American Bitcoin (NASDAQ: ABTC), the cryptocurrency mining firm backed by Eric Trump and Donald Trump Jr., reported impressive financial results for the third quarter.

The firm recorded a revenue of $64.2 million, reflecting a remarkable 453% increase year-over-year, while net income surged to $3.47 million, reversing a loss of $576,000 from the same quarter last year.

Based in Miami, American Bitcoin transitioned to a standalone public entity after spinning off from Hut 8 and merging with Gryphon Digital Mining. This strategic move has enabled the firm to scale its operations rapidly.

In Q3, American Bitcoin expanded its mining capacity approximately 2.5 times, reaching 25 exahash per second (EH/s), with an operational efficiency of 16.3 joules per terahash (J/TH).

The company’s “asset-light” mining approach has facilitated bitcoin production at prices below market levels, while disciplined at-market purchases have contributed to enhanced profit margins.

From a treasury perspective, American Bitcoin accumulated over 3,000 BTC during the quarter, concluding Q3 with a total of 3,418 BTC. By this month, the company’s holdings have increased to 4,004 BTC, equating to approximately 432 satoshis per share.

Eric Trump articulated that the firm’s strategy emphasizes both production and accumulation, thereby reinforcing long-term value creation despite fluctuating market conditions.

Furthermore, Eric Trump shared some of these results on X, conveying the message, “Just getting started! @ABTC.”

In spite of its strong fundamentals, ABTC shares experienced a decline of over 13% in pre-market trading on Friday, mirroring a general pullback in the cryptocurrency market as bitcoin fell below $95,000.

Nonetheless, the company’s prominent backing and strategic expansion efforts have garnered significant investor interest, positioning American Bitcoin as a noteworthy participant in the digital asset ecosystem.

Through a combination of increasing mining output, efficient operational practices, and a rapidly expanding bitcoin treasury, American Bitcoin is establishing itself as one of the more institutionally oriented, growth-focused bitcoin miners in the market, even amidst prevailing price volatility.

Details on the American Bitcoin Merger

In September, American Bitcoin Corp. completed a stock-for-stock merger with Gryphon Digital Mining, thereby creating a Nasdaq-listed Bitcoin accumulation platform. The majority ownership by Hut 8, coupled with the combination of mining operations and strategic Bitcoin acquisitions, has provided a structural cost advantage to the entity.

During this merger, Eric Trump underscored ABTC as a public vehicle that offers investors direct exposure to Bitcoin while promoting U.S. leadership in the global cryptocurrency economy. The Trump family emphasized a commitment to American values and the efficient use of public markets to scale operations effectively.

Source link