American Bitcoin Reports Strong Q4 Growth
American Bitcoin's fourth-quarter results showed a 58% increase in Bitcoin on its balance sheet and a 159% year-over-year rise in revenue. The company, now the 17th largest public holder of Bitcoin, also reported mining the cryptocurrency at a 53% discount.
- The company (Nasdaq: ABTC) began trading on September 3, 2025, after a merger with Gryphon Digital Mining. It operates as a majority-owned subsidiary of Hut 8 Corp. and employs a dual strategy of mining Bitcoin and purchasing it on the open market. - Fourth-quarter revenue reached $78.3 million, a 22% increase from the third quarter of 2025. For the full year, the company generated $185.2 million in revenue. - American Bitcoin reported a full-year net loss of $153.2 million, which was primarily driven by a $227.1 million non-cash, mark-to-market loss on its Bitcoin holdings, as required by fair value accounting rules. - The company aggressively scaled its reserves in 2025, growing from zero Bitcoin at the start of the second quarter to 5,401 by year-end. Holdings have since surpassed 6,000 BTC. - Despite recent revenue growth, the company's stock has declined approximately 87% since its market debut, a trend attributed to a broader Bitcoin bear market and the expiration of its post-IPO lock-up period. - Key leadership includes CEO Michael Ho, with Eric Trump listed as a co-founder and Chief Strategy Officer. - The company's reported 53% gross margin on mining is notable in an industry where the weighted average cash cost for public miners to produce one Bitcoin was estimated to be around $55,950 in the third quarter of 2024.
