American Bitcoin (NASDAQ: ABTC), the cryptocurrency mining company backed by Eric Trump and Donald Trump Jr., reported a strong third quarter.
America’s Bitcoin posted a 453% year-over-year increase in revenue to $64.2 million, and net profit soared to $3.47 million, reversing a loss of $576,000 in the year-ago period.
The Miami-based mining company spun out of Hut 8, became an independent utility after merging with Gryphon Digital Mining, and has been aggressively expanding its operations.
During the third quarter, American Bitcoin expanded its mining capacity by approximately 2.5 times to 25 exahash per second (EH/s), and its fleet achieved an efficiency of 16.3 joules per terahash (J/TH).
The company’s scalable “asset-light” mining approach allowed it to generate below-market Bitcoin, while its disciplined market purchases helped expand its profit margins.
On the financial side, American Bitcoin accumulated over 3,000 BTC during the quarter, ending the third quarter with 3,418 BTC. As of this month, the company’s holdings have increased to 4,004 BTC, which is equivalent to 432 Satoshis per share.
Eric Trump emphasized that the company’s strategy focuses on both production and accumulation, strengthening long-term value creation amid fluctuating market conditions.
Eric Trump shared some of the results on X with a short message: “Just Getting starting! @ABTC.”
Despite strong fundamentals, ABTC stock fell more than 13% in pre-market trading on Friday, reflecting a broader pullback in the crypto market that saw Bitcoin drop below $95,000.
Nevertheless, the company’s high-profile backing and strategic expansion have caught the attention of investors, positioning American Bitcoin as a notable player in the digital asset ecosystem.
American Bitcoin’s combination of increased mining production, efficient operations, and rapidly expanding Bitcoin assets has positioned it as one of the more institutional and growth-focused Bitcoin miners on the market, even in the face of continued price volatility.
Details of the US Bitcoin merger
Back in September, American Bitcoin Corporation completed a reverse stock split with Gryphon Digital Mining to create a Nasdaq-listed Bitcoin accumulation platform. The company, which is majority-owned by Hut 8, has combined its mining operations with strategic Bitcoin purchases to achieve structural cost advantages.
At the time, Eric Trump touted ABTC as a public vehicle that would provide investors with direct exposure to Bitcoin while promoting U.S. leadership in the global crypto economy. The Trump family emphasized consistency with American values and the use of public markets to efficiently expand business.
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