American Bitcoin Corp. (Nasdaq: ABTC), the Hut 8-backed Miami-based Bitcoin miner, announced on March 30, 2026 that its corporate treasury has surpassed 7,000 BTC, valued at approximately $473-475 million based on Bitcoin's price near $67,500. The milestone places the company at No. 16 among all publicly traded companies holding Bitcoin globally, according to data from bitcointreasuries.net.
Rapid Reserve Growth and Operational Background
ABTC went public in September 2025 via a merger with Gryphon Digital Mining, with Hut 8 Corp. holding a majority stake. Co-founder and Chief Strategy Officer Eric Trump has championed the firm's strategy of holding both mined and purchased Bitcoin rather than selling it, describing the company as building America's Bitcoin infrastructure backbone.
As of end-2025, ABTC held roughly 5,401 BTC. It crossed 6,000 BTC in mid-February 2026, reached approximately 6,500 BTC by early March, climbed to around 6,899 BTC by mid-March, and now exceeds 7,000 BTC. The company noted that its satoshis-per-share metric has more than doubled since its Nasdaq debut, reflecting a combination of Bitcoin accumulation and share issuance.
Approximately one-third of holdings come from self-mining operations, with the remaining two-thirds sourced from strategic open-market purchases. The company runs about 89,000 miners across a fleet delivering approximately 28.1 EH/s of hashrate, after purchasing 11,298 new ASICs in early March 2026.
Stock Decline: Dilution, Accounting Loss, and Poor Timing
Despite the growing Bitcoin treasury, ABTC's stock has suffered a dramatic decline. From post-listing highs near $9, shares have plummeted approximately 80-90% to trade around $0.85-0.90 as of late March 2026.
Several factors explain this divergence. The company has raised capital through 'at-the-market' equity offerings, pushing shares outstanding above 900 million. Critics point to this dilution as eroding per-share value even as the BTC reserve climbs. Additionally, ABTC reported a $59 million net loss in Q4 2025, driven by a $227 million non-cash mark-to-market charge on its Bitcoin holdings under new FASB fair-value accounting rules. Bitcoin fell roughly 23% in Q4 2025 from its all-time high above $126,000, forcing the paper loss even though ABTC did not sell any coins.
IPO timing also played a role: the stock debuted near the peak of Bitcoin's 2025 bull run. Lock-up expirations in late 2025 triggered single-day drops of 35-39% on heavy volume. ABTC carries a beta of approximately 3.8, making it highly sensitive to Bitcoin price moves and broader crypto sentiment.
Financials and Analyst Outlook
Q4 2025 revenue reached $78 million, with mining gross margins near 53%. Credit lines from Hut 8 and Two Prime have supported ongoing accumulation. Company leadership maintains that expanding the Bitcoin reserve is the core long-term value driver; board members have purchased shares on dips.
Analyst consensus stands at roughly 'Hold' with price targets near $4, though some carry 'Sell' ratings tied to valuation concerns relative to projected cash flows. The stock trades more like a leveraged miner than a direct Bitcoin proxy. ABTC said its reserve is 'still climbing.'