Bitcoin miner American Bitcoin (ABTC) reported third-quarter earnings and said revenue more than doubled from the year-earlier period as it expanded mining capacity and completed its first full quarter as a publicly traded company.
Net income at the Miami-based company, which is 20% owned by Donald Trump Jr. and Eric Trump rose to $3.47 million, a turnaround from a $576,000 loss the year before, and revenue advanced fivefold to $64.2 million, according to a SEC filing.
American Bitcoin has become an independent public entity after completing a merger with Gryphon digital mining and spinning off the mining operations of Hut 8 (HUT). Hut 8 retains an almost 80% stake.
The company’s shares slipped as much as 13% in pre-market trading as the Bitcoin price fell. The largest cryptocurrency is down 7% in the past 24 hours, according to Coindesk data.
During the quarter, American Bitcoin added 3,000 BTC to take its total to 3,418 BTC. There are now 4,004, according to a Post to x Earlier this month. That corresponds to 432 satoshis per share. A Satoshi is the smallest denomination of a bitcoin, representing one hundred million millions of tokens.
Mining capacity expanded nearly 2.5 times over the period to 25 exahash per second (eh/s) with a fleet averaging 16.3 joules per terahash.
