American Bitcoin Corp. is a US-listed company in the asset management & custody banks industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $272m, up 288.7% on a year earlier, slower than the 420.7% growth a quarter earlier.
Our models give no value for American Bitcoin at present, so past values are not shown.
Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
American Bitcoin Corp.'s trailing-twelve-month revenue grew 288.7% year on year, with a free-cash-flow margin of -72.2%.
Current signal Balance sheet growing far ahead of sales: Total assets grew 21030% year over year while revenue grew 289% — the balance sheet is expanding 20741 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
Reported holdings, with the date attached
Balance date: not reconciled
This measures the reported treasury after the equity-bridge claims. It excludes the operating business, mining equipment and other assets, and is not updated for crypto price moves or purchases since the filing. A treasury deficit does not mean the whole company has negative equity value.
The debt balance is incomplete; NAV cannot assume zero debt.
No model value for American Bitcoin Corp. at the moment. Current status: reported crypto treasury NAV excludes the operating business. Available reported financials are shown below.
We value American Bitcoin Corp. as a crypto treasury or miner, with every model that fits that kind of business. Cost of equity 14%: the 10-year Treasury yield (4.9%) plus a beta of 2.22 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Reported crypto treasury NAV Reported crypto holdings at fair value plus cash and short-term investments, less debt, preferred stock and other claims, per listed share. Dated to the filing; excludes the operating business and future token purchases. Not a live crypto NAV. | — | Does not apply: The debt balance is incomplete; NAV cannot assume zero debt. |
| Combined value Reported crypto treasury NAV only, not a valuation of the operating business. No growth, price premium or future crypto purchases are assumed. | — | No model applies: the filings don’t yet support a value. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare American Bitcoin Corp. with crypto treasuries and miners in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, after the close. Analysts expect revenue of $74m and EPS of $0.27 (range −$0.07 to $0.60) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.14 | +96% | $285m | +54% |
| Next | $0.89 | +759% | $363m | +27% |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $0.00 | −$0.80 | 0.0% |
| Mar 2026 | $0.07 | −$1.76 | −2442.0% |
| Dec 2025 | $0.23 | −$1.64 | −828.0% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −91.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $70m | $272m | +288.7% |
| P/S multiple | 65.0x | 1.5x | −97.7% |
| Share count | 59m | 65m | −8.1% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| ABTC | −46% | −98% | −37% | −95% | −83% | −76% |
| Industry peers (median) | +33% | −17% | +19% | +15% | −4% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| ABTC | 17% | 25% | 25% | 17% | 33% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| ABTC | −81% | −98% | −90% | −96% | −88% | −83% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since February 26, 2018: 100% from June 19, 2019 to July 29, 2026. Getting back needed a 143930536% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 3, 2026 | +11.2% | +3.3% | +28.1% | +39.7% |
| May 6, 2026 | −5.7% | +1.1% | −8.9% | −29.8% |
| February 26, 2026 | −2.9% | −1.0% | +11.4% | −18.1% |
| November 14, 2025 | +6.5% | −0.9% | −6.5% | −65.2% |
| April 1, 2025 | +3.5% | +0.9% | −20.6% | +56.5% |
| November 13, 2024 | −17.5% | −0.6% | −19.5% | −33.1% |
| August 14, 2024 | −6.0% | +2.0% | −0.5% | −32.7% |
| May 14, 2024 | +0.3% | +1.7% | −3.0% | −23.8% |
