Eric Trump celebrated on Thursday the first anniversary of American Bitcoin Corp. (NASDAQ:ABTC) going public, reiterating the vision of making the U.S. a “leader” in the Bitcoin (CRYPTO: BTC) economy.
Trump Highlights Achievements
Trump said in an X post that the company now holds 8,300 BTC on its balance sheet, runs a fleet of nearly 90,000 miners, achieved nearly 50% mining profit margins and reported record quarterly production.
The BTC stash amounted to $670 million as of this writing, positioning the company as the 15th-largest corporate holder of the apex cryptocurrency. American Bitcoin ranked above firms such as Galaxy Digital Inc. (NASDAQ: GLXY) and Gemini Space Station Inc. (NASDAQ: GEMI), according to bitcointreasuries.net.
“Our mission at American Bitcoin hasn’t changed: make America the leader of the Bitcoin economy,” Trump said.
He also posted a chart showing ABTC stock surging more than 60% in August, describing it as “one hell of a month.”
ABTC Stock Sinks 90% Since Debut
American Bitcoin’s strategy combines large-scale mining operations with at-market Bitcoin purchases to accelerate the growth of its strategic reserve. The firm generates fresh BTC via in-house mining.
Still, the road since launch has been rough. The ABTC stock has plunged a staggering 90%, and year-to-date losses stand at 63%.
Analysts Still Bullish on ABTC
The company burned $500 million in shareholder value since going public, according to an April report, while Eric Trump’s personal wealth jumped from $190 million to $280 million. Trump dismissed the report, alleging political bias.
The report stated that the company’s all-in Bitcoin mining costs, including hardware, marketing, and capital, rose sharply, squeezing already thin margins that disappeared when BTC prices fell in the bear market. Trump rejected the findings, claiming political bias.
American Bitcoin posted second-quarter revenue of $67.015 million, falling short of the $73 million analysts had expected. It also reported a loss of $0.80 per share.
Despite the stock’s underwhelming performance, Roth Capital, H.C. Wainwright & Co. and Maxim Group all initiated coverage with a “Buy” rating, with a consensus price target of $8.
Price Action: At the time of writing, BTC was exchanging hands at $81,272, up 4.81% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares rose 1.07% in after-hours trading. The stock closed 18.68% higher at $9.34 during Thursday’s regular trading session.
ABTC shows a stronger short-term price trend but lags over the medium and long term, according to Benzinga’s Edge Stock Rankings.
Photo courtesy: Maxim Elramsisy / Shutterstock
Recent Comments