President Trump-backed $ABTC simply suffered its first income drop as a public firm. This “not only a miner, not only a monetary supervisor” firm is at present concentrating on 50 EH/s to strengthen its BTC-focused progress technique.
The next visitor submit is from bitcoinminingstock.io, A public market intelligence platform that gives information on firms uncovered to Bitcoin mining and crypto treasury methods. First revealed by Cindy Feng on November 20, 2025.
Whereas a lot of the Bitcoin mining sector is pivoting in the direction of AI and HPC infrastructure, American Bitcoin (Nasdaq: ABTC) is taking a really totally different method. It’s scaling as much as be a top-level Bitcoin miner and is seeking to develop a large BTC fund, however claims it’s not there but. simply Miner or passive BTC automobile. However the central query is whether or not the economics can justify their ambitions at a time when a lot of their friends are pivoting away from Bitcoin mining.
Let’s take a better have a look at the corporate’s first quarterly outcomes as a Nasdaq-listed firm.
Present Bitcoin mining standing
The corporate was born on March 31, 2025 and listed on the Nasdaq on September 3. In that quick timeframe, it moved rapidly.
By the tip of the third quarter, we reported put in capability with a median fleet effectivity of ~25 EH/s. 16.3J/TH. The first driver was the train of the brand new miner’s buy possibility of roughly 14.8 EH/s on the Vega website in Texas. Assembly with administration supplies a roadmap for subsequent targets ~50 EH/sec.
that screenshot Investor presentation (12 pages).
In the identical quick time period, Bitcoin reserves went from zero on April 1st to 3,418BTC As of September thirtieth (as of this writing, the quantity has reached 4000BTC+). Administration translated this to 371 Satoshis per share, highlighting an roughly 50% enhance in BTC per share since itemizing. They freely need the market to take discover Bitcoin per share As the first worth lens, not simply income or headline hashrate.
In abstract, American Bitcoin is a deliberate and centered wager. Bitcoin mining and scaling your BTC holdingsby no means go away them.
The asset-light mannequin is a magic recipe
Uniquely, American Bitcoin’s Bitcoin mining operations are tied to a partnership with Hut 8. We do not personal any main infrastructure. hut 8 Develop and function the positioning, negotiate with energy firms, and supply the bodily atmosphere for miners. american bitcoin They purchase and fund ASIC fleets, pay internet hosting and repair charges, and focus their capital on miners and Bitcoin quite than substations and buildings. Within the third quarter, administration stated: SG&A bills are roughly 13% This can be a fairly lean price base and is in line with the argument that not proudly owning the infrastructure reduces mounted overhead prices.
Relationship between Hut 8 and Bitcoin within the US (Screenshot from Hut 8 presentation, web page 11).
Vega in Amarillo is a chief instance. Within the third quarter earnings name, Asher Genuto stated that American Bitcoin at present accounts for greater than 95% of the native co-op’s load, and that it operates as follows. Behind-the-meter prospects for absolutely abateable wind farms. If there’s a want to cut back the load on the grid throughout peak occasions, mines could be powered off instantly. Administration’s argument is that AI and HPC information facilities can not try this with out disrupting prospects. Giving Bitcoin Mining a Area of interest Market: Low cost and may take in intermittent energy and hold it out of the best way when the ability grid is underneath load. In some methods, the Vega website is a template for the way American Bitcoin believes it may well hold manufacturing prices under spot, whilst competitors will increase.
Vega website (Photograph courtesy of Hut 8).
Add to {that a} financing twist. As an alternative of paying miners totally in money, American Bitcoin structured the Bitmain transaction by pledging giant blocks of Bitcoin as collateral for the acquisition of latest ASICs.
The mix of outsourced infrastructure, versatile energy, and BTC-backed gear financing is the true mechanism behind the 50 EH/s purpose.
What does Q3 inform us in regards to the economics of this mannequin?
Our first quarter as a public firm supplies a small however helpful take a look at of our core thesis.
In Q3 2025, American Bitcoin reported income of $64.2 million. Price of income was $28.3 million. 56% gross revenue margin. This quantity already consists of each the electrical energy price and the Hut 8 colocation charge. Through the convention name, administration identified that in case you separate out simply real-time vitality prices and the worth of mined Bitcoin, the efficient margin could be nearer to 69%. Though this can be a non-GAAP measure, it’s in line with the corporate’s claims. It claims that next-generation {hardware} put in on its versatile wind farm website will enable it to mine Bitcoin for about half the price of shopping for Bitcoin on the open market.
Profitability metrics remained sturdy regardless of fluctuations in Bitcoin costs. The corporate recorded a $5.5 million mark-to-market loss on its BTC holdings, however its internet revenue remained at $3.5 million. Adjusted EBITDA practically doubled to $27.7 million. That is the primary dependable end result for a enterprise that did not exist 12 months in the past.
There’s a clear capital technique at work on the steadiness sheet. To develop hashrate, American Bitcoin used a BTC collateral construction to finance miner purchases on Vega, quite than relying totally on money. As of the tip of the quarter, 2,385 BTC of the three,418 BTC had been pledged as collateral underneath these preparations. In different phrases, the identical Bitcoin that underpins the “accumulation” story can be getting used to gas hashrate progress.
Bitcoin promised to ASIC (Study extra (Listed on pages 21 and 22).
These outcomes can not show that the mannequin is powerful via all cycles. However thus far they’ve proven that: The asset-light construction permits us to extend each hashrate and BTC holdings whereas offering a wholesome margin.
last ideas
Bitcoin’s first quarter as a publicly traded firm in America exhibits quick execution and dependable early economics. Its asset-light mannequin has delivered stable gross margins and allowed the enterprise to scale rapidly with out the heavy infrastructure burden typical of conventional miners. However the true take a look at shall be whether or not this “not simply the miners, not simply the Treasury” method will maintain up, particularly if Bitcoin costs fall.
For traders, it is essential to keep watch over how the story unfolds. 50EH/sec and Stability held per share continues to extend It turns into essential. However perhaps you are additionally on the lookout for solutions to a couple questions: For the reason that firm has two-thirds of its Bitcoin as collateral, how does it handle threat throughout a downturn? What occurs if the Hut 8 growth pipeline stalls? And the way lengthy will fairness issuance and BTC-backed funding final as market situations change… The solutions to those questions will enable you to type a clearer idea of your individual.
