Trump-linked Bitcoin miner American Bitcoin Corp (Nasdaq: ABTC) has just posted its first quarterly profit as a public company, with Q3 2025 revenue surging to $64.2 million and its Bitcoin reserve climbing above 4,000 BTC. Yet despite the blockbuster numbers, ABTC shares swung sharply lower in early trading as Bitcoin itself tumbled below $95,000 in a violent crypto sell-off. [1]
Key takeaways
- Q3 2025 revenue: $64.2 million, up from $11.6 million a year earlier — roughly +453% year-on-year. [2]
- Net income: $3.5 million vs. a $0.6 million loss in Q3 2024 — first reported profit as a Nasdaq-listed company. [3]
- Adjusted EBITDA: $27.7 million, versus a loss of $4.3 million a year ago, as gross margin expanded to 56%. [4]
- Bitcoin reserve: 3,418 BTC as of Sept. 30; approximately 4,004 BTC as of Nov. 5, and around 4,000+ coins by mid‑November. [5]
- Mining scale: 77,944 machines, 25 exahash per second (EH/s) of fleet capacity, with realized hashrate above 12.5 EH/s after a major Bitmain purchase. [6]
- Market reaction: ABTC dropped as much as 6–13% in pre‑market trading before cutting losses amid a sector-wide crypto sell‑off. [7]
Q3 2025: Revenue explosion and a clean swing to profit
American Bitcoin’s Q3 2025 report, released before the opening bell, marks a dramatic scaling-up in both size and profitability. [8]
According to the company’s Form 10‑Q and accompanying press release:
- Revenue jumped to $64.2 million, up from $11.6 million in Q3 2024 — an increase of roughly 453%. [9]
- Operating income came in at about $7.2 million, compared with an operating loss of more than $10 million a year earlier. [10]
- Net income from continuing operations was $3.5 million, versus a $0.6 million net loss in the prior-year quarter. [11]
- Gross margin improved to 56%, up seven percentage points from roughly 49% last quarter, helped by scale and lower per‑unit costs. [12]
- Adjusted EBITDA hit $27.7 million, compared with negative $4.3 million in Q3 2024. [13]
For the first nine months of 2025, the company reported $106.8 million in revenue but still a sizeable net loss of about $93.7 million, reflecting volatile digital asset marks and one‑time merger and restructuring effects tied to its reverse acquisition of Gryphon Digital Mining and prior Hut 8 asset contributions. [14]
In other words: Q3 looks far better than the year-to-date figure, underlining just how quickly the business has scaled since its Nasdaq debut and Hut 8–backed restructuring earlier in the year. [15]
Mining scale, Bitmain deal and a 4,000+ BTC strategic reserve
Beyond the headline revenue, American Bitcoin’s core story is about building a massive Bitcoin treasury at scale.
From the Q3 filings and industry coverage:
- The miner produced 563 BTC in Q3, more than half of the 1,006 BTC mined in the first nine months of 2025. [16]
- It exercised an option to purchase 17,280 Bitmain U3S21EXPH miners representing around 15 EH/s, boosting realized hashrate above 12.5 EH/s and fleet capacity to 25 EH/s across 77,944 machines. [17]
- The company operates miners at four sites — in Niagara Falls (NY), Orla (TX), the Texas Panhandle and Medicine Hat (Alberta) — under long‑term colocation agreements, while using mining pools like Foundry and Luxor and custody providers such as Coinbase Custody and Anchorage Digital Bank to safeguard assets. [18]
On the balance-sheet side, ABTC’s Bitcoin reserve has become one of the largest among public companies:
- As of Sept. 30, American Bitcoin held 3,418 BTC, much of it pledged as collateral for its Bitmain miner financing program. [19]
- A follow‑up release on Nov. 7 confirmed the company had acquired another 139 BTC since Oct. 24, bringing the reserve to approximately 4,004 BTC as of Nov. 5. [20]
- Mining‑industry outlet TheMinerMag estimates that, including additional purchases after quarter‑end, the reserve had grown to around 4,090 BTC by Nov. 13. [21]
At Bitcoin’s last close before today’s crash, Reuters estimated that 4,004 BTC translated to roughly $400 million in digital assets on ABTC’s balance sheet. [22]
Satoshis per share: A new “Bitcoin per share” metric
American Bitcoin has been aggressively marketing its “Satoshis Per Share” (SPS) figure — effectively a Bitcoin‑per‑equity‑share ratio — as its flagship metric.