| April 1, 2024 | −16.8% | −0.8% | +0.7% | −2.7% |
| March 24, 2023 | +3.8% | +0.8% | +2.6% | −3.7% |
| November 14, 2022 | −9.9% | 0.0% | −28.2% | −34.6% |
| August 10, 2022 | +5.3% | +2.1% | 0.0% | −22.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $15.5M |
| FY23 Q4 | $65M |
| FY24 Q1 | $67.4M |
| FY24 Q2 | $67.6M |
| FY24 Q3 | $73.8M |
| FY24 Q4 | $40.3M |
| FY25 Q1 | $45.1M |
| FY25 Q2 | $69.9M |
| FY25 Q3 | $122.5M |
| FY25 Q4 | $185.2M |
| FY26 Q1 | $234.9M |
| FY26 Q2 | $271.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 7.8% |
| FY23 Q4 | 521.3% |
| FY24 Q1 | 497.0% |
| FY24 Q2 | 416.9% |
| FY24 Q3 | 376.0% |
| FY24 Q4 | -38.0% |
| FY25 Q1 | -33.1% |
| FY25 Q2 | 3.3% |
| FY25 Q3 | 66.1% |
| FY25 Q4 | 359.8% |
| FY26 Q1 | 420.7% |
| FY26 Q2 | 288.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -83.2% |
| FY23 Q4 | 9.4% |
| FY24 Q1 | 9.2% |
| FY24 Q2 | 4.5% |
| FY24 Q3 | 2.8% |
| FY24 Q4 | 721.3% |
| FY25 Q1 | 348.1% |
| FY25 Q2 | 239.4% |
| FY25 Q3 | 150.8% |
| FY25 Q4 | -123.1% |
| FY26 Q1 | -89.9% |
| FY26 Q2 | -106.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | -89.0% |
| FY24 Q1 | -87.5% |
| FY24 Q2 | -87.3% |
| FY24 Q3 | -185.0% |
| FY24 Q4 | -194.2% |
| FY25 Q1 | -277.1% |
| FY25 Q2 | -187.8% |
| FY25 Q3 | -52.6% |
| FY25 Q4 | -74.4% |
| FY26 Q1 | -66.4% |
| FY26 Q2 | -72.2% |
| Fiscal year | 2018 Jun 2018 | 2019 Jun 2019 | 2020 Jun 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 10 | 11 | 13 | 18 | 10 | 65 | 72 | 185 | 272 |
| Gross profit | 6 | 6 | 6 | 10 | 6 | 3 | 32 | 93 | 143 |
| EBITDA | — | — | −16 | −27 | −35 | 7 | 507 | −170 | −193 |
| Operating income | −2 | −13 | −17 | −33 | −43 | 6 | 484 | −228 | −290 |
| Net income | −2 | −14 | −14 | −31 | −79 | 40 | 429 | −153 | −195 |
| Diluted EPS | −$0.00 | −$0.01 | −$0.01 | −$0.01 | −$4.82 | $0.04 | $0.49 | −$0.17 | — |
| Growth (year on year) | |||||||||
| Revenue | — | +3.3% | +16.2% | +40.2% | −40.7% | +521.3% | +10.1% | +158.8% | +288.7% |
| EBITDA | — | — | — | — | — | — | +>999% | −133.5% | −195.9% |
| Operating income | — | — | — | — | — | — | +>999% | −147.1% | −273.1% |
| Net income | — | — | — | — | — | — | +982.8% | −135.7% | −220.0% |
| Diluted EPS | — | — | — | — | — | — | +>999% | −134.7% | — |
| Margins | |||||||||
| Gross margin | 58.4% | 57.2% | 50.6% | 57.8% | 53.0% | 5.3% | 44.8% | 50.3% | 52.7% |
| EBITDA margin | — | — | −126.9% | −155.3% | −337.0% | 11.0% | 708.5% | −91.7% | −71.0% |
| Operating margin | −23.5% | −115.6% | −137.4% | −187.8% | −412.0% | 9.6% | 676.7% | −123.1% | −106.6% |
| Net margin | −16.2% | −133.2% | −107.9% | −177.7% | −755.9% | 61.0% | 599.6% | −82.7% | −71.7% |
| Free-cash-flow margin | — | — | — | −46.6% | −104.5% | −89.0% | −84.8% | −43.0% | −36.6% |
| Cash flow | |||||||||
| Cash from operations | −4 | −9 | −14 | −8 | −11 | −56 | −54 | −80 | −99 |
| Capital spending | — | — | — | 0 | 0 | 2 | 7 | 0 | 0 |
| Free cash flow | — | — | — | −8 | −11 | −58 | −61 | −80 | −99 |
| Stock-based pay | — | 0 | 1 | 2 | 1 | 9 | 9 | 2 | 1 |
| Free cash flow after stock pay | — | — | — | −10 | −12 | −67 | −70 | −82 | −100 |
| Balance sheet | |||||||||
| Cash | — | — | — | 13 | 0 | 1 | 1 | 4 | 18 |
| Total debt | 0 | 0 | 2 | 17 | — | 5 | 6 | 5 | — |
| Net debt (negative = net cash) | — | — | — | 5 | −0 | 4 | 5 | 2 | −18 |
| Diluted shares | 1,106m | 1,372m | 1,346m | 2,910m | 17m | 892m | 892m | 905m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 12 | 16 | 12 | 30 | 64 | 78 | 62 | 67 |
| Gross profit | 0 | 16 | 1 | 15 | 36 | 42 | 33 | 33 |
| EBITDA | −6 | 321 | −129 | 14 | 22 | −78 | −92 | −46 |
| Operating income | −10 | 308 | −135 | 4 | 7 | −105 | −118 | −74 |
| Net income | −1 | 260 | −101 | 3 | 3 | −59 | −82 | −57 |
| Diluted EPS | −$2.25 | $0.30 | −$1.65 | $0.06 | $22.95 | −$0.07 | −$1.20 | −$0.80 |
| Growth (year on year) | ||||||||
| Revenue | +112.0% | −68.1% | +64.7% | +449.1% | +453.1% | +400.2% | +403.5% | +121.3% |
