American Bitcoin marks one year on Nasdaq as ABTC stock falls 90%
- American Bitcoin Corp. marks one year on Nasdaq with 8,300 BTC on its balance sheet, valued at $670 million, and a fleet of nearly 90,000 miners
- ABTC stock has plunged 90% since its debut, with year-to-date losses at 63%
- Second-quarter revenue came in at $67.015 million, missing the analyst estimate of $73 million; loss per share was $0.80
- An April report stated the company burned $500 million in shareholder value since going public
- Roth Capital, H.C. Wainwright & Co., and Maxim Group all initiated coverage with a "Buy" rating and a consensus price target of $8
*this image is generated using AI for illustrative purposes only.
American Bitcoin Corp. marked one year since its Nasdaq listing, with Eric Trump reiterating the company's mission to make the U.S. a leader in the Bitcoin economy, even as ABTC stock has plunged 90% since its debut.
Key milestones at the one-year mark
In an X post, Trump highlighted several operational achievements the company has reached since going public. The company holds 8,300 BTC on its balance sheet, runs a fleet of nearly 90,000 miners, achieved nearly 50% mining profit margins, and reported record quarterly production.
The BTC holdings were valued at $670 million at the time of the report, positioning American Bitcoin as the 15th-largest corporate holder of Bitcoin. The company ranked above firms such as Galaxy Digital Inc. and Gemini Space Station Inc., according to bitcointreasuries.net. Trump also posted a chart showing ABTC stock surging more than 60% in August, describing it as "one hell of a month."
| Metric | Detail |
|---|---|
| BTC on balance sheet | 8,300 BTC |
| BTC holdings value | $670 million |
| Corporate BTC ranking | 15th largest |
| Miners in fleet | Nearly 90,000 |
| Mining profit margin | Nearly 50% |
| August stock performance | Surged more than 60% |
Stock performance and shareholder losses
Despite the operational milestones, the stock's trajectory since listing has been steep. ABTC stock has plunged 90% since its debut, with year-to-date losses standing at 63%. An April report stated the company burned $500 million in shareholder value since going public, while Eric Trump's personal wealth rose from $190 million to $280 million. Trump dismissed the report, alleging political bias.
The same report stated that the company's all-in Bitcoin mining costs, including hardware, marketing, and capital, rose sharply, squeezing margins that disappeared when BTC prices fell in the bear market.
Quarterly results and analyst outlook
American Bitcoin posted second-quarter revenue of $67.015 million, falling short of the $73 million analysts had expected. The company also reported a loss of $0.80 per share.
Despite the stock's underwhelming performance, three brokerages initiated coverage with a "Buy" rating and a consensus price target of $8:
- Roth Capital
- H.C. Wainwright & Co.
- Maxim Group
Price action
At the time of writing, BTC was exchanging hands at $81,272, up 4.81% in the last 24 hours, according to data from Benzinga Pro. American Bitcoin shares rose 1.07% in after-hours trading, having closed 18.68% higher at $9.34 during Thursday's regular trading session. According to Benzinga's Edge Stock Rankings, ABTC shows a stronger short-term price trend but lags over the medium and long term.
How will rising all-in mining costs and potential hardware obsolescence impact American Bitcoin's ability to maintain its reported 50% profit margins in the coming quarters?
Given the 90% stock decline since debut, what specific operational or strategic pivots are required for ABTC to align its market valuation with its status as the 15th-largest corporate Bitcoin holder?
Will the initiation of 'Buy' ratings by Roth Capital, H.C. Wainwright, and Maxim Group signal a sustained recovery trend, or is the current price action merely a short-term bounce driven by broader Bitcoin market volatility?
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