In the Nov. 7 update, management said SPS had climbed to 432 satoshis per share as of Nov. 5, up about 3.35% in 12 days, as the company continued combining self‑mining with “disciplined at‑market purchases.” [23]
On today’s earnings call, co‑founder and Chief Strategy Officer Eric Trump framed the business model as “maximizing Bitcoin per share through rapid, efficient accumulation,” arguing that the company can mine coins at roughly half the cost of buying them on the open market while using capital-markets access to top up reserves. [24]
Stock market reaction: Big numbers, bigger volatility
If Q3 was a fundamental win, Wall Street’s reaction was anything but straightforward.
- Before the opening bell, ABTC was indicated down between about 6% and 13%, according to pre‑market screens cited by Investing.com, CoinDesk and BreakingCrypto, even as the earnings release hit the wires. [25]
- The sell‑off mirrored sharp drops across crypto‑adjacent equities, with names like MicroStrategy, Coinbase, Robinhood and Hut 8 all trading 5–17% lower in early moves. [26]
BreakingCrypto’s post‑earnings analysis noted that ABTC shares traded near $4.74 in pre‑market action, then slid to around $4.41, even as revenue and margin metrics came in ahead of many expectations. [27]
By later in the regular session, however, real‑time quote platforms such as StockTwits and Finviz showed ABTC hovering around the mid‑$4 range (roughly $4.8–$4.9), modestly above Thursday’s close of $4.74, highlighting just how violently sentiment has been whipsawing around the name. [28]
In short, the stock traded more like a leveraged Bitcoin tracker than a boring industrial miner, despite the improved fundamentals.
Inside the earnings call: “Not just a miner, not just a treasury company”
On the inaugural earnings call as a public company, American Bitcoin’s leadership leaned hard into its identity as a hybrid between a mining business and a digital-asset treasury vehicle. [29]
Key themes from the call, as summarized by Investing.com’s transcript: [30]
- Hybrid model: Executive chairman Asher Genoot described ABTC as “not a Bitcoin mining company, [and] not a treasury company,” but something that “takes the best of those worlds” — self‑mining at scale plus active balance‑sheet management.
- Cost advantage: Management reiterated that mining operations in its U.S. and Canadian sites allow ABTC to acquire Bitcoin at roughly 50% of open‑market prices, after power and infrastructure costs, under current conditions.
- Scale and speed: Eric Trump highlighted that since the Sept. 3 Nasdaq debut, American Bitcoin has added more than 3,000 BTC to its reserves in just over two months, moving up the rankings of public Bitcoin treasuries. [31]
- Low overhead: SG&A expenses were held to about 13% of revenue, a relatively lean cost structure for a company that just tripled fleet capacity. [32]
- Outlook: The company signaled continued focus on Bitcoin‑per‑share growth, exploration of debt or fixed‑income financing, and potential M&A within the broader digital‑asset treasury and infrastructure space. [33]
The tone from management was clear: Q3 is meant to be a proof‑of‑concept for the “Bitcoin infrastructure backbone” narrative that dominates ABTC’s corporate website. [34]
Political spotlight: Trump brothers, Hut 8 and a controlled structure
American Bitcoin isn’t just another mining stock — it sits directly in the cross‑currents of U.S. politics and crypto policy.
Ownership and structure
- ABTC was formed in March 2025 and went public on Sept. 3, 2025 via a reverse acquisition of Gryphon Digital Mining and asset contributions from Canadian miner Hut 8 Corp. [35]
- Hut 8 retains a roughly 80% controlling stake, while Donald Trump Jr. and Eric Trump own around 20% combined, according to filings and public commentary reported by Reuters and other outlets. [36]
- The company pitches itself as a “Bitcoin accumulation platform” rather than a pure miner, with three strategy “layers”: mining, treasury and ecosystem — all aimed at boosting Bitcoin‑per‑share. [37]
That ownership profile means ABTC is both a Trump‑family vehicle and a majority‑controlled subsidiary of Hut 8, raising the stakes for both governance and market perception.
