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Here are 1-2 brief analogies to describe American Bitcoin (ABTC):

• American Bitcoin is like a **Barrick Gold, but for Bitcoin mining.**
• American Bitcoin is like an **ExxonMobil, but they extract Bitcoin instead of oil.**

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• Bitcoin Mining Services: Operating large-scale data centers to validate Bitcoin transactions and earn newly minted bitcoins.
• Digital Asset Custody: Providing secure, institutional-grade storage and management solutions for Bitcoin and other cryptocurrencies.
• Bitcoin Investment Products: Offering regulated financial vehicles, such as exchange-traded funds or trusts, that provide investors with exposure to Bitcoin.

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It appears there might be a misunderstanding regarding the company you've asked about.

There is no publicly traded company officially named "American Bitcoin" with the stock ticker symbol "ABTC" that is widely recognized or listed on major exchanges. While there are many companies involved in the cryptocurrency space (mining, exchanges, investment products, etc.) and many use "Bitcoin" in their branding or focus, the specific combination of "American Bitcoin" and "ABTC" does not correspond to an existing public entity.

As such, I cannot identify major customers for a non-existent company.

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Michael Ho Chief Executive Officer

Michael Ho is the Chief Executive Officer and a Director of American Bitcoin Corp. He previously served as the Chief Strategy Officer of Hut 8 (NASDAQ & TSX: HUT) and co-founded US Bitcoin Corp., which later merged with Hut 8. Mr. Ho is recognized as a pioneer in institutional Bitcoin mining, with experience dating back to 2012.

Matt Prusak President & Interim Chief Financial Officer

Matt Prusak holds the positions of President and Interim Chief Financial Officer at American Bitcoin Corp. His prior roles include serving as the Chief Executive Officer of Ionic Digital and as the Chief Commercial Officer for both Hut 8 and US Bitcoin Corp. Additionally, Mr. Prusak was the Chief Business Officer of Curative, where he oversaw the delivery of 25 million COVID tests.

Eric Trump Co-founder & Chief Strategy Officer

Eric Trump is a Co-founder and the Chief Strategy Officer of American Bitcoin Corp. He is also an Executive Vice President of the Trump Organization and a co-founder of World Liberty ($WLFI). Eric Trump, along with his brother Donald Trump Jr., are significant shareholders in American Bitcoin, and he noted his family's background in hard assets and building.

Asher Genoot Executive Chairman

Asher Genoot serves as the Executive Chairman of American Bitcoin Corp. He is concurrently the Chief Executive Officer of Hut 8 (NASDAQ & TSX: HUT) and a co-founder of US Bitcoin Corp., which merged with Hut 8. Mr. Genoot has been recognized on Forbes 30 under 30: Energy.

Donald Trump Jr. Strategic Advisor

Donald Trump Jr. is a Strategic Advisor to American Bitcoin Corp. He also serves as an Executive Vice President of the Trump Organization and is on the Advisory Board of Dominari Holdings (NASDAQ: DOMH).

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The key risks to American Bitcoin (ABTC) are primarily driven by the inherent volatility of the cryptocurrency market, an evolving regulatory landscape, and significant operational and financial challenges.

1. Bitcoin Price Volatility and Market Fluctuations: American Bitcoin's revenue, profitability, and overall valuation are highly dependent on the price of Bitcoin. The company's strategy involves both mining and accumulating Bitcoin, which amplifies its exposure to the digital asset's historically extreme price swings. Rapid fluctuations in Bitcoin's value directly impact the mark-to-market value of ABTC's treasury and its stock performance.
2. Regulatory and Geopolitical Risks: The regulatory environment for cryptocurrency mining is complex, rapidly evolving, and subject to change. New regulations, such as Europe's anti-Bitcoin mining rules, have already caused operational and financial hurdles for ABTC. Additionally, geopolitical tensions can strain markets and specific policies, like tariffs on imported ASIC miners, can directly increase the company's capital expenditures for essential mining equipment.
3. Operational and Financial Challenges: ABTC faces significant operational and financial pressures. These include fluctuating and rising energy costs, which directly increase expenses for cryptocurrency mining operations. The company also operates in a highly competitive Bitcoin mining industry, requiring continuous investment in upgrading mining equipment and optimizing operations to maintain its edge. Furthermore, ABTC has exhibited negative profitability ratios, declining net income, and its total liabilities have overshadowed assets, indicating considerable financial difficulty and liquidity risk.

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• Widespread adoption of Central Bank Digital Currencies (CBDCs): Many central banks globally are actively developing and piloting digital versions of their national currencies. Should CBDCs gain significant traction for retail payments, cross-border transactions, or as a stable digital store of value, they could diminish the perceived need or utility of decentralized cryptocurrencies like Bitcoin, thereby eroding demand for ABTC's offerings.
• Increased global regulatory scrutiny and restrictive policies: Governments and financial authorities worldwide are actively discussing and implementing new regulations for cryptocurrencies. The emergence of widespread bans, excessively stringent KYC/AML requirements, heavy taxation, or limitations on specific crypto activities (e.g., certain types of mining, DeFi, or exchange operations) could fundamentally alter the operating environment for ABTC, potentially making its current business model unsustainable or severely restricted.
• Technological advancements leading to the emergence of a more dominant or technologically superior cryptocurrency: While Bitcoin holds a unique position, the cryptocurrency landscape is highly dynamic. The development and widespread adoption of a new blockchain protocol or cryptocurrency that offers significant advantages in areas such as scalability, transaction speed, energy efficiency, privacy, or advanced smart contract capabilities, and that manages to capture significant market share and network effect, could diminish Bitcoin's long-term relevance and value proposition. This would directly threaten ABTC if its business is primarily focused on Bitcoin.

