olivLaw · US equity research
American Bitcoin Corp. ABTC
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
American Bitcoin Corp. (ABTC) is a Bitcoin accumulation platform that combines large-scale self-mining with a strategic Bitcoin reserve. Its relevance now lies in the fast growth of its reserve and record production in the second quarter of 2026, achieved amid Bitcoin price volatility. As of June 30, 2026, the reserve stood at approximately 8,000 Bitcoin, and mining revenue in the second quarter reached about 67.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, American Bitcoin Corp. (ABTC) stock was 6.24 USD (−5.60% on the day), with market capitalisation 516.7 m USD, beta 3.81, 52-week range 5.19–76.05 USD. Latest reported quarter (Q2 2026): revenue of 67.0 m USD (+121.3% YoY), net income of -57.2 m USD (−1,765.7% YoY), diluted EPS -0.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 38.1
- weak (30–45)
- Bollinger (20, 2)
- 6.21 – 8.90
- in the lower half of the band · %B 0.01 · band width 35.5%
- SMA 50 / 200
- 8.21 / 12.37
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.48 / -0.32
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.4% | −1.1% | −27.3 pp | — |
| 3 months | −4.6% | −0.5% | −4.1 pp | — |
| 6 months | −66.7% | +4.4% | −71.1 pp | — |
| Year to date | −75.5% | +12.3% | −87.8 pp | — |
| 1 year | −91.0% | +13.5% | −104.6 pp | −47.3% |
| 3 years | −98.5% | +76.4% | −174.9 pp | −62.8% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.6 m | 15.7 m | 12.3 m | 30.3 m | 64.2 m | 78.3 m | 62.1 m | 67.0 m |
| Cost of revenue | 11.1 m | -64.0 k | 11.7 m | 15.3 m | 28.3 m | 36.7 m | 29.6 m | 34.0 m |
| Operating income | -10.2 m | 308.1 m | -135.0 m | 4.4 m | 7.2 m | -104.6 m | -118.2 m | -74.1 m |
| Depreciation & amortisation | 4.3 m | 13.3 m | 6.4 m | 10.0 m | 15.2 m | 26.6 m | 26.6 m | 28.2 m |
| Interest expense | 283.0 k | 2.6 m | — | 6.0 k | — | — | — | — |
| Pre-tax income | -1.1 m | 294.9 m | -114.1 m | 4.4 m | 5.2 m | -66.8 m | -80.8 m | -55.7 m |
| Income tax | -573.0 k | 34.8 m | -13.5 m | 961.0 k | 1.8 m | -7.4 m | 957.0 k | 1.4 m |
| Net income | -576.0 k | 260.2 m | -100.6 m | 3.4 m | 3.5 m | -59.5 m | -81.8 m | -57.2 m |
| Diluted EPS | -0.15 | 0.29 ≈ | -0.11 | 0.06 | 0.00 ≈ | -0.06 ≈ | -0.08 | -0.80 |
| Operating cash flow | -76.8 m ≈ | 23.6 m | -44.7 m | 650.0 k ≈ | 937.0 k ≈ | -36.5 m | -42.5 m | -21.3 m ≈ |
| Capex | 2.5 m ≈ | 3.0 m | — | — | — | — | — | — |
| Share repurchases | — | — | 72.0 k | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10.5 m | 10.8 m | 12.6 m | 17.6 m | 10.5 m | 65.0 m | 71.5 m | 185.2 m |
| Revenue YoY | unavailable | +3.3% | +16.2% | — | −40.7% | — | +10.1% | +158.8% |
| Net income | -2.5 m | -12.4 m | -13.6 m | -31.3 m | -79.1 m | 39.6 m | 428.9 m | -153.2 m |
| Net income YoY | unavailable | unavailable | unavailable | — | unavailable | — | +982.8% | −135.7% |
| Diluted EPS | unavailable | unavailable | unavailable | -24.44 | -546.56 | 0.04 | 0.49 | -0.17 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | unavailable | — | +1,125.0% | −134.7% |
| net % | -23.8% | -114.6% | -107.9% | -177.7% | -755.9% | 61.0% | 599.6% | -82.7% |
| Free cash flow | unavailable | unavailable | unavailable | -8.2 m | -10.9 m | -57.9 m | -60.6 m | unavailable |
The series breaks before 2021, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 665.8 m USD
- Total assets
- 1.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.08x
- ROE
- -18.2%
- ROA
