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Bitcoin miner American Bitcoin (ABTC) reported a third-quarter profit and said revenue more than doubled from the year-ago period as it expanded its mining capacity and completed its first full quarter as a publicly traded company.
The net income in the Miami company that is 20% of Donald Trump Jr. and Eric Trump grew to $3.47 million, a turnaround from a loss of $576,000 the year before, and revenue quintupled to $64.2 million, according to a year. deposit SEC.
American Bitcoin has become an autonomous public entity after completing a merger with Gryphon Digital Mining and spinning out from Hut 8’s (HUT) mining operations. Hut 8 retains a stake of around 80%.
The company’s shares slipped as much as 13% in pre-market trading as the price of bitcoin he fell. The largest cryptocurrency fell 7% in the last 24 hours, according to CoinDesk data.
During the quarter, American Bitcoin added 3,000 BTC to take its total to 3,418 BTC. Now it has 4,004, according to a placed on X earlier this month. That corresponds to 432 satoshis per share. A satoshi is the smallest denomination of a bitcoin, representing one hundred millionths of the token.
Mining capacity has grown approximately 2.5 times over the period to 25 exahash per second (EH/s) with an average float of 16.3 joules per terahash.