| EBITDA | — | +>999% | <−999% | — | — | −124.3% | — | −419.6% |
| Operating income | — | +>999% | — | — | — | −134.0% | — | <−999% |
| Net income | — | +354.6% | −143.7% | — | — | −122.9% | — | <−999% |
| Diluted EPS | — | −76.2% | — | — | — | −123.3% | — | <−999% |
| Margins | ||||||||
| Gross margin | 4.2% | — | 5.6% | 49.4% | 56.0% | 53.1% | 52.4% | 49.3% |
| EBITDA margin | −50.6% | >999% | <−999% | 47.4% | 34.9% | −99.6% | −147.4% | −68.4% |
| Operating margin | −87.8% | >999% | <−999% | 14.5% | 11.2% | −133.6% | −190.3% | −110.5% |
| Net margin | −5.0% | >999% | −815.6% | 11.3% | 5.4% | −75.9% | −131.7% | −85.3% |
| Free-cash-flow margin | −683.2% | 131.2% | — | 2.1% | 1.5% | −46.7% | −68.4% | −31.8% |
| Cash flow | ||||||||
| Cash from operations | −77 | 24 | −45 | 1 | 1 | −37 | −43 | −21 |
| Capital spending | 3 | 3 | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −79 | 21 | — | 1 | 1 | −37 | −43 | −21 |
| Stock-based pay | 0 | 3 | 2 | 0 | 0 | 0 | 0 | 1 |
| Free cash flow after stock pay | −79 | 18 | — | 1 | 1 | −37 | −43 | −22 |
| Last 12 months unless stated | ABTC | ABX | ALTI | SII | RPC | NOAH | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $272m | $267m | $277m | $285m | $313m | $373m | $842m |
| Revenue growth, last 12 months | 288.7% | 65.3% | 30.0% | 59.6% | 4.4% | 4.8% | 20.6% |
| Revenue growth, 3-year average | 174.9% | 77.1% | 23.4% | — | 11.1% | 57.3% | 10.7% |
| Revenue growth, latest quarter | 121.3% | 29.9% | 10.8% | — | 11.3% | — | 17.5% |
| Gross margin | 52.7% | 88.4% | — | — | — | 64.4% | 77.3% |
| Operating margin | −106.6% | 31.8% | −22.2% | — | 23.6% | 29.8% | 24.7% |
| Operating margin, 3-year average | 45.8% | 23.6% | −29.2% | — | 19.1% | 28.4% | 19.1% |
| Net margin | −71.7% | 10.5% | −40.9% | 23.6% | 8.7% | 21.4% | 15.0% |
| Cash from operations / revenue | −36.6% | 34.0% | 0.6% | 34.3% | 17.8% | 37.4% | 26.3% |
| Free-cash-flow margin | −72.2% | 33.5% | 0.3% | 33.6% | 17.1% | 32.3% | 21.3% |
| Free-cash-flow margin, 3-year average | −115.8% | −47.5% | −18.3% | — | 20.2% | 10.5% | 16.6% |
| Stock pay / revenue | 0.4% | 8.6% | 12.8% | 0.0% | 6.7% | 2.6% | 3.7% |
| Change in share count | 99.8% | 15.0% | — | −0.2% | −1.2% | −0.1% | −0.2% |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $183M | 98.9% | ▲ 309.6% |
| Canada | $2M | 1.1% | ▼ 92.5% |
From American Bitcoin Corp.'s 10-K filed March 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Eversource Wealth Advisors, LLC | $40,866 | 60K | 52.7% | — |
| Sbi Securities Co., Ltd. | $14,358 | 21K | 18.5% | — |
| Bogart Wealth, LLC | $10,347 | 15K | 13.4% | — |
| Hollencrest Capital Management | $6,811 | 10K | 8.8% | — |
| Planning Strategies Inc. | $3,354 | 5K | 4.3% | — |
| Creative Capital Management Investments LLC | $1,710 | 3K | 2.2% | — |
| Advisornet Financial, Inc | $50 | 0K | 0.1% | — |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not American Bitcoin Corp.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Mateen Justin Director | August 6, 2026 | Buy | 162,438 | $6.19 | $1M |
| Mateen Justin Director | August 5, 2026 | Buy | 144,543 | $6.40 | $925,075 |
| Busch Richard Director | June 15, 2026 | Buy | 450,000 | $0.87 | $391,500 |
| Busch Richard Director | March 5, 2026 | Buy | 68,000 | $1.15 | $78,200 |
| Busch Richard Director | March 4, 2026 | Buy | 90,000 | $1.15 | $103,500 |
| Busch Richard Director | March 3, 2026 | Buy | 240,000 | $0.96 | $230,400 |
| Mateen Justin Director | March 3, 2026 | Buy | 1,800,000 | $1.03 | $1.9M |
| Busch Richard Director | December 22, 2025 | Buy | 101,000 | $1.98 | $199,980 |
| Busch Richard Director | December 16, 2025 | Buy | 175,000 | $1.66 | $290,500 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 13, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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