American Bitcoin Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The red rating here is not about the share price, not about the valuation and not about bitcoin's volatility — it is about a documented, existential dependence on a single counterparty. The exclusivity agreement requires American Bitcoin to run every mining rig inside Hut 8 facilities; the same counterparty runs operations, keeps the books, billed $67.7 million in the first half of 2026 against $129.1 million of consolidated revenue, held $83.5 million of outstanding claims on June 30, 2026, and effectively decides every shareholder vote through roughly 80 percent of the 48,814,987 Class B shares carrying 10,000 votes each — approximately 55.3 percent of all shares as of March 25, 2026. Add an operating cash outflow of $63.8 million for the half year against $18.4 million of cash: without the continuous sale of its own shares the business would run out of funds within a few quarters. A fair amount speaks against the rating and belongs on the record: the mining operation itself works at a gross margin near 49 percent, there is no interest-bearing debt, equity stands at $672.1 million, and 4,912 unpledged bitcoin worth $293.9 million could be sold in an emergency. Where the evidence sits between two levels, the more cautious one applies — and here the dependence is compounded by the fact that almost a quarter of equity consists of $154.4 million of goodwill created by buying a listing with negative net assets. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
American Bitcoin runs a real and growing mining operation: 932 bitcoin in the quarter ended June 30, 2026, $67.0 million of revenue and a gross margin near 49 percent. That growth is paid for in shares — Class A shares outstanding rose 48 percent in six months, and the $2.1 billion at-the-market program has been used only to $385.2 million. The 8,002-bitcoin stack cost $781.9 million and was worth $478.9 million on the reporting date, with 3,090 coins pledged. And the operation itself is contractually tied to a single counterparty: Hut 8 supplies every site, runs the business, billed $67.7 million in the half year and decides every vote through roughly 80 percent of the Class B shares at 10,000 votes each. Not investment advice.
Operating performance
The mining business is growing and earning: 932 bitcoin mined in the quarter ended June 30, 2026 after 817 in the prior quarter, revenue up from $30.3 million to $67.0 million year over year, gross margin near 49 percent despite a bitcoin price down about 12 percent. Cost to mine one bitcoin was about $36,500 against roughly $71,900 of revenue.
Dependence on the majority owner
An exclusivity agreement requires the company to run every mining rig inside Hut 8 facilities; operations, accounting and administration come from the same source. That amounted to $67.7 million of invoices in the first half of 2026 against $129.1 million of revenue, with $83.5 million still outstanding on June 30, 2026 — against cash of $18.4 million.
Bitcoin position
The 8,002 bitcoin were worth $478.9 million on June 30, 2026 and had cost $781.9 million — an implied average of $97,716 per bitcoin against a spot value of $59,847 on the reporting date. In addition, 3,090 bitcoin are pledged to Bitmain against a recorded liability of $371.7 million.
Dilution
Class A shares outstanding rose from 16,196,042 on December 31, 2025 to 24,004,657 on June 30, 2026, an increase of 48 percent. Of the $2.1 billion at-the-market program only $385.2 million had been used by June 30, 2026, and the incentive plan tops up its share reserve automatically each year.
Financial position
The June 30, 2026 balance sheet shows no interest-bearing debt and equity of $672.1 million. Against that stand cash of $18.4 million against a half-year operating outflow of $63.8 million, and current liabilities exceeding current assets by roughly $110.9 million. The buffer is 4,912 unpledged bitcoin worth $293.9 million.
Shareholder rights
Each of the 48,814,987 Class B shares carries 10,000 votes; each of the 24,004,726 listed Class A shares carries one. Roughly 80 percent of Class B — approximately 55.3 percent of all shares as of March 25, 2026 — sat with Hut 8. The 2025 annual report explicitly invokes the Nasdaq controlled-company exemptions: no compensation committee, no nominations committee, no independent nominating function.
Worth Noting
American Bitcoin reached our research list through the SEC filing feed: the Form 8-K of July 6, 2026 on the 1-for-15 reverse stock split and the Form 10-Q filed August 3, 2026.
Beware of historical data: SEC central index key 1755953 belonged in turn to MTech Acquisition Holdings (a blank-check company), Akerna Corp. (cannabis software), Gryphon Digital Mining and, since September 3, 2025, American Bitcoin Corp. Price and ratio series before September 2025 describe different businesses. Figures for 2023 and 2024 are carved out of a business unit inside Hut 8.
Market capitalisation deliberately calculated in-house: the figure from the fundamental data set matched neither the share count on the cover page of the quarterly report nor the price-to-book ratio in the same data set, and was therefore discarded. We use 72,819,713 shares times the closing price of $7.93 on August 21, 2026. Counting only the 24,004,726 listed Class A shares understates the company by about two thirds.
All price figures are restated for the 1-for-15 reverse stock split of July 2, 2026. Our analyses are evergreen; a closing price here is a dated valuation anchor, not a reason to buy.
