Trump-backed American Bitcoin flips ProCap in corporate BTC treasury race

cointelegraphPublished on 2025-12-15Last updated on 2025-12-15

Abstract

Corporate Bitcoin holdings continue to grow despite market volatility, with Trump-backed American Bitcoin surpassing ProCap Financial in total BTC reserves. American Bitcoin now holds 5,044 BTC ($443 million), adding over 1,000 BTC since December, while ProCap holds approximately 5,000 BTC. Both companies went public in 2025—American Bitcoin via a reverse merger and ProCap through a $750 million SPAC. The broader corporate treasury race has accelerated, with the top 100 public companies holding over 1.08 million BTC. However, Bitcoin-proxy stocks like American Bitcoin and Michael Saylor’s Strategy have faced significant price declines, dropping over 50% and 60% from peaks, respectively. Despite volatility, accumulation continues, with Strategy adding over 20,000 BTC in two weeks.

Bitcoin’s months-long slide hasn’t stopped corporate treasury companies from accumulating the digital asset, with the Eric Trump-backed American Bitcoin overtaking ProCap Financial, founded by entrepreneur Anthony Pompliano, in total Bitcoin holdings.

American Bitcoin has added more than 1,000 Bitcoin (BTC) to its reserves since the start of December, lifting its total holdings to 5,044 BTC, valued at roughly $443 million, according to data from industry tracker BitcoinTreasuries.NET.

ProCap Financial, established to build a Bitcoin-focused financial platform and investment vehicle, has slipped to 22nd place among corporate holders, holding approximately 5,000 BTC. The company has also increased its Bitcoin balance in recent weeks, according to the data.

Source: BitcoinTreasuries.NET

American Bitcoin went public earlier this year following a reverse merger with Gryphon Digital Mining, a publicly traded Bitcoin mining company. The company debuted in March after rebranding from American Data Center and was introduced by US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.

Pompliano’s ProCap went public after closing a $750 million fundraising round over the summer through a special-purpose acquisition company, with a mandate to provide investors with exposure to Bitcoin and the broader digital-asset economy.

Related: Crypto Biz: Mining weakness tests Bitcoin’s market cycle

Bitcoin proxy stocks under pressure

2025 has been described as Bitcoin’s “IPO moment” by Bitwise chief investment officer Matt Hougan, a characterization echoed by other Wall Street veterans who say early investors are now realizing sizable gains as new capital enters the market through exchange-traded funds and corporate buyers.

“In the traditional world, this moment is called an IPO. It’s the moment when early believers cash out, when founders become wealthy, when venture capitalists return money to their limited partners,” Jordi Visser of 22V Research said during a recent podcast episode with Anthony Pompliano.

The corporate Bitcoin treasury race has accelerated sharply, with the top 100 publicly listed holders collectively amassing more than 1.08 million BTC. At the same time, equities with direct exposure to Bitcoin, either through treasury holdings or core business operations, have seen renewed volatility amid a broader repricing of risk across markets.

American Bitcoin has been among the hardest hit, with its stock plunging more than 50% in a single session earlier this month. Shares of Strategy, led by Michael Saylor, are down more than 60% from their all-time high, underscoring the growing strain facing Bitcoin-focused treasury companies.

Source: Strategy

Despite the volatility, companies have continued to buy. Strategy said Monday that it acquired more than 10,000 BTC last week alone, lifting its two-week total to over 20,000 BTC.

Related: HIVE tests investor appetite for AI-Bitcoin infrastructure in Andean markets

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