American Bitcoin (ABTC), a mining and treasury firm tied to the Trump family, now holds more bitcoin than Mike Novogratz’s Galaxy Digital (GLXY).
The company owns 6,899 BTC, worth about $491 million, edging past Galaxy’s 6,894 BTC to become the 16th largest public holder of the asset, according to data from BitcoinTreasuries.net.
The shift highlights how newer entrants continue to climb the rankings as firms compete to build large bitcoin reserves. At the top remains Michael Saylor’s Strategy (MSTR) with 761,068 BTC. It is followed by Marathon Digital (MARA) and Jack Mallers’ Twenty One Capital. Other major holders include Bullish (BLSH), CoinDesk’s parent company, Coinbase (COIN) and Tesla (TSLA).
American Bitcoin’s rise also underscores the growing role of Trump-affiliated entities in the market. Trump Media & Technology (DJT), the company linked to U.S. President Donald Trump, holds 9,542 BTC.
American Bitcoin, formed in March 2025 when Hut 8 (HUT) launched it as a majority-owned subsidiary focused on large-scale mining and holding bitcoin on its balance sheet. Hut 8 held an 80% stake at launch, with the remaining 20% owned by investors including Eric Trump and Donald Trump Jr.
Unlike some mining firms that have begun shifting resources toward artificial intelligence infrastructure, American Bitcoin has doubled down on mining. In March 2026, it bought 11,298 ASIC miners for its Drumheller, Alberta site. The machines are expected to lift its capacity by about 12% and add 3.05 exahashes per second, or roughly 0.3% of the global network’s computing power.
Bitcoin recently traded at $71,092, down 4% over the past day.
Polymarket acquires Brahma to scale blockchain trading infrastructure
"Building reliable infrastructure across blockchain networks and traditional financial rails is hard — there are no shortcuts,” said Polymarket CEO Shayne Coplan.
Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.