American Bitcoin Corp.

Listed Company

ABTCCIK 0001755953NasdaqNon-AcceleratedSmaller ReportingFinance ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$185.16M

Net Income

$-153.17M

Total Assets

$1.25B

Equity

$665.82M

Shares Out

82.80M

Op. Cash Flow

$-79.61M

Business

American Bitcoin Corp. operates digital asset mining operations and is pursuing acquisition and development of energy assets for AI and high-performance computing (HPC) data center infrastructure. It provides bitcoin mining services using ASIC miners, co-location hosting, hash-computation services to mining pools, custodial and trading arrangements for mined bitcoin, and modular data center equipment. The company reports two principal activities: bitcoin mining operations and development of power and AI/HPC infrastructure, including pending acquisitions (Captus and Giga). Its operations use hosted data centers and mining pools in the United States and target development assets in Canada (Alberta).

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	185	72	65	10	18
Cost of revenue (exclusive of depreciation and amortization shown below)	92	40	44	5	7
Depreciation and amortization	58	23	14	4	5
General and administrative expenses	33	34	34	8	10
Loss on sale of property and equipment	2	—	—	—	—
Loss (gain) on digital assets	227	−509	−33	—	—
Total operating expenses (income)	321	−452	15	—	—
Operating (loss) income	−228	484	6	−43	−33
Foreign exchange loss	—	—	−300,000	—	—
Interest expense	—	−3	−9	—	—
Gain on derivatives	56	7	—	—	—
Gain on warrant liability	384,000	—	—	—	—
Gain on debt extinguishment	—	6	24	—	—
Other income	57	9	15	−4	−227,259
(Loss) income from continuing operations before taxes	−171	493	21	−47	—
Income tax benefit (provision)	18	−60	19	701,119	2
Net (loss) income from continuing operations	−153	434	40	—	—
Loss from discontinued operations (net of income tax benefit of nil, $1.6 million, and nil respectively)	—	−5	−3	−33	—
Net (loss) income	−153	429	40	−79	−31
Foreign currency translation adjustments	4	−59	11	—	—
Total comprehensive (loss) income	−149	370	51	—	—
Basic from continuing operations	−0.17	0.49	0.04	−546.56	−24.44
Diluted from continuing operations	−0.17	0.49	0.04	−546.56	—
Basic	905	892	892	146,393	1
Diluted	905	892	892	146,393	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	4	—	—	—	—
Deposits and prepaid expenses	2	43	581,000	—	—
Accounts and other receivable	2	—	—	—	—
Derivative asset	—	18	—	—	—
Digital assets - pledged for miner purchase, current portion	—	92	2	—	—
Digital assets receivable	812,000	—	—	—	—
Total current assets	9	153	5	11	18
Derivative asset	101	—	—	—	—
Property and equipment, net	342	43	13	48,880	66,028
Operating lease right-of-use-asset	167	—	—	—	—
Indefinite-lived intangible asset	998,000	—	—	—	—
Goodwill	154	53	58	2	33
Total non-current assets	1,238	953	—	—	—
Total assets	1,247	1,106	19	19	94
Accounts payable and accrued expenses	6	31	4	4	5
Due to Hut 8	54	—	—	—	—
Derivative liability	—	18	—	—	63,178
Income tax payable	701,000	889,000	—	—	—
Operating lease liability, current portion	52	—	—	—	—
Total current liabilities	112	50	19	23	29
Miner purchase liability	332	15	—	—	—
Deferred tax liabilities	—	41	—	—	—
Operating lease liability, less current portion	137	—	—	—	—
Warrant liability	146,000	—	—	—	—
Total non-current liabilities	469	41	—	—	—
Total liabilities	581	91	19	24	35
Commitments and Contingencies	—	—	—	—	—
Additional paid-in capital	718	60	47	160	146
Retained earnings	−53	−68	−47	−168	−89
Accumulated other comprehensive loss	—	−48	227,000	347,100	61,523
Net Hut 8 investment	—	1,063	—	—	—
Total stockholders' equity	666	1,015	474	27	60
Total liabilities and stockholders' equity	1,247	1,106	19	19	94

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	58	23	14	—	—
Non-cash lease expense	22	—	—	—	—
Stock-based compensation	2	9	9	873,929	2
Bitcoin mining revenue	−185	−72	−65	—	—
Loss (gain) on digital assets	227	−509	−33	—	—
Deferred tax assets and liabilities	−25	59	−20	—	—
Amortization of debt discount	—	4	6	—	—
Paid-in-kind interest expense	—	—	2	—	—
Loss on discontinued operations	—	5	—	—	—
Deposits and prepaid expenses	193,000	−2	−2	257,555	−8,988
Accounts and other receivable	−2	—	—	—	—
Income taxes payable	−188,000	122,000	767,000	—	—
Accounts payable and accrued expenses	−22	14	16	−324,166	2
Due to Hut 8	53	—	—	—	—
Net cash used in operating activities	−80	−54	−56	−11	−8
Proceeds from sale of digital assets	3	70	64	—	—
Purchases of digital assets	−405	−101	—	—	—
Deposit paid to purchase property and equipment	—	−29	−966,000	—	—
Purchases of property and equipment	—	−7	−2	−31,884	−39,263
Proceeds from sale of property and equipment	3	—	—	—	—
Cash assumed from the Mergers	894,000	—	—	400,000	−5
Net cash (used) provided by investing activities	−398	−67	63	−4	−10
Repayments of loans payable	—	−11	−11	—	—
Debt issuance costs paid	—	—	−584,000	—	—
Proceeds from the issuance of Class A common stock - private placement, net of issuance costs	205	—	500,000	—	—
Proceeds from the issuance of Class A common stock - at-the-market offering, net of issuance costs	238	4	—	—	—
Proceeds from the issuance of Class A common stock - warrant exercises	6,000	—	—	—	—
Net transfer from Hut 8 - non-cash	39	132	5	—	—
Net cash provided by (used in) financing activities	482	121	−7	9	15
Net increase in cash	4	—	—	—	—
Cash paid for income taxes	6,000	—	176,000	15,684	10,570
Digital assets received for the issuance of Class A common stock	10	—	—	—	—
Property and equipment acquired under miner purchase liability	267	—	—	17,974	—
Assets acquired, including goodwill, net of liabilities assumed in the Mergers, net of cash acquired	135	—	—	—	—
Warrants exercised	67,000	—	—	—	—
Reclassification of deposits and prepaid expenses to property and equipment	—	—	43	—	—
Debt extinguished	—	—	97	—	—
Assets transferred in debt extinguishment	—	—	73	—	—
Mining revenue in accounts receivable, net	—	—	292,000	—	—
Common stock issued as part of debt restructuring	—	—	791,000	—	—
Contribution from Hut 8 in connection with debt extinguishment	—	30	—	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	183	—	—	—	—
Assets acquired net of liabilities assumed on completion of the Hut 8 Business Combination	—	—	421	—	—

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