Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
American Bitcoin (Nasdaq: ABTC), a Bitcoin mining company linked to Donald Trump, saw its stock price fall by 2% in early trading following its Q3 2025 earnings report. The decline occurred despite the firm reporting substantial revenue growth and increased Bitcoin production, attributed to a broader market sell-off affecting both cryptocurrency and equity markets.
Q3 Financial Performance
For the third quarter of 2025, American Bitcoin reported a significant increase in revenue, soaring from $11.6 million in the same period of 2024 to $64.2 million. The company also achieved a 7% quarter-over-quarter growth in its gross margin, according to its latest financial disclosures.
Bitcoin Production and Hashrate Expansion
The mining firm generated 563 bitcoin during Q3, representing more than half of its total production of 1,006 bitcoin for the first nine months of 2025. This boost in production was primarily due to the exercise of an option to purchase 17,280 Bitmain U3S21EXPH miners, which added 15 exahash per second (EH/s) to its operational capacity.
By September 30, American Bitcoin’s operational hashrate surpassed 21.9 EH/s. The company also expanded its strategic reserve by over 3,000 bitcoin during the quarter, through a combination of mining efforts and at-market purchases.
Strategic Bitcoin Holdings
As of September 30, American Bitcoin’s bitcoin holdings totaled 3,418, further increasing to 3,865 bitcoin by the end of October. These acquisitions were funded by open-market purchases and the company’s integrated mining operations.
American Bitcoin noted that a majority of its bitcoin holdings remain pledged as collateral under its ongoing purchase program with Bitmain.
Company Background
American Bitcoin made its Nasdaq debut in September, experiencing an 80% opening gain that triggered multiple volatility halts. The company was formed through the merger of Hut 8’s energy infrastructure assets and American Data Centers, a company founded by the Trump family.
Outlook
Despite its robust operational and financial growth in the third quarter, American Bitcoin’s stock performance reflects broader market pressures impacting the crypto and equity sectors. The company continues to expand its mining capabilities and strategic bitcoin reserves, positioning itself amid fluctuating market conditions.
