We are discussing American Bitcoin Surpassed Galaxy Digital today. American Bitcoin was not by a mile surpassing Galaxy Digital when it happened in mid-March 2026. It narrowed it by an average of five coins, from 6,899 to 6,894, held by the Trump-family-backed miner against Galaxy Digital. A gap of five coins between Strategy and hundreds of thousands of bitcoin in a market is almost comic. And still, the milestone caught the eye of a host of figures in the cryptocurrency industry, with Eric Trump publicly celebrating it on X.
Then let us take it off the band—what are these two companies, how did one of the oldest names of crypto get caught by a firm less than a year old, why the entire affair is more than 5 coins worth of anything, and what has become of it in the past few months. Since the title that american bitcoin surpassed galaxy digital was only the first line.
How American Bitcoin Surpassed Galaxy Digital Happened
American Bitcoin Surpassed Galaxy Digital through a combination of aggressive Bitcoin accumulation and industrial-scale mining. Here is how it happened.
And this was what really happened. In March 2026, American Bitcoin Corporation (Nasdaq: ABTC) reported that its Bitcoin treasury had grown to 6,899 BTC, which is sufficient to become the 16th-largest publicly traded corporate Bitcoin holder in the world. That stack would have been approximately $491 million at the time when bitcoin was trading at approximately 71,000.
Tracking data released by Bitcoin Treasuries Corporate Holdings Rankings reported that the amount was just sufficient to push the company to the 16th-largest publicly traded bitcoin holder in the world – and just sufficient to have American Bitcoin overtake Galaxy Digital, which was at 6,894 coins. The milestone also attracted widespread attention across the cryptocurrency industry, with several market analysts and crypto market reports highlighting the achievement.
Eric Trump, the company’s co-founder and Chief Strategy Officer, publicly celebrated the milestone on X, writing: “No company is climbing the ladder faster. Up, up, up we go!” The post reflected the company’s rapid rise among publicly traded corporate Bitcoin holders. Whatever you may say about the tone, American Bitcoin Surpassed Galaxy Digital because the company had been building its Bitcoin treasury at a remarkable pace. Throughout March 2026, American Bitcoin continued expanding its Bitcoin treasury by combining industrial-scale mining with strategic Bitcoin accumulation, enabling it to surpass Galaxy Digital and become one of the biggest publicly traded corporate Bitcoin holders in the world.
This is the one that most of the people watched in their feeds: the newcomer had overtaken; time to celebrate. But what is interesting is all below it.
Who, exactly, is American Bitcoin?
And if you have never heard of the company until now, you are not lagging. It is young. On March 31, 2025, American Bitcoin was started as a majority-owned subsidiary of Hut 8 Corp. (Nasdaq: HUT), one of the oldest Bitcoin mining companies in North America. The company, which was co-founded by Eric Trump, Donald Trump Jr. and Hut 8, is headquartered in Miami, Florida. The co-founder and Chief Strategy Officer is Eric Trump, and a shareholder and advisor is Donald Trump Jr.
The reason as to why American Bitcoin should pause on the business model is that it is the factor that made the company win the race of corporate bitcoin treasury and how the company was able to surpass a well-established competitor. The majority of firms that feature on those treasury leaderboards achieved this by purchasing bitcoin on the open market – a strategy being the blatant template. This company is a bit different. It does not only use the open-market acquisition but integrates industrial-scale Bitcoin mining and a corporate treasury approach.
Company disclosures show that it has produced about a third of its Bitcoin holdings using its own mining services, and the rest have been bought in the treasury. In 2025, American Bitcoin reported an annual mining gross margin of about 50%, which increased to about 53% in the fourth quarter. The company’s ability to continue growing its corporate treasury while producing Bitcoin at costs lower than current market pricing was reflected in the excellent margins.
What is that important? Since mining allows the company to get the coins at a cheaper rate than the market rate. Once you can mine bitcoin at a price lower than you could buy one, each coin you mine is a coin you add to the stack at a lower price than a pure buyer would. Such is the pitch, anyway. It provides shareholders with a twofold bet: on one hand, the mining business; on the other, a growing stack of bitcoins, and it is a large component of how a company barely a year old was able to outperform a company that has been an institutional crypto heavyweight since the last cycle.
