American Bitcoin Corp (ABTC) is a Bitcoin mining company that mines Bitcoin as its primary operating activity and accumulates Bitcoin as a long-term reserve asset. Revenue is generated by solving blocks on the Bitcoin blockchain and receiving Bitcoin block rewards, currently 3.125 BTC per block as of the last halving in April 2024. The company operates a fleet of approximately 78,000 Bitcoin miners with a cumulative hashrate of approximately 25 EH/s and weighted average fleet efficiency of approximately 16.3 J/TH as of December 31, 2025, comprising primarily Bitmain S21 series and MicroBt M5X and M6X series machines. Rather than owning physical infrastructure, ABTC outsources facility hosting to Hut 8 affiliates under a Master Colocation Services Agreement, paying monthly fees plus pass-through operating costs. Total revenue was $185.2M in FY2025, up from $71.5M in FY2024. The company originated as Gryphon Digital Mining and adopted the American Bitcoin Corp name on September 3, 2025 following a merger transaction.

Revenue model

Bitcoin mining rewards: the company earns Bitcoin by contributing hashrate to the Bitcoin network and receiving block rewards (3.125 BTC per block as of April 2024 halving). Revenue is transactional and directly tied to Bitcoin prices and network difficulty. FY2025 revenue was $185.2M versus $71.5M in FY2024.

Products and services

Bitcoin mining using owned hardware: approximately 78,000 miners (Bitmain S21 series and MicroBt M5X and M6X series) with ~25 EH/s total owned capacity and ~21.9 EH/s operational as of December 31, 2025. Bitcoin reserve accumulation as a stated strategic objective alongside mining operations.

Customers and end markets

The end market is the Bitcoin network itself. The company sells or holds mined Bitcoin; there are no disclosed commercial customers. Revenue is driven by Bitcoin price, network hashrate, and block reward levels.

Value-chain role

Bitcoin miner and hardware owner. ABTC owns the mining equipment but outsources physical hosting, power, and facility operations to U.S. Data Mining Group, Inc. (USDMG), a wholly owned subsidiary of Hut 8, under a Master Colocation Services Agreement and a Master Management Services Agreement covering sites including Alpha, Medicine Hat, Salt Creek, and Vega.

Geographic exposure

Mining operations are hosted at Hut 8-owned or leased facilities; specific site locations include Medicine Hat and others referenced in service orders. No additional geographic revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-27

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