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American Bitcoin (symbol: ABTC) operates as a Bitcoin accumulation platform, focusing on establishing America's Bitcoin infrastructure. Its business model integrates scaled self-mining operations with disciplined accumulation strategies to offer institutional-grade exposure to Bitcoin. The company's main products and services fall primarily within the Bitcoin and broader cryptocurrency and blockchain technology markets.

The addressable markets for American Bitcoin's main products or services are as follows:

• Global Bitcoin Technology Market: This market was estimated at USD 14.55 billion in 2024 and is projected to reach USD 28.22 billion by 2030. Another estimate values the global Bitcoin Technology Market at USD 13.70 billion in 2023, with a projection to reach approximately USD 526.45 billion by 2030.
• North American Bitcoin Technology Market: North America is a significant region within this market, holding the largest market share in 2025.
• Global Bitcoin Market (overall): This market was valued at USD 17.05 billion in 2021 and is expected to grow to USD 132.91 billion by 2030. As of today, the global market capitalization of Bitcoin (BTC) is approximately USD 1.99 trillion.
• North American Bitcoin Market (overall): North America held the largest revenue share of over 29.0% in the global Bitcoin market in 2021.
• Global Cryptocurrency Market: The broader global cryptocurrency market size was valued at USD 6.20 billion in 2024 and is projected to ascend to USD 13 billion by the end of 2034. The global cryptocurrency market cap today is USD 3.43 trillion.
• North American Cryptocurrency Market: This market was valued at USD 273 million in 2020.
• Global Blockchain Technology Market: Given that Bitcoin operates on blockchain technology, this market is also relevant. The global blockchain technology market size was estimated at USD 31.28 billion in 2024 and is projected to reach USD 1,431.54 billion by 2030. Another source projects the global blockchain market to grow from USD 32.99 billion in 2025 to USD 393.45 billion by 2030. It is also estimated to reach USD 57.7 billion by 2025 and potentially USD 1.4 trillion by 2030.
• North American Blockchain Technology Market: North America dominated the blockchain technology market with a 37.41% share in 2024.

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Here are 3-5 expected drivers of future revenue growth for American Bitcoin (ABTC) over the next 2-3 years:

1. Expansion of Bitcoin Mining Operations: American Bitcoin is actively pursuing a significant expansion of its mining power, aiming to increase its hashrate from 10 to 24 Exahashes per second (EH/s). This 2.4x capacity increase is identified as a fundamental driver of value, directly leading to enhanced Bitcoin production.
2. Strategic Bitcoin Accumulation: The company employs a "dual strategy" that combines scaled Bitcoin mining operations with disciplined at-market purchases to rapidly and cost-effectively expand its Bitcoin holdings. Increasing its strategic Bitcoin reserve through both mining and acquisitions contributes to the company's asset value and potential future revenue.
3. Appreciation in Bitcoin Price: The value of American Bitcoin's existing Bitcoin treasury and the revenue generated from newly mined Bitcoin are highly dependent on the market price of Bitcoin. Analysts indicate that a rise in Bitcoin's price significantly impacts ABTC's projected revenue and cash flow, potentially leading to exponential stock gains.
4. Improved Operational Efficiency and Cost Management: While not a direct revenue driver, enhanced cost management and fleet efficiency within its Bitcoin mining operations are crucial for increasing gross mining margins. This improvement in profitability per Bitcoin mined contributes to the company's overall financial strength and its ability to reinvest in further revenue-generating activities.

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Share Issuance

• In June 2025, American Bitcoin issued 11 million new shares through a $220 million private placement to grow its mining fleet and strengthen Bitcoin reserves.
• As of September 2, 2025, American Bitcoin Corp. had over 908.6 million outstanding shares.
• The company announced plans to sell $2.1 billion worth of shares, with proceeds designated for direct Bitcoin purchases or expanding mining infrastructure.

Inbound Investments

• Hut 8 Corp. contributed Bitcoin miners with an aggregate book value of approximately $120 million to American Bitcoin Holdings, LLC, in exchange for shares representing 80.0% of the capital stock of the entity that became American Bitcoin Corp, via a Stock Purchase and Contribution Agreement dated March 31, 2025.
• Dominari Holdings held approximately 23,199,205 shares of ABTC, valued at about $171.7 million, as of September 5, 2025.
• Institutional investors, including Murchinson Ltd., EWA LLC, Vident Advisory LLC, and HUB Investment Partners LLC, significantly increased or established new positions in American Bitcoin during the first and second quarters of 2025.

Outbound Investments

• As of October 24, 2025, American Bitcoin accumulated approximately 3,865 Bitcoin through mining operations and strategic purchases.
• By November 5, 2025, the company's Bitcoin reserve increased to 4,004 Bitcoin.
• Bitcoin holdings include coins held in custody or pledged for miner purchases under an agreement with BITMAIN.

Capital Expenditures

• In the last 12 months as of June 30, 2025, capital expenditures amounted to -$33.33 million.
• American Bitcoin expanded its Bitcoin mining operations by acquiring and energizing approximately 14 EH/s of installed hashrate across roughly 16,300 ASIC servers, increasing its total installed hashrate from ~10 EH/s to ~24 EH/s, representing a 2.4x growth.
• The company's strategy prioritizes owning Bitcoin miners, which operate at facilities managed by Hut 8, to minimize fixed infrastructure investments while maximizing Bitcoin-generating assets.