The figures supporting the increase were no shrimps either. In 2025, American Bitcoin reported a year-over-year growth in revenues of 159 per cent, as the company grew its revenues to 185.2 million by 2025 compared to 71.5 million in 2024. As the company documents its strategy, American Bitcoin will specialise in industrial mining of Bitcoin and long-term accumulation of Bitcoin treasuries with an aim of growing its Bitcoin-per-share by mining itself and strategically accumulating its treasury.
And who is Galaxy Digital, the company that got passed?
And here a bit of background rescues you from the misjudgment. It can be surpassed and look like diminishing. It was actually not the case in this case.
Mike Novogratz, the founder and CEO of Galaxy Digital (Nasdaq: GLXY), was previously president of Fortress Investment Group. He is regarded as one of the most well-known institutional supporters of digital assets and Bitcoin. According to the official company profile, Galaxy is a diversified financial services and infrastructure company dealing with digital assets and operating across Global Markets, Asset Management, Infrastructure Solutions, and Data Centres. Bitcoin on the balance sheet is a part of a much greater engine, not the point of the company.
As American Bitcoin outpaced Galaxy Digital in the raw number of coins, it did not imply that Galaxy was quitting bitcoin. Almost simultaneously, Galaxy re-domiciled into the United States and consolidated its primary public listing on Nasdaq under the ticker GLXY – a structural move that provided much greater access to institutional capital in the United States. That is a company that is not moving away; it is moving in.
And here is the detail which does set the five-coin margin into perspective. A few days before the ranking flipped, on March 14, an unknown whale transferred 3,146 BTC, which was worth about $223 million at the time, into Galaxy Digital. One transfer. And bigger than all the distance between the two companies. That is to say, the league table American Bitcoin had just been rocketed up was so narrow that a single wallet would have tipped it over during the night. That is what is wrong with these treasury rankings: they are real, they are publicly tracked, and they are weak.
Why American Bitcoin Surpassed Galaxy Digital Made Headlines
When American Bitcoin Surpassed Galaxy Digital by such a small margin, many people wondered why it became such a major headline. Some reasons, none of them really concerning the five coins. The incident hit the headlines of investors and crypto enthusiasts, indicating the fast-paced transformations happening in the digital asset industry and the Crypto news ecosystem in general.
First, the symbolism. Galaxy is old-school institutional crypto. American Bitcoin is a year-old miner who has a well-known surname to his name. As the newcomer surpassed its competition, it was like a changing-of-the-guard moment of evidence that the “bitcoin treasury company” has now become its own category, one where a balance sheet led by mining can go head to head with a Wall Street veteran.
Second, the speed. The line by Eric Trump of climbing the ladder faster was a chest-thumping one, all right, but the pace at which it was driven was actually unnatural. To increase its treasury, by some 6,500 BTC to 6,899 BTC in the space of a few weeks, and to do it mostly out of your own mining production, and by a strict discipline in purchases, is a rapid ascent by any standard. The milestone was more noticeable throughout the crypto industry, and the corporate treasury milestone has become a popular instance of how fast digital asset holdings can vary.
Third, the company that it keeps first. American Bitcoin had moved up to number 16 on a list topped by giants when it overtook Galaxy Digital. Strategy-Michael Saylor Company is the largest corporate Bitcoin holder in the world, as of July 2026, with an approximate of 843,775 BTC. Its assets are larger than those of any other publicly traded company, and its rivals appear small in comparison.
Marathon Digital and Twenty One Capital, with the name of Jack Mallers, can be seen next to Strategy, and other giants, including Coinbase, Tesla, and Bullish, are interspersed throughout the list. The actual flex is making it in the top 20 of that list in a year. It was only the headline that made passing Galaxy legible.
The mining bet: doubling down while everyone else chases AI
Here is the part of the story I find most telling, and it is easy to miss under the Trump-versus-Novogratz framing.
