American Bitcoin adds $160 million worth of BTC, TRUMP memecoin surges 20%
- Trump-backed American Bitcoin acquired 1,414 BTC last week.
- The company now ranks 26th among public Bitcoin treasuries.
- TRUMP memecoin rallied over 20% following the announcement, but faces resistance near the 100-day EMA.
Official Trump (TRUMP) memecoin surged over 20% on Monday, following a Monday statement from digital asset treasury American Bitcoin (ABTC) that it acquired 1,414 BTC, worth over $160 million, last week.
As of October 24, American Bitcoin, co-founded by President Trump's sons Eric and Donald Trump Jr., holds 3,865 BTC, worth over $440 million at Bitcoin's price at the time of publication.
American Bitcoin now among top 30 Bitcoin treasuries
The latest purchase has lifted the company to the 26th position among public Bitcoin DATs, but it is far behind Strategy, which holds 640,808 BTC, according to data from BitcoinTreasuries.
American Bitcoin also introduced a new transparency metric, Satoshi Per Share (SPS), allowing investors to gain insights into their indirect Bitcoin ownership by the number of the company's shares they own.
"We believe one of the most important measures of success for a Bitcoin accumulation platform is how much Bitcoin backs each share," said Eric Trump, ABTC's co-founder and chief strategy officer.
The company also highlighted that its uniqueness among public Bitcoin treasuries stems from its mining operations. "By producing Bitcoin directly, we can reduce our average cost per Bitcoin to drive a cost advantage over vehicles that buy exclusively on the open market," said Asher Genoot, ABTC executive chairman.
American Bitcoin was formed earlier in 2025 after the Trump brothers launched the company through a merger with Canadian BTC mining firm Hut 8 Corp, which owns the majority of its shares.
The company debuted on the Nasdaq last month after another merger with Gryphon Digital Mining, which was publicly traded at the time.
ABTC stock price is up 7% at the time of publication on Monday.
TRUMP Price Forecast: 100-day EMA resistance could push price down
TRUMP gained over 20% on Monday, marking its first major recovery since the October 10 plunge in the crypto market. Following the rise, the memecoin faces resistance at the 100-day Exponential Moving Average (EMA), a key hurdle that TRUMP has consistently seen a rejection around since April. A rise above this resistance could push TRUMP toward $9.61.
TRUMP/USDT daily chart
On the downside, TRUMP could decline to test the support near $7.23.
The Relative Strength Index (RSI) and Stochastic Oscillator (Stoch) are above their neutral levels, indicating a dominant bullish momentum.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
