Bitcoin’s prolonged price weakness has not slowed corporate accumulation, with Trump-backed American Bitcoin moving ahead of Anthony Pompliano’s ProCap Financial in total Bitcoin holdings. Data from BitcoinTreasuries.NET shows that American Bitcoin has added more than 1,000 BTC to its balance since the start of December, taking its reserves to 5,044 BTC. At current market prices, those holdings are valued at roughly $443 million.
ProCap Financial, founded by entrepreneur Anthony Pompliano, now sits just behind American Bitcoin with close to 5,000 BTC. The firm has also increased its Bitcoin balance in recent weeks, according to the same data, but the pace of accumulation has been slower than its rival.
American Bitcoin’s rise in the rankings comes after a rapid expansion phase following its public market debut. The company went public earlier this year through a reverse merger with Gryphon Digital Mining, a listed Bitcoin mining firm. It rebranded from American Data Center and officially launched in March. The company was introduced to the market by US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump, placing the Trump name directly alongside one of the most aggressive corporate Bitcoin treasury strategies in the market.
ProCap, by contrast, entered public markets after completing a $750 million fundraising round over the summer via a special purpose acquisition company. The firm was set up to build a Bitcoin focused financial platform and investment vehicle, giving public market investors exposure to Bitcoin and related digital asset opportunities.
Trump-linked Bitcoin treasuries grow as volatility hits proxy stocks
The growing competition between American Bitcoin and ProCap is unfolding against a volatile backdrop for Bitcoin linked equities. Several market participants have described 2025 as Bitcoin’s “IPO moment,” a phase where early adopters and long term holders begin realizing gains as institutional capital flows in through exchange traded funds and corporate treasury buyers.
During a recent podcast with Anthony Pompliano, 22V Research strategist Jordi Visser compared the current phase of Bitcoin adoption to a traditional initial public offering cycle, where early believers and venture investors monetize their positions as broader market participation increases.
The scale of corporate accumulation has grown rapidly. The top 100 publicly listed Bitcoin treasury companies now collectively hold more than 1.08 million BTC. However, equity markets have not been kind to firms with direct Bitcoin exposure. Shares of American Bitcoin fell more than 50 percent in a single trading session earlier this month, highlighting how sensitive these stocks have become to shifts in risk appetite.
Other major Bitcoin proxy stocks have faced similar pressure. Strategy, led by Michael Saylor, has seen its shares fall more than 60 percent from their all time high. Despite the drawdowns, buying activity has continued. Strategy disclosed this week that it acquired more than 10,000 BTC in the past week alone, lifting its two week total purchases above 20,000 BTC.
For companies aligned with the Trump brand, American Bitcoin’s aggressive accumulation underscores a clear bet that long term Bitcoin adoption will outweigh short term market volatility. As corporate treasuries continue to stack Bitcoin even during price pullbacks, the race for balance sheet dominance is intensifying, reshaping how public markets gain exposure to the digital asset
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