Over the past couple of years, a lot of bitcoin miners have quietly changed careers. Faced with thinner mining margins and the gold rush around artificial intelligence, companies like Core Scientific began repurposing their Bitcoin mining infrastructure and power capacity into AI and high-performance computing (HPC) data centres, seeking more stable, long-term revenue streams. It was, for many of them, a rational pivot.
American Bitcoin went the other way. Instead of drifting toward AI, it leaned harder into Bitcoin mining and accumulation. In early 2026, American Bitcoin expanded its mining fleet by deploying 11,298 high-efficiency ASIC miners at its Drumheller, Alberta facility. The expansion increased its operational fleet to approximately 89,242 miners and added around 3.05 EH/s of hashing capacity, representing roughly 0.3% of the global Bitcoin network at the time. Rather than shifting toward AI infrastructure like some competitors, the company continued investing in Bitcoin mining to support its long-term treasury strategy.
The message was blunt: we are a bitcoin company, full stop. Not a bitcoin-and-AI company. Not a data-centre landlord that happens to own some coins. And that purity is exactly why the treasury kept growing fast enough to keep pulling away from its rival. When Galaxy did not make an equivalent treasury addition, the gap could widen from the mining side alone — every block the machines found was another small brick on top of that five-coin lead.
Whether that single-minded focus is brilliant or reckless depends entirely on where you think bitcoin is headed. Which brings us to the uncomfortable half of the story.
The stock nobody wants to talk about at the party.
This is where the story, to my mind, is most instructive, and it is difficult to see through the Trump-versus-Novogratz framing.
In the last two years, there has been a massive transformation of bitcoin miners who have silently switched professions. With a narrower mining margin and with the gold rush of artificial intelligence, companies such as Core Scientific started to use their Bitcoin mining infrastructure and power capacity in other AI and high-performance computing (HPC) data centres, with more predictable and long-term revenue streams. To most of them, it was a logical turning point.
American Bitcoin did just the opposite. It went even deeper into Bitcoin mining and accumulation, instead of moving towards AI. In March 2026, the company bought another 11,298 ASIC miners to add to its mining fleet in its plant in Drumheller, Alberta. The growth saw it grow its operational fleet by an estimated 12 per cent to 89,242 miners and a hashing capacity of around 3.05 EH/s, or roughly 0.3 per cent of the global Bitcoin network at the time. Instead of turning to AI infrastructure, the company kept putting money into mining to underpin its long-term plan of Bitcoin treasury.
It was simple: we are a bitcoin company, period. No such thing as a bitcoin-and-AI company. Not a data-centre landlord, who just happens to have some coins. And that is precisely the reason why the treasury was increasing rapidly enough to continue pushing away its competition. When Galaxy failed to add an equivalent sum to the treasury, the difference might increase on the mining side per se– another block the machines struck each meant an additional little brick on top of the five-coin lead.
That one-mindedness is brilliant or reckless, again; however, all depends on where you believe bitcoin is going. And this leads us to the unpleasant part of the tale.
The Trump factor
You cannot say the truth about this company and omit the obvious. The business of American Bitcoin is a Trump family business, and that defines the story as exciting or uncomfortable.
Begin with the uncooked figures, since they are impressive. By 2026, American Bitcoin had become one of the largest publicly traded corporate Bitcoin holders in the world, as the treasury of American Bitcoin was approximately 6,899 BTC in March 2026. American Bitcoin, a startup launched by two co-founders, Eric Trump and with the support of Hut 8, became one of the fastest-growing companies on the list of Bitcoin treasuries.
Trump Media and Technology Group, in its turn, had also accumulated a considerable amount of Bitcoin in 2026, but later, the company changed the reserve strategy, and its treasury was altered. Two Trump-linked corporate entities participating in corporate Bitcoin collection became a topic of discussion and gave the race to own corporate Bitcoin treasuries a political aspect.
This is the feature of supporters. It can be read as a conviction that the family and its businesses are investing heavily in the asset it continues to market, and a headline-making victory every time American Bitcoin outmuscles a household name like Galaxy Digital.
