Gryphon Digital Mining, Inc., now operating as American Bitcoin Corp. following a series of strategic transactions, reported significant financial developments in its recent 10-K filing. For the fiscal year ending December 31, 2025, the company generated revenue of $185.2 million, a substantial increase from $71.5 million in the previous year, marking a growth of approximately 159%. This surge in revenue was primarily attributed to enhanced mining efficiencies and the expansion of its Bitcoin mining fleet, which included the deployment of higher-efficiency miners at its facilities.
The company's operational metrics also reflected notable changes. As of December 31, 2025, American Bitcoin Corp. owned approximately 78,000 Bitcoin miners with a cumulative hashrate of about 25 EH/s. This figure is expected to rise to approximately 89,000 miners and 28.1 EH/s following the deployment of additional miners in early 2026. The company reported a total of 5,401 Bitcoin in reserve by the end of 2025, which increased to 6,963 Bitcoin by March 25, 2026. The strategic focus on Bitcoin accumulation is central to the company's business model, which aims to position itself as a leader in the Bitcoin ecosystem.
Despite the revenue growth, the company reported a net loss of $153.2 million for 2025, compared to a net income of $428.9 million in 2024. This loss was largely driven by a significant decline in the value of Bitcoin, which fell from approximately $93,354 at the end of 2024 to about $87,498 by the end of 2025. Additionally, the company incurred substantial costs related to the merger with Gryphon, which included transaction costs and operational adjustments. The loss on digital assets was particularly impactful, amounting to $227.1 million for the year.
American Bitcoin Corp. has also made strategic moves to enhance its market position, including the establishment of an at-the-market equity program allowing for the sale of up to $2.1 billion in Class A common stock. As of December 31, 2025, the company had raised approximately $240.5 million through this program. The merger with Gryphon, completed on September 3, 2025, was a pivotal moment for the company, allowing it to operate independently and focus on its Bitcoin mining and accumulation strategy.
Looking ahead, American Bitcoin Corp. anticipates continued growth in its Bitcoin reserve and mining capacity, contingent on market conditions and the price of Bitcoin. The company remains focused on maintaining operational efficiency and leveraging its relationship with Hut 8 for colocation and management services. However, the volatility of Bitcoin prices and the competitive landscape of the mining industry present ongoing challenges that could impact future performance.
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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