- -13.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.6 m | 17.6 m | 10.5 m | 65.0 m | 71.5 m | 185.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Cost of revenue | 6.2 m | 7.4 m | 4.9 m | 43.6 m | 39.5 m | 92.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Gross profit | 6.4 m | 10.2 m | 5.5 m | 3.4 m | 32.0 m ≈ | 93.2 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Research & development | 3.2 m | 5.9 m | 4.1 m | 2.3 m | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Operating income | -17.3 m | -33.1 m | -43.1 m | 6.2 m | 484.1 m | -228.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 5.7 m | 7.8 m | 918.9 k | 22.7 m | 58.2 m | SEC (XBRL)· 27 Mar 2026verified |
| EBITDA | -16.0 m ≈ | -27.4 m ≈ | -35.2 m ≈ | 7.2 m ≈ | 506.8 m ≈ | -169.7 m ≈ | SEC (XBRL)· 27 Mar 2026derived |
| Interest expense | 3.7 k | — | — | 8.8 m | 3.5 m | — | SEC (XBRL)· 27 Mar 2026verified |
| Pre-tax income | -14.4 m | -33.3 m | -47.0 m | 20.8 m | 493.4 m | -171.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Income tax | 31.0 k | -2.3 m | -701.1 k | -18.8 m | 59.6 m | -18.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | -13.6 m | -31.3 m | -79.1 m | 39.6 m | 428.9 m | -153.2 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | — | -24.44 | -546.56 | 0.04 | 0.49 | -0.17 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | — | — | 146.4 k | 891.8 m | 891.8 m | 905.1 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.2 m | 12.6 m | 267.0 k | 915.0 k | 735.0 k | 3.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Receivables | 1.9 m | 873.7 k | 429.9 k | 486.0 k | — | — | SEC (XBRL)· 14 May 2024verified |
| Current assets | 27.7 m | 18.2 m | 10.8 m | 5.4 m | 153.1 m | 8.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Property, plant & equipment, net | 131.1 k | 66.0 k | 48.9 k | 12.9 m | 43.1 m | 341.7 m | SEC (XBRL)· 27 Mar 2026verified |
| Goodwill | 20.3 m | 32.8 m | 18.7 m | 57.6 m | 53.1 m | 154.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Intangibles (excl. goodwill) | 7.5 m | 6.6 m | 3.7 m | 100.0 k | 100.0 k | 998.0 k | SEC (XBRL)· 27 Mar 2026verified |
| Total assets | 58.5 m | 94.5 m | 19.5 m | 18.8 m | 1.1 bn | 1.2 bn | SEC (XBRL)· 27 Mar 2026verified |
| Accounts payable | 1.4 m | 1.7 m | 1.4 m | 2.2 m | 876.0 k | 2.0 m | SEC (XBRL)· 27 Mar 2026verified |
| Short-term debt | — | 13.2 m | 13.2 m | 14.9 m | — | — | SEC (XBRL)· 14 May 2024verified |
| Long-term debt | — | 4.1 m | 1.4 m | 5.1 m | — | — | SEC (XBRL)· 01 Apr 2024verified |
| Current liabilities | 11.8 m | 29.2 m | 22.5 m | 19.4 m | 50.3 m | 111.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Total liabilities | 23.0 m | 34.5 m | 24.3 m | 19.4 m | 91.3 m | 580.7 m | SEC (XBRL)· 27 Mar 2026verified |
| Equity | 35.5 m | 59.9 m † | 26.7 m † | 473.8 m † | 1.0 bn † | 665.8 m † | SEC (XBRL)· 27 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.3 m | -8.2 m | -10.9 m | -56.0 m | -54.0 m | -79.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Capex | — | 39.3 k | 31.9 k | 1.9 m | 6.6 m | — | SEC (XBRL)· 27 Mar 2026verified |
| Free cash flow | — | -8.2 m ≈ | -10.9 m ≈ | -57.9 m ≈ | -60.6 m ≈ | — | SEC (XBRL)· 27 Mar 2026derived |
| Investing cash flow | -3.6 m | -10.5 m | -4.0 m | 62.7 m | -66.6 m | -398.3 m | SEC (XBRL)· 27 Mar 2026verified |
| Financing cash flow | 20.2 m | 14.7 m | 8.6 m | -6.8 m | 120.6 m | 481.7 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 516.7 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -71.7% | 58 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 160.6% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -100.2x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -20.4% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial58/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
