Bitcoin miner American Bitcoin (ABTC) reported a third-quarter profit and said revenue more than doubled from the year-earlier period as it expanded its mining capacity and completed its first full quarter as a publicly traded company.
Net income at the Miami-based company 20% owned by Donald Trump Jr. and Eric Trump rose to $3.47 million, a turnaround from a $576,000 loss the year before, and revenue surged fivefold to $64.2 million, according to an SEC filing.
American Bitcoin became a standalone public entity after completing a merger with Gryphon Digital Mining and spinning out from Hut 8’s (HUT) mining operations. Hut 8 retains a roughly 80% stake.
Shares of the company slid as much as 13% in pre-market trading as the price of bitcoin fell. The largest cryptocurrency dropped 7% in the past 24 hours, according to CoinDesk data.
During the quarter, American Bitcoin added 3,000 BTC to take its total to 3,418 BTC. It now has 4,004, according to a post on X earlier this month. That corresponds to 432 satoshis per share. A satoshi is the smallest denomination of a bitcoin, representing one hundred millionth of the token.
Mining capacity expanded roughly 2.5 times in the period to 25 exahash per second (EH/s) with a fleet averaging 16.3 joules per terahash.
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