Bitcoin miner American Bitcoin (ABTC) reported a third-quarter profit and said revenue doubled from the prior-year 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 change from a loss of $576,000 a year earlier, and revenue quintupled to $64.2 million, according to an SEC filing.
American Bitcoin became an independent public entity after completing a merger with Gryphon Digital Mining and separating from Hut 8 (HUT) mining operations. Hut 8 retains approximately 80% of the shares.
The company’s shares fell as much as 13% in premarket trading. bitcoin price fell. The largest cryptocurrency fell 7% in the last 24 hours, according to data from CoinDesk.
During the quarter, American Bitcoin added 3,000 BTC to bring 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 and represents one hundred millionth of the token.
Mining capacity expanded approximately 2.5 times in the period to 25 exahash per second (EH/s) with the fleet averaging 16.3 joules per terahash.
