Bitcoin miner American Bitcoin (ABTC) reported third-quarter profits, saying its revenue more than doubled from the same period last year as it expanded its mining capacity and completed its first quarterly results as a publicly traded company.
Net income for the Miami-based company, which is 20% owned by Donald Trump Jr. and Eric Trump, rose to $3.47 million, an improvement from a loss of $576,000 a year earlier, and revenue jumped fivefold to $64.2 million, according to an SEC filing.
American Bitcoin became an independent public entity after completing its merger with Gryphon Digital Mining and separating itself from Hut 8’s (HUT) mining operations. Hut 8 will hold approximately 80% of the shares.
The company’s stock price fell as much as 13% in pre-market trading in line with the price of Bitcoin. BTC$97,014.68 It fell. The largest cryptocurrency has fallen 7% in the past 24 hours, according to CoinDesk data.
During the quarter, American Bitcoin added 3,000 BTC, bringing the total to 3,418 BTC. That number is now 4,004, according to a post on X earlier this month. This equates to 432 Satoshis per share. Satoshi is the smallest unit of Bitcoin and represents one billionth of a token.
During this period, mining capacity expanded approximately 2.5x to 25 exahash per second (EH/s), resulting in an average of 16.3 Joules per terahash for the fleet.