American Bitcoin Corp. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated revenue of $64.2 million for the third quarter, a substantial increase from $11.6 million in the same period last year. For the nine months ending September 30, 2025, total revenue reached $106.8 million, compared to $55.9 million for the same period in 2024. This growth is attributed to enhanced mining efficiencies and the acquisition of additional mining equipment, which collectively increased Bitcoin production.
The company's operational expenses also rose, with costs of revenue climbing to $28.3 million for the third quarter, up from $11.1 million a year earlier. The increase in costs was primarily driven by higher power consumption and operational uptime due to the expanded mining fleet. Additionally, depreciation and amortization expenses surged to $15.2 million from $4.3 million, reflecting the increased asset base following the fleet upgrade and new equipment purchases. Despite these rising costs, American Bitcoin Corp. reported an operating income of $7.2 million for the quarter, a notable turnaround from an operating loss of $10.2 million in the prior year.
Strategically, the company underwent significant organizational changes, including a merger with Gryphon Digital Mining, which was finalized on September 3, 2025. This merger has positioned American Bitcoin Corp. as a standalone entity focused on Bitcoin mining and accumulation. Following the merger, the company has begun to build its own strategic Bitcoin reserve, accumulating 3,418 Bitcoin as of September 30, 2025. The company also entered into a Controlled Equity Offering Sales Agreement, allowing it to raise up to $2.1 billion through the sale of its Class A common stock, which has already generated $90 million in gross proceeds.
In terms of operational metrics, American Bitcoin Corp. reported mining 563 Bitcoin during the third quarter, a significant increase from 190 Bitcoin mined in the same quarter of the previous year. The company’s total digital assets were valued at approximately $389.9 million as of September 30, 2025, reflecting the volatility of Bitcoin prices and the company's strategic decisions regarding its holdings. The company also noted a net loss of $93.7 million for the nine months ended September 30, 2025, primarily due to losses on digital assets, which contrasted sharply with a net income of $168.8 million for the same period in 2024.
Looking ahead, American Bitcoin Corp. remains focused on expanding its mining operations and increasing its Bitcoin reserves. The company anticipates that its strategic initiatives, including the recent merger and ongoing investments in mining technology, will enhance its competitive position in the Bitcoin mining sector. However, the company also acknowledges the inherent risks associated with Bitcoin price fluctuations and operational costs, which could impact future profitability.
About Gryphon Digital Mining, Inc.
Gryphon Digital Mining, Inc. operates bitcoin mining activities using ASIC mining equipment hosted at third-party data centers in the U.S. The company generates revenue by contributing computational power to verify Bitcoin transactions, earning bitcoin rewards. Gryphon’s business model focuses on mining and holding bitcoin while managing operational costs through hosting agreements. It targets the digital asset market, leveraging strategic partnerships and infrastructure to optimize mining efficiency and scalability.
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