Bitcoin miner American Bitcoin ( ABTC ) reported a third-quarter profit and said revenue more than doubled year-over-year as it expanded its mining capacity and completed its first full quarter as a publicly traded company.
The net income of the Miami-based company 20% owned by Donald Trump Jr. and Eric Trump rose to $3.47 million, reversing a loss of $576,000 the year before, and revenue rose fivefold to $64.2 million, according to an SEC filing.
US Bitcoin became an independent public entity after completing a merger with Gryphon Digital Mining and spun off from Hut 8’s (HUT) mining operation. Hut 8 retains a share of around 80%.
The company’s shares fell as much as 13% in pre-market trading as the price of bitcoin fell. The largest cryptocurrency fell 7% in the last 24 hours, according to CoinDesk data.
During the quarter, US Bitcoin added 3,000 BTC to bring the total to 3,418 BTC. It now has 4,004, according to a post on X earlier this month. This corresponds to 432 satoshis per A satoshi is the smallest value of a bitcoin, representing one hundred millionth of the token.
Mining capacity grew about 2.5 times during the period to 25 exahash per second (EH/s) with a fleet averaging 16.3 joules per terahash.