To critics, it poses more difficult questions of why a sitting president is building a giant, publicly monitored crypto portfolio and trust as that administration is making crypto policy. And those fears of possible conflicting interests are genuine, are freely expressed, and reasonable people come to very different conclusions on them. It is not where to land I am going to tell you. However, you must realise that the milestone did not occur in a political vacuum and that the very element that makes the headline so clickable is also the one that makes the company a lightning rod: the name Trump.
What Happened After American Bitcoin Surpassed Galaxy Digital
The March achievement proved to be a roadblock, rather than an end. The pace was increased, if anything.
American Bitcoin grew its corporate treasury to more than 8,000 BTC by early July 2026, making it one of the largest publicly traded corporate Bitcoin holders in the United States. Compared with approximately 5,401 BTC at the end of 2025, the company expanded its holdings by nearly 50% in about six months. On July 6, 2026, Eric Trump publicly announced that the company had surpassed the 8,000 BTC milestone.The firm, which in March had outrun Galaxy Digital by five coins, was in the middle of June more than a thousand coins above that ancient standard.
The climb engine continued to hum. During the first quarter of 2026, the company mined a record 817 BTC and acquired an additional 803 BTC through strategic purchases, increasing its Bitcoin treasury by a total of 1,620 BTC during the quarter. The price of a single bitcoin to mine went down to approximately 36,200, a 23 per cent drop compared to 46,900 the previous quarter, precisely what the entire model relies on in terms of efficiency. Less expensive coins in, more coins on the balance sheet.
Despite growing its Bitcoin treasury, American Bitcoin continued to face financial pressure. During the first quarter of 2026, the company reported revenue of $62.1 million and a net loss of $81.8 million, largely due to a $117.2 million non-cash digital asset impairment charge following lower Bitcoin prices during the period. Following a prolonged decline in its share price, American Bitcoin implemented a 1-for-15 reverse stock split effective July 2, 2026. The action reduced the company’s outstanding shares from approximately 1.09 billion to about 73 million and was intended to support its Nasdaq listing requirements. Trading on a split-adjusted basis began shortly afterward.
When a stock has gone down sufficiently that the company just wants to re-establish the optics, it does reverse splits. It does not take away that American Bitcoin Surpassed Galaxy Digital and continued to soar, but it is a reminder that the treasury and the stock have been telling two very different stories.
The bull case and the bear case, side by side
I will put it just plainly, since the truth of the matter is straightforward: both cases are good.
The bull case is beautiful. American Bitcoin overtook Galaxy Digital and all other competitors that it overtook by doing one thing, and doing it continuously, which was to acquire bitcoin, much of it at a price lower than that of the market, by its own mining. When you think bitcoin is going a lot higher in the next few years, then a company that is compulsively hoarding it, and reducing its price to mint one coin, is a leveraged bet on that thesis. The threefold increase in bitcoin-per-share since the Nasdaq launch is the type of figure believers show. Each time the company jumps up the leaderboard over another company, the flywheel story becomes a bit louder.
The bear argument is equally consistent. Also, the same leverage cuts both ways. A treasury firm whose fixed costs were substantial, whose real quarterly losses have been negative, whose share price has been beaten down, and whose recent history is characterised by a reverse split is weak; should bitcoin plummet and remain down. It was five coins, or a rounding error, which one whale could turn the other way. Being placed 16th on a list is a marketing victory, not a moat. As well as the political tangles that bring the company fame bring it to the focus of examination that a more plain-spoken miner can never receive.
And both are true simultaneously. That generally is the mark of a sincere narrative, not of a clean narrative.
What it means for the rest of the market
When you zoom out, it is not the scoreboard that is important but the trend that it displays. The reality that a one-year-old, mining-driven company can be ahead of Galaxy Digital tells something about how saturated and competitive the bitcoin treasury competition is now. The newcomers are rising the charts much faster; the distances between the neighbours are so thin that it takes only a quarter of the mining or a single big acquisition to rearrange the company on the list.