Market perception: Between meme stock and institutional play
Coverage from CoinDesk, BreakingCrypto and other crypto outlets underscores how politics cuts both ways for ABTC: [38]
- For supporters, a Trump‑backed, U.S.-centric Bitcoin miner fits neatly into a “pro‑Bitcoin, pro‑America” policy story and can behave like a high‑beta Bitcoin proxy for equity investors.
- For skeptics, the mix of political branding, at‑the‑market equity programs and extreme price swings recalls meme‑stock dynamics and sparks questions around conflicts of interest as the Trump administration shapes crypto regulation.
Either way, ABTC’s fortunes are now inseparable from the broader narrative around Washington’s approach to digital assets.
Macro shock: Bitcoin crashes below $95,000 and drags miners with it
The biggest headwind to ABTC’s stock today had little to do with its own fundamentals.
Across the crypto market:
- Bitcoin broke below $95,000 on Friday morning, falling around 6–8% on the day and more than 20% from its record high near $126,000 reached just weeks ago. [39]
- Analysts describe the move as a “correction” after an overheated rally, driven by ETF outflows, tighter U.S. liquidity expectations and broader risk‑off sentiment in global markets. [40]
Because American Bitcoin now holds thousands of BTC on its balance sheet, its equity effectively trades like a leveraged bet on Bitcoin’s price — a feature that magnifies both upside and downside.
That dynamic was on full display today: even as ABTC reported sharply higher revenue and a clean swing to profit, its shares traded lower in sympathy with the crypto sell‑off, before staging an intraday recovery as volatility cooled. [41]
What to watch next for ABTC
Looking beyond today’s fireworks, several catalysts and risk factors will likely shape American Bitcoin Corp’s trajectory:
- Bitcoin price path
With more than 4,000 BTC on the books and counting, ABTC’s equity is acutely sensitive to further moves in Bitcoin — whether that means a rebound above six figures or a deeper slide toward the $80,000 levels some bears are eyeing. [42] - Future SPS and reserve updates
Management has promised regular SPS and reserve disclosures on its investor site and social channels. These will show whether the company continues buying into weakness or throttles back accumulation in a more hostile macro environment. [43] - Capital-raising plans
Earlier filings and coverage around ABTC’s Nasdaq debut highlighted at‑the‑market equity programs as a key funding lever. Investors will be watching how aggressively the company taps the market — and at what valuation — as it continues to scale hashrate and BTC holdings. [44] - Hut 8 relationship and potential synergies
As a majority owner, Hut 8 supplies power, infrastructure and shared services — a key part of ABTC’s “asset‑light” pitch. Any change in that relationship, or Hut 8’s own strategic direction, would be material. [45] - Regulatory and political risk
With the Trump administration now closely tied to multiple crypto ventures and U.S. regulators still refining stablecoin and Bitcoin‑specific frameworks, ABTC’s fortunes are tethered to policy moves as much as to hashprice and energy costs. [46]
Bottom line
On the numbers alone, American Bitcoin Corp just delivered the kind of quarter many miners dream about: revenue up more than four‑fold, a clean swing to profitability, expanding margins and a BTC reserve that has quietly crossed the 4,000‑coin mark.
Yet today’s trading action is a reminder that in 2025, even strong fundamentals can’t fully insulate crypto‑linked equities from macro shocks. As Bitcoin’s sudden slide below $95,000 spooked markets, ABTC behaved more like a volatile proxy for the underlying coin than a traditional industrial stock — sliding sharply before stabilizing.
For investors and observers alike, ABTC now sits at the intersection of three powerful forces:
Bitcoin’s boom‑and‑bust cycles, the economics of large‑scale mining, and the politics of the Trump era.
How those forces interact over the next few quarters will determine whether today’s Q3 2025 report is remembered as a launchpad — or a high‑water mark reached just as the market turned.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies and crypto‑linked equities are highly volatile and carry significant risk. Always do your own research and consider consulting a licensed financial professional before making investment decisions.
References
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