American Bitcoin Corp. (ABTC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 185.2 m USD in 2025; YoY growth 158.8%; net margin -71.7%; ROE -38.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 160.6%
What contradicts it
- Interest coverage: -100.2x
- Current ratio: 0.2x
- FCF yield: -20.4%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 6.0 bn | — | -44.3% | -188.6% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | — | -38.5% | -71.7% | +158.8% | −91% / −98% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for ABTC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
American Bitcoin Corp. (ABTC) is a Bitcoin accumulation platform that combines large-scale self-mining with a strategic Bitcoin reserve. Its relevance now lies in the fast growth of its reserve and record production in the second quarter of 2026, achieved amid Bitcoin price volatility 3. As of June 30, 2026, the reserve stood at approximately 8,000 Bitcoin 2, and mining revenue in the second quarter reached about 67.0 million USD 3.
SWOT
Strengths
- The company holds a large Bitcoin reserve and an owned fleet of miners with significant capacity, giving it a visible operational base 23.
- Quarterly production reached a record level, showing execution capability in its mining operations 3.
- The model integrates owned mining with strategic accumulation, a combination that can support growth in Bitcoin holdings per share 23.
Weaknesses
- The company is highly concentrated in a single asset, Bitcoin, and its results depend on its price 1.
- Operations rely on hosting and administration services from Hut 8, creating dependence on a closely linked partner 1.
- Fair-value accounting for Bitcoin can produce large swings in quarterly results, complicating the reading of operating performance 1.
Opportunities
- If production and efficiency keep rising, the company could expand its reserve and improve per-share metrics 23.
- The at-the-market equity program could fund fleet expansion if market conditions are favorable 1.
- New mining sites such as Drumheller could add capacity if returns justify the investment 12.
Threats
- A fall in the Bitcoin price could significantly reduce revenue and reserve value, as seen in the second quarter 3.
- Rising network hashrate and halving-driven reward cuts could reduce the company's share of rewards 1.
- Custody, counterparty and cybersecurity risks could lead to losses if assets are compromised or a provider becomes insolvent 1.
Risks
- Concentration in Bitcoinhigh
The company has almost total exposure to a single volatile asset, and price drops can affect results and the value of its shares 1.
- Dependence on Hut 8high
Mining operations and part of the infrastructure are run under agreements with Hut 8, creating reliance on its main partner 1.
- Custody riskhigh
Bitcoin is not insured like bank deposits, and loss of private keys or compromise of providers could lead to irreversible losses 1.
- Equipment supply riskmedium
Delays or failure to fulfil miner orders can limit expansion and tie up capital through advance deposits paid to suppliers 1.
- Controlling shareholdermedium
The multi-class share structure and controlled-company status can limit the influence of minority shareholders over decisions 3.
Investment thesis
What would need to be true (bull case)
- If production and efficiency stay near recent levels, the company could keep growing its Bitcoin reserve and per-share metrics 23.
- Combining owned mining with strategic accumulation could give an edge over Bitcoin holders without their own infrastructure 2.
- Holding gross margins near the 50% level even as the price fell could signal meaningful operational resilience 3.
