Trump backed $ABTC simply dropped its first earnings as a public firm. This “not only a miner, not only a treasury” firm is now concentrating on 50 EH/s to energy its BTC-focused progress technique.
The next visitor publish comes from BitcoinMiningStock.io, a public markets intelligence platform delivering knowledge on firms uncovered to Bitcoin mining and crypto treasury methods. Initially printed on Nov. 20, 2025, by Cindy Feng.
Whereas a lot of the Bitcoin mining sector is pivoting towards AI and HPC infrastructure, American Bitcoin (Nasdaq: ABTC) is taking a really completely different strategy: it’s making an attempt to scale right into a top-tier Bitcoin miner, develop a sizeable BTC treasury, and nonetheless insists it’s not simply a miner or a passive BTC automobile. The core query, nevertheless, is whether or not economics justify their ambitions when many friends are attempting to pivot away from bitcoin mining.
Let’s take an in depth have a look at their first quarterly outcomes as a Nasdaq-listed firm.
Present Bitcoin Mining Standing
The corporate solely got here into existence on 31 March 2025 and listed on Nasdaqon 3 September. In that brief window it moved rapidly.
By the top of the third quarter, it reported ~25 EH/s of put in capability with a median fleet effectivity of 16.3 J/TH. A serious contributor is the train of a purchase order possibility for roughly 14.8 EH/s of recent miners on the Vega website in Texas. Administration talks point out a roadmap towards ~50 EH/s.
Screenshot from its investor presentation (web page 12).
Over the identical brief window, it has grown its Bitcoin reserves from zero on 1st April to 3,418 BTC as of thirtieth September (on the time of writing, that quantity reached 4000 BTC+). Administration interprets that to 371 satoshis per share and highlighted that BTC per share has risen by about 50% since itemizing. They freely need the market to concentrate on Bitcoin per share as the first worth lens relatively than simply income or headline hash price.
Taken collectively, American Bitcoin is taking a deliberate, concentrated wager on scaling Bitcoin mining and BTC holdings, not pivoting away from them.
Asset-Mild Mannequin Is Their Magic Recipe
Uniquely, American Bitcoin’s bitcoin mining operations are tied to its partnership with Hut 8. The corporate doesn’t personal any primary items of infrastructure. Hut 8 develops and operates the websites, negotiates with utilities, and offers the bodily setting for the miners. American Bitcoin buys and funds the ASIC fleet, pays internet hosting and repair charges, and concentrates its personal capital on miners and Bitcoin relatively than substations and buildings. Within the third quarter, administration stated their SG&A was about 13% of complete income, which is a fairly lean value base and in step with the declare that not proudly owning the infrastructure helps maintain fastened overhead down.
Relationship between Hut 8 and American Bitcoin (screenshot from Hut 8 presentation, web page 11).
Vega in Amarillo is the flagship instance. On Q3 earnings name, Asher Genoot talked about that American Bitcoin now accounts for over 95% of the native co-op’s load and runs as a completely curtailable, behind-the-meter buyer at a wind farm. When the grid must shed load throughout peak occasions, the mine can energy down rapidly. Administration’s argument is that AI and HPC knowledge facilities can’t try this with out disrupting clients, which provides Bitcoin mining a distinct segment: it will possibly take in low-cost, intermittent energy and get out of the best way when the grid is pressured. Not directly, the Vega website is the template for a way American Bitcoin believes it will possibly maintain its value of manufacturing effectively under spot, even when competitors intensifies.
Vega Web site (picture credit score: Hut 8).
On prime of that sits a financing twist. As a substitute of paying for miners totally in money, American Bitcoin has structured the Bitmain deal in a approach that a big block of its Bitcoin is pledged as collateral towards new ASICs purchases.
The mixture of outsourced infrastructure, versatile energy, and BTC-backed gear financing is the actual mechanism behind the 50 EH/s ambition.
What Q3 Tells Us concerning the Economics of This Mannequin?
The primary quarter as a public firm provides a small however helpful check of the core thesis.
For Q3 2025, American Bitcoin reported $64.2 million in income. The price of income was $28.3 million, implying a 56% gross margin. That determine already consists of each energy and Hut 8’s colocation charges. On the decision, administration famous that when you isolate simply real-time vitality prices versus the worth of Bitcoin mined, the efficient margin can be nearer to 69%. Whereas that’s a non-GAAP measure, it aligns with the corporate’s narrative: with next-gen {hardware} deployed at a versatile wind-powered website, they declare to mine Bitcoin at roughly half the price of shopping for it on the open market.
Profitability metrics remained resilient regardless of Bitcoin worth volatility. The corporate booked a $5.5 million mark-to-market loss on BTC holdings, but web revenue nonetheless edged as much as $3.5 million. Adjusted EBITDA virtually doubled to $27.7 million. For a enterprise that didn’t exist twelve months in the past, it is a credible first exhibiting.
On the stability sheet, there’s a transparent capital technique at play. To develop hash price, American Bitcoin has used a BTC-pledged construction to finance miner purchases at Vega, relatively than relying totally on money. As of quarter-end, 2,385 BTC out of three,418 BTC had been pledged as collateral underneath these preparations. In different phrases, the identical Bitcoin that underpins the “accumulation” story can also be getting used to drive ahead hash price progress.
Pledged Bitcoins for ASICs (extra particulars on web page 21, 22).
These outcomes can’t show that the mannequin will probably be sturdy by a full cycle. However for now, they do present that the asset-light construction can ship wholesome margins whereas rising each hash price and BTC holdings.
Remaining Ideas
American Bitcoin’s first quarter as a public firm reveals quick execution and credible early economics. Its asset‑mild mannequin has delivered stable gross margins and allowed the enterprise to scale rapidly with out carrying the heavy infrastructure burden typical of conventional miners. The true check, nevertheless, will probably be whether or not this “not only a miner, not only a treasury” strategy can maintain up, particularly if the Bitcoin worth tumbles.
For traders watching the story unfold, monitoring progress towards 50 EH/s and continued sats‑per‑share accretion will probably be vital. However maybe additionally search solutions to a few of questions: How will the corporate handle threat in a downturn with two-thirds of its Bitcoin encumbered as collateral? What occurs if Hut 8’s growth pipeline stalls? And to what extent will fairness issuance and BTC-backed financing stay viable as market circumstances evolve….. Solutions to those questions will assist form a extra clear thesis of your individual.
