Eric Trump Says He Believes In BTC Long Term And American Bitcoin Growth Metric Is To Increase Its Stash , Not Chase Exhashes Like Other Miners - American Bitcoin ( NASDAQ : ABTC )

<p>Eric Trump, co-founder and Chief Strategy Officer of American Bitcoin Corp. <a href="https://www.benzinga.com/quote/ABTC">(NASDAQ:</a><a href="https://www.benzinga.com/quote/ABTC">ABTC</a>), said Thursday that the company’s core long-term strategy is to increase Bitcoin <a href="https://www.benzinga.com/quote/BTC-USD">(CRYPTO: </a><a href="https://www.benzinga.com/quote/btc/usd">BTC</a>) on its balance sheet.</p>
<h2>‘We Believe In Bitcoin In The Long Term’</h2>
<p>During American Bitcoin’s fourth-quarter earnings call, Trump was asked about the company’s capital allocation between its mining segment and purchasing Bitcoin on the open market.</p>
<p>“We believe in Bitcoin in the long term, and when there are right and opportunistic moments where we believe that we can get a strong return on mining, we will do so,” he responded.</p>
<p>Trump said that the company will prioritize mining when it can secure a lucrative deal on machines, expand its operations, and sustain low energy costs.</p>
<h2>American Bitcoin Not Chasing Hashrates, Says Trump</h2>
<p>He contrasted this approach with other Bitcoin miners, who, in his view, are fixated on hashrate and mining statistics, at the expense of “underlying economics.”</p>
<p>“Our growth metric is simple: increase Bitcoin and increase Bitcoin for sure over the long term,” Trump said.</p>
<p>“When there are buying opportunities [in mining], we will look at those opportunities as a way to increase Bitcoin on the balance sheet faster than just buying Bitcoin itself. When those opportunities don't exist, we'll just keep on accumulating Bitcoin day by day,” Trump emphasized.</p>
<h2>Trump ‘Incredibly Proud’ After ABTC’s Earnings</h2>
<p>American Bitcoin increased its BTC holdings by 58% quarter over quarter and mined BTC at a 53% discount to prevailing market prices, according to its latest earnings report.</p>
<p>American Bitcoin also posted 159% year-over-year revenue growth. Trump said he was “incredibly proud” of the team, describing the company’s growth trajectory as “an amazing story.”</p>
<h2>Will The Stock Recover?</h2>
<p>American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. <a href="https://www.benzinga.com/quote/HUT">(NASDAQ:</a><a href="https://www.benzinga.com/quote/HUT">HUT</a>), started trading on the Nasdaq Exchange in September of last year. However, the stock has tumbled 87% since then.</p>
<p>Price Action: At the time of writing, BTC was exchanging hands at $67,778.96, down 0.69% in the last 24 hours, according to <a href="https://www.benzinga.com/quote/BTC-USD">data from Benzinga Pro</a>.</p>
<p>American Bitcoin shares fell 0.99% in after-hours trading after closing 2.86% higher at $1.080 during Thursday’s regular trading session.</p>
<p>Benzinga's Edge Stock Rankings highlight a weaker price trend for the stock across short-, medium-, and long-term.</p>
<p>Photo courtesy: Maxim Elramsisy / Shutterstock.com</p>
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