nd place among corporate holders, maintaining approximately 5,000 BTC. The company has also increased its Bitcoin reserves in recent weeks, as per the data.
Earlier this year, American Bitcoin went public through a reverse merger with Gryphon Digital Mining, a publicly listed Bitcoin mining entity. The company debuted in March after rebranding from American Data Center, introduced by US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
Pompliano’s ProCap went public after wrapping up a $750 million fundraising round over the summer via a special-purpose acquisition company, aimed at giving investors exposure to Bitcoin and the wider digital asset economy.
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2025 has been labeled as Bitcoin’s “IPO moment” by Bitwise chief investment officer Matt Hougan, a sentiment shared by other Wall Street professionals who contend that early investors are experiencing significant gains as new capital flows into the market via exchange-traded funds and corporate buyers.
“In traditional finance, this moment is referred to as an IPO. It’s when early believers realize profits, when founders gain wealth, and when venture capitalists return capital to their limited partners,” said Jordi Visser of 22V Research during a recent podcast episode with Anthony Pompliano.
The competition among corporate Bitcoin treasuries has surged, with the top 100 publicly listed holders accumulating over 1.08 million BTC. Concurrently, equities with direct Bitcoin exposure, either through treasury holdings or business operations, have faced renewed volatility amidst a broader risk repricing across markets.
American Bitcoin has been significantly affected, seeing its stock drop by over 50% in a single session earlier this month. Shares of Strategy, led by Michael Saylor, are down more than 60% from their peak, highlighting the mounting challenges faced by Bitcoin-driven treasury companies.
Despite the market fluctuations, companies continue to acquire Bitcoin. Strategy announced on Monday that it purchased over 10,000 BTC last week alone, increasing its total to more than 20,000 BTC over two weeks.
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