American Bitcoin, a mining and treasury company with ties to the Trump family, has reported a substantial increase in its share price following the deployment of 11,298 additional bitcoin mining ASICs at its Drumheller site in Alberta, Canada. This move has resulted in a 12% rise in the company's stock price to $1.38. The newly added miners are fully operational, bringing the total number of ASICs to approximately 89,242 and contributing an extra 3.05 exahash per second to the company's existing capacity. The high efficiency of the new mining rigs, at 13.5 joules per terahash, is expected to reduce electricity costs and maintain profitability despite the increasing difficulty of the Bitcoin network.
According to the company, expanding its hashrate is a key strategy for strengthening its position in the Bitcoin market. Eric Trump, co-founder and chief strategy officer, stated that the swift deployment of these miners demonstrates the company's commitment to disciplined capital allocation and efficient growth. The addition of these new units marks the completion of a fleet expansion announced on March 3, 2026, underscoring the company's dedication to bitcoin mining. This move comes as some other mining companies are shifting focus towards artificial intelligence and data centers.
Recently, American Bitcoin has also increased its bitcoin holdings, reaching 6,899 by March 18 and surpassing Mike Novogratz's Galaxy Digital to become the 16th-largest bitcoin holder, before further raising its treasury to 7,000 by March 30.