Stock Watch
This analysis is as of September 5, 2026. Stock Watch will tell you what's changed at ABTC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.562 $ to 10.30 $ · Last price: 9.10 $ (As of: September 25, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/25/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| American Bitcoin Corp ABTC | 1.1 | – | 48.7 | 52.7 | -110.5 | 158.8 | -90.8 |
| Morgan Stanley MS | 309.6 | 17.0 | 0.0 | 87.6 | 40.6 | 11.5 | 26.3 |
| Goldman Sachs Group Inc GS | 276.0 | 17.1 | 0.0 | 82.1 | 38.6 | -1.4 | 20.0 |
| Charles Schwab Corp SCHW | 170.1 | 20.2 | 0.0 | 97.5 | 49.4 | 6.5 | 5.8 |
| Interactive Brokers Group Inc IBKR | 151.3 | 38.5 | 3.4 | 93.0 | 76.8 | 9.8 | 39.9 |
| Robinhood Markets Inc HOOD | 108.8 | 57.8 | 50.1 | 91.9 | 38.5 | 51.6 | -2.7 |
| Nomura Holdings Inc NMR | 29.5 | 12.0 | 0.0 | 78.0 | 30.8 | 5.6 | 38.0 |
| LPL Financial Holdings Inc LPLA | 25.4 | 27.4 | 12.1 | 29.9 | 11.1 | 37.2 | -6.3 |
| Circle Internet Group, Inc. CRCL | 24.2 | – | 42.9 | 22.0 | 6.5 | 63.9 | -28.6 |
| Median of companies shown | 108.8 | 20.2 | 3.4 | 82.1 | 38.5 | 11.5 | 5.8 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | – | 0 | 0 | – | – | – | – |
| 2018 | – | -1 | 0 | – | -1 | 58 | 58 |
| 2019 | 11 | -12 | -12 | – | -9 | 22 | 25 |
| 2020 | 16 | -18 | -34 | – | -9 | 58 | 77 |
| 2021 | 18 | -16 | -31 | – | -8 | 60 | 94 |
| 2022 | 66 | -84 | -104 | -1.72 | -11 | -5 | 19 |
| 2023 | 65 | 6 | 40 | 0.65 | 3 | -1 | 19 |
| 2024 | 72 | 484 | 429 | 7.08 | -54 | 1,015 | 1,106 |
| 2025 | 185 | -228 | -153 | -2.54 | -80 | 666 | 1,247 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -7.72 | 99.00 | 6 | 4.40 | -72.70 | 0 | -1 |
| 2024: Q3 | -10.98 | 97.70 | 12 | 112.00 | -5.00 | -77 | -104 |
| 2025: Q1 | -0.09 | 99.70 | 12 | 64.70 | -815.60 | -45 | -45 |
| 2025: Q2 | -0.35 | 95.50 | 1 | -75.00 | -381.80 | -1 | -1 |
| 2025: Q3 | 0.00 | 100.00 | 64 | 453.10 | 5.40 | -39 | -40 |
| 2025: Q4 | -0.07 | -800.00 | 78 | 400.20 | -75.90 | -37 | -37 |
| 2026: Q1 | -1.76 | -1,855.60 | 62 | 403.50 | -131.70 | -43 | -43 |
| 2026: Q2 | -0.80 | -128.60 | 67 | 4,766.70 | -85.30 | -21 | -21 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 4 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -1.25 | -1.25 – -1.25 | 278 | 61.3% | 1 |
| 12/31/2027 | 0.14 | 0.14 – 0.14 | 343 | 111.2% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
American Bitcoin schürft und hält Bitcoin; künstliche Intelligenz kommt in Geschäfts- und Quartalsbericht ausschließlich als allgemeiner Risikohinweis vor — weder verkauft noch nutzt das Unternehmen KI in seinem Geschäftsmodell, und eine Bedrohung durch KI wird in keinem Filing behauptet.
View the full file — quotes, sources, reviewed filings
„Further, any adoption of AI by us or by third parties may pose new security challenges."
Darüber hinaus kann jede Einführung von KI durch uns oder durch Dritte neue Sicherheitsherausforderungen mit sich bringen.
10-K · 2026-03-27 · View SEC filing
„For example, increasing use of AI may expose us to social and ethical issues, which may result in reputational harm and liability."
Beispielsweise kann uns der zunehmende Einsatz von KI gesellschaftlichen und ethischen Fragen aussetzen, was zu Rufschädigung und Haftung führen kann.
10-K · 2026-03-27 · View SEC filing
Filings Reviewed: 10-K 2026-03-27 · 10-Q 2026-08-03
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 41.2%
- More than 10% revenue growth is expected for the coming year -62.0%
- Share count grows by less than 3% a year -0.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 115.8%
- Gross margin at 40% or higher and without meaningful erosion 50.3%
- Goodwill from acquisitions does not grow faster than revenue 12.4%
- Net debt below twice EBITDA failed
- Operating cash flow covers the profits of the last three years -446 m
- Return on capital at 15% or higher, or up versus two years ago -20.1%
- Insiders hold at least 10% or are net buyers 3.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 60.3%
- Exp. sales growth 3Y > 5% 36.0%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 36.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -30.0%
- ROCE > 15% -20.1%
- Expected return > 10% 26.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Die American Bitcoin Corp., ein Unternehmen für die Bitcoin-Akkumulationsplattform, konzentriert sich auf den Aufbau einer Bitcoin-Infrastrukturplattform. Das Unternehmen betreibt anwendungsspezifische integrierte Schaltkreis-Miner zum Zweck des Bitcoin-Minings sowie der strategischen Akkumulation einer Bitcoin-Reserve. Das Unternehmen hat seinen Sitz in Miami, Florida. Die American Bitcoin Corp. ist eine Tochtergesellschaft der Hut 8 Corp.
- Employees
- 2
- Headquarters
- Miami, FL
- Address
- 1101 Brickell Avenue, 33131 Miami, United States
- Phone
- 305 224 6427
- Website
- abtc.com
- IPO Date
- 09/02/2025
- ISIN
- US02462A1043
- Stock Split
- 1:15 on 07/06/2026
- Stock Split
- 1:5 on 09/03/2025
- Stock Split
- 1:20 on 02/09/2024
Management
| Name | Title | Birth Year |
|---|---|---|
| Asher Kevin Genoot | Executive Chairman | 1996 |
| Michael Ho | CEO & Director | 1994 |
| Eric F. Trump | Co-Founder & Chief Strategy Officer | – |
| Paul Sacks | Interim CFO & Head of Derivatives | 1973 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 25, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.