Bitcoin miner American Bitcoin (ABTC) reported a third-quarter profit and said its revenue more than doubled from the year-earlier period as it expanded its mining capacity and completed its first full quarter as a publicly traded company.
Net income for the Miami-based company, 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 quintupled to $64.2 million, according to an SEC filing.
American Bitcoin became a standalone public entity after merging with Gryphon Digital Mining and spinning off the mining operations of Hut 8 (HUT). Hut 8 retains a stake of approximately 80%.
Shares of the company fell 13% in premarket trading as the bitcoin price fell. The largest cryptocurrency fell 7% in the past 24 hours, according to CoinDesk data.
During the quarter, US Bitcoin added 3,000 BTC to bring its total to 3,418 BTC. It now has 4,004, according to an article on X earlier this month. This corresponds to 432 satoshis per share. A satoshi is the smallest denomination of a bitcoin, representing one hundred millionth of the token.
Mining capacity increased approximately 2.5 times over the period to 25 exahash per second (EH/s) with fleet averaging 16.3 joules per terahash.