What would break the thesis
- If the Bitcoin price stays under pressure for longer, revenue, margins and reserve value could be hurt 13.
- Continued growth in network hashrate and equipment costs could lower fleet returns if expansion does not keep pace 1.
- Dilution from selling shares in the open market could reduce value per share if added Bitcoin does not offset the higher share count 13.
What to watch
- Bitcoin production trend and cost to mine per BitcoinQ3 2026
- Reserve development, including the portion pledged for miner purchasesQ3 2026
- Progress of fleet expansion and delivery of new miners2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
The company describes itself as a Bitcoin accumulation platform whose stated objective is Bitcoin accumulation through a three-part strategy: efficient mining, disciplined reserve expansion and ecosystem engagement 2. Revenue comes from Bitcoin rewards earned by providing computing services to third-party mining pool operators, paid on a contractual formula tied to the computing power provided 1. The company was separated from Hut 8, which contributed ASIC miners in March 2025, and is now a majority-owned subsidiary of Hut 8 13.
Mining operations are hosted at several sites managed under the agreement with Hut 8, including Alpha, Medicine Hat, Salt Creek and Vega, with the Drumheller site added after new miners were energized in April 2026 12. Power costs are treated as a pass-through expense, which makes profitability sensitive to electricity price changes 1. The company holds Bitcoin with third-party custodians such as Coinbase Custody and Anchorage Digital Bank 1.
Segments
Bitcoin mining
The mining segment generates revenue from Bitcoin rewards and is the main source of Bitcoin added to the reserve, with production of about 932 Bitcoin in the second quarter of 2026 3. The cost to mine was about 36,500 USD per Bitcoin, against average revenue of about 71,900 USD per Bitcoin 3.
Trends
- Rising global hashrateheadwind
Continued growth in the Bitcoin network's computing power could reduce the company's share of rewards if it does not keep expanding its own fleet 1.
- Bitcoin price volatilitymixed
Swings in the Bitcoin price directly affect revenue and the fair-value accounting of the reserve, which can make quarterly results more volatile 13.
- Regulation of digital assetsmixed
Changes in regulation and public policy can affect the price, custody and operation of providers in the Bitcoin ecosystem, with possible impact on the company 1.
Competitive position
The company competes with other public Bitcoin treasury holders and with other ways of investing in Bitcoin, including exchange-traded funds that track the Bitcoin price 12. Competitors named in its materials include companies running mining and Bitcoin treasuries, but the exact list is not detailed in the sources available 12.
Mining competition depends on acquiring new equipment at scale, and supplier delays can limit the ability to keep pace with the network 1. The company positions itself as a platform built around Bitcoin rather than a diversified holding, which differentiates it from other industry players 2.
- Other public Bitcoin treasury holders
Companies that hold Bitcoin on their balance sheets and compete for investors seeking Bitcoin exposure, not individually named in the sources provided.
- Bitcoin exchange-traded funds
Financial products offering exposure to the Bitcoin price and presented as an alternative investment, noted among the company's risks.
- Large-scale mining operators
Competitors that grow their hashrate and determine the share of rewards the company can earn.
- Mining equipment manufacturers
Producers of ASIC miners from which the company buys equipment, whose deliveries shape its capacity to expand.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- American Bitcoin Shares Rise 1% Premarket After BTIG Initiates Coverage With Buy RatingYahoo Finance — News · 16 Sept 2026 · EN
- Eric Trump Says Our Mission Hasn't Changed as American Bitcoin Marks One Year of Going Public, but ABTC Stock Got BatteredYahoo Finance — News · 06 Sept 2026 · EN
The latest news item in our archive is from 16 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report03 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report06 Jul 2026Item 3.03 · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report24 Jun 2026Shareholder vote · Other events
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Quarterly report06 May 2026
- Proxy statement27 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / American Bitcoin Corp. · 27 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / American Bitcoin Corp. · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / American Bitcoin Corp. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.