American Bitcoin Reports $64.2M Revenue, Stock Rises 5%

American Bitcoin Q3 Financial Report

American Bitcoin (ABTC), co-founded by Eric Trump and Donald Trump Jr., reported a revenue of $64.2 million for Q3, marking a significant increase from the previous quarter.
The company achieved a net income of $3.5 million, slightly higher than the $3.4 million in Q3 last year.
ABTC acquired over 3,000 BTC through mining and purchases, increasing its reserves to 3,418 BTC as of September 30.
The company's mining capacity expanded by approximately 2.5 times, adding about 14.8 exahash per second (EH/s), reaching a total capacity of 25.0 EH/s by the end of September.
Eric Trump expressed pride in the company's growth, noting the strategic accumulation of Bitcoin and efficient mining operations.

Market Response and Industry Position

American Bitcoin's stock (ABTC) saw a 5% increase, nearing the $5 mark.
Bitcoin's price fell to $95,328, a 24% decrease from its all-time high.
CEO Mike Ho highlighted the cost efficiency of their mining operations compared to conventional methods, contributing to improved gross margins and revenue.
As a majority-owned subsidiary of Hut 8 Corp, American Bitcoin is positioned as a key player in the crypto industry with a focus on efficient Bitcoin accumulation.

American Bitcoin