Bitcoin may be struggling under market pressure, but the Trump family’s American Bitcoin (ABTC) isn’t slowing down.
Since the firm’s official announcement on October 24, 2025, the company has added 139 BTC, bringing its total holdings to a staggering 4,004 BTC.
Momentum shows no signs of cooling. The firm’s Satoshis Per Share (SPS) has jumped to 432, signaling accelerated accumulation even as other corporate treasuries take heavy hits.
American Bitcoin Steps Up the Pace
ABTC has made it clear: it’s in Bitcoin for the long game.
The company, linked to the Trump family, has continued to build its Bitcoin reserves in what’s been one of the most volatile quarters of the year. Adding ₿139 since late October, ABTC’s total stack now stands at over ₿4,000, worth roughly $270 million at current prices.
Its Satoshis Per Share (SPS), a metric tracking how much Bitcoin each share represents, rose sharply to ~432, confirming that the company’s strategy isn’t about timing the market. It’s about owning more of the asset that’s been central to their brand since launch.
The move contrasts sharply with the broader corporate sentiment. While traditional treasuries are retreating amid price swings, ABTC appears to be doubling down, quietly reinforcing a narrative that the Trump-backed firm is positioning itself as America’s “Bitcoin-first” company.
Bitcoin Under Pressure, So Are Treasury Firms
While ABTC keeps stacking, the market tells another story.
Bitcoin has been trading under sustained pressure, and the pain has extended to the public companies holding it.
Even firms that diversified into other crypto assets are now facing steep unrealized losses.
According to CryptoQuant, the current correction has wiped billions in paper gains off corporate balance sheets.
And the list of companies under strain keeps growing.
Strategy’s Stock Tests Its Limits
One of the most watched corporate bellwethers in Bitcoin is Strategy, the firm behind one of the largest institutional BTC treasuries.
Its stock has plunged -53% from recent highs, now trading around $221, precisely at the lower end of the MSTR Price Bands, which track Bitcoin’s market value relative to the company’s holdings.
When Bitcoin drops, Strategy’s market cap moves almost in lockstep. But this time, the volatility feels heavier. Analysts say the current price band positioning suggests investor fatigue, a signal that traders are waiting for Bitcoin to stabilize before buying the dip in Strategy stock.
Still, the firm’s treasury remains among the largest on record. And despite the red ink, it hasn’t reduced exposure.
That’s conviction, or risk, depending on how long this drawdown lasts.
Metaplanet’s $120M Unrealized Loss
Japanese firm Metaplanet is another example of conviction under stress.
The company currently holds 30.8 BTC at an average purchase price of $106,000 per coin. With Bitcoin trading well below that level, Metaplanet faces an unrealized loss of roughly $120 million.
Its stock has fallen nearly 80% from all-time highs, reflecting both the market downturn and investor concern about how long it can hold the line.
For a firm that positioned itself as “Japan’s MicroStrategy,” the last few months have been brutal. But the strategy hasn’t changed: no selling, just holding.
Evernorth’s $79M XRP Setback
It’s not just Bitcoin treasuries feeling the squeeze.
Evernorth, a company that pivoted into crypto by accumulating $XRP, is already facing a sharp reversal just 2.5 weeks after its entry.
The firm purchased 388.7 million XRP for approximately $947 million.
Today, that stash is worth only $868 million, translating to an unrealized loss of $79 million in less than three weeks.
While XRP has had periods of strong performance this year, the token’s volatility remains extreme. For corporate balance sheets that are used to quarterly predictability, those wild swings can turn enthusiasm into stress overnight.
Evernorth’s gamble was meant to diversify away from Bitcoin, but right now, it’s just another red number on the ledger.
Bitmine Keeps Accumulating ETH, But Bleeding on Paper
Then there’s Bitmine, which made headlines for its aggressive Ethereum purchases.
Since the October 10 market wipeout, the firm has added 442,000 ETH to its portfolio.
That’s billions in exposure to the world’s second-largest blockchain.
But even with the accumulation, Bitmine sits on an unrealized loss of roughly $2.1 billion.
The move underscores the growing divide between crypto-native treasuries that view downturns as accumulation opportunities, and traditional firms that see them as existential risks.
Still, like ABTC, Bitmine’s behavior signals conviction. They’re not selling; they’re buying more.
Diverging Strategies: Stackers vs. Survivors
The crypto market may be cooling, but corporate behavior tells a story of two worlds.
On one side are the stackers, firms like ABTC and Bitmine, that keep accumulating digital assets despite drawdowns.
On the other are the survivors, companies like Metaplanet and Evernorth, now focused on enduring losses without capitulating.
Each strategy has merit. But in the current environment, patience is as much a currency as Bitcoin itself.
With interest rates still high, liquidity tightening, and regulatory clarity lagging, every treasury firm is making a bet not just on crypto, but on its own ability to stay solvent long enough to see the next bull cycle.
The Long Hold Ahead
The big question now: who can hold the longest?
American Bitcoin’s consistent stacking stands out as an outlier. It’s both a statement of confidence and a calculated risk. By continuing to accumulate while others retreat, ABTC positions itself as a symbol of long-term conviction, or contrarian excess, depending on who you ask.
Treasury companies like Strategy, Metaplanet, and Evernorth represent the other side of the trade, battered by price drops, but still holding.
For them, it’s a waiting game.
The crypto market rewards those who survive volatility. But history also shows that not everyone does.
Bitcoin’s price may be under pressure, but corporate adoption is still alive, just quieter, leaner, and more strategic.
American Bitcoin’s fresh 139 BTC purchase pushes its total stack past 4,000 BTC, showing that at least one major player is willing to keep buying through the storm.
As markets wobble, the signal is clear: some firms are folding, but others are fortifying.
And when the next wave of capital arrives, it’ll be the stackers, not the sellers, who write the next chapter.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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