It also puts into focus an actual strategic fork in the mining industry. One direction is where miners shift towards AI and high-performance computing in search of a more stable stream of cash. On the contrary, companies increase their pure bitcoin holdings and tilt towards the treasury-company identity. The fact that American Bitcoin overtook Galaxy Digital was, in a way, a scoreboard entry in that second way, a data point that indicates that the accumulation model still has lots of steam as long as believers are ready to invest in it.
Both routes are not so self-evidently correct. However, observing what kind of a model yields long-term shareholder returns in a complete cycle will show the entire industry something.
FAQs
Is it really that American Bitcoin Surpassed Galaxy Digital and by what rate?
Yes. By mid-March 2026, American Bitcoin surpassed Galaxy Digital in total bitcoin holdings, consisting of 6,899 BTC compared to 6,894 BTC in Galaxy, a difference of about five coins. That was sufficient to propel it to the 16th-largest publicly traded corporate holder then, according to BitcoinTreasuries.net.
Who owns American Bitcoin?
It is a majority-owned company of Hut 8 Corp and was co-founded by Eric Trump and Donald Trump Jr. It was started in March 2025 and has its base in Florida, with Eric Trump as the chief strategy officer.
How did a company that was almost a year old snare Galaxy Digital?
Primarily by its business model. The company not only mines bitcoin but also purchases it, obtaining a substantial portion of its coins via its own mining activities at a discounted rate, and the rest via equity issues. The combination was sufficient to enable the treasury to develop fast enough to surpass a much older competitor.
Being surpassed does not imply that Galaxy Digital is in trouble.
No. Galaxy Digital is a financial-services company with diversified interests, and bitcoin on its balance sheet is just one aspect of the business. Galaxy, which at the time of its passing, had just made a move to the U.S. and was listed on Nasdaq as GLXY. The five-coin gap was smaller than a one-time transfer of 3,146 BTC into Galaxy days earlier.
Why did the stock of American Bitcoin decline, when it beat Galaxy Digital?
Since an increasing bitcoin treasury and a robust income statement are not the same. Mining is cyclical and capital intensive. The company reported an 81.8 million net loss in the first quarter of 2026, traded much lower than its 52-week high, and subsequently undertook a 1-for-15 reverse stock split, as its coin count continued to soar.
How many bitcoins does the company hold now?
By early July 2026, the treasury had increased to over 8,000 BTC, compared to approximately 5,401 at the end of 2025, far surpassing the point at which it surpassed Galaxy Digital.
Does American Bitcoin have anything to do with the bitcoin holdings of Trump Media?
They are independent businesses, yet both are Trump-related. Earlier in 2026, Trump Media & Technology Group reportedly held about 9,542 BTC. But by mid-2026, the corporation had about 6,889 BTC after cutting its treasury during the second quarter. Treasury rankings should always be seen as time-specific because corporate Bitcoin holdings might fluctuate when businesses purchase or sell assets.
Conclusion
Take away the noise, and the tale is easy to tell and difficult to assess. In March 2026, the American Bitcoin Surpassed Galaxy Digital by five coins, made a great noise, and then began to accumulate like a machine until, by summer, it had managed to clear and pass the 8,000 mark, and had 1,000,000 coins in its possession. The treasury narrates about swiftness, concentration and faith. The stock, the losses, and the reverse split are a more sobering story about risk.
Take one thing out of all this, and take it to be that it was never really a case of five coins. It was concerning a young mining-led, politically charged company demonstrating that the bitcoin-treasury model can shoot a newcomer into the same stratosphere as the establishment of the industry could in a short time -fast. That remains to be either permanent value or a lesson to learn, and it hinges on the single factor that no firm can influence: the price of bitcoin itself.
The rest is all climbing up the ladder. Up, up, up, till one day, it is not. And that is what is worth watching.
Disclaimer: This is purely informational and educational. It talks about publicly announced data of American Bitcoin, Galaxy Digital and corporate bitcoin treasury race. It is not supposed to be financial, investment, or legal advice or a suggestion to purchase, sell, or retain Bitcoin or any securities connected to it. Bitcoin and other cryptocurrencies are very volatile, and the holdings by corporate treasuries can fluctuate. Check the latest information always, do your research and consult a professional financial advisor when making investment decisions.
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