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    American Bitcoin (ABTC)

    Market Price (9/4/2026): $9.29 | Market Cap: $664.1 MilSector: Financials | Industry: Diversified Capital Markets

    American Bitcoin (ABTC)

    Market Price (9/4/2026): $9.29
    Market Cap: $664.1 Mil
    Sector: Financials
    Industry: Diversified Capital Markets

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 289%

    Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%

    Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Bitcoin Investment & Holding, and Bitcoin Mining.

    Weak multi-year price returns
    2Y Excs Rtn is -131%, 3Y Excs Rtn is -165%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37%

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%

    High stock price volatility
    Vol 12M is 104%

    Key risks
    ABTC key risks include [1] considerable financial difficulty, Show more.

    0 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 289%
    1 Valuation becoming less expensive
    P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -39%
    2 Megatrend and thematic drivers
    Megatrends include Crypto & Blockchain. Themes include Bitcoin Investment & Holding, and Bitcoin Mining.
    3 Weak multi-year price returns
    2Y Excs Rtn is -131%, 3Y Excs Rtn is -165%
    4 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37%
    5 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34%
    6 High stock price volatility
    Vol 12M is 104%
    7 Key risks
    ABTC key risks include [1] considerable financial difficulty, Show more.

    Valuation & Metrics

    FYE: 12/31ABTC [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$271.7 Mil—
    FY 2026 Sales$296.8 Mil—
    FY 2027 Sales$455.1 Mil—
    FY 2026 Sales Growth9.2%—
    FY 2027 Sales Growth53.3%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-194.9 Mil—
    FY 2026 Net Income (Non-GAAP)$-122.5 Mil—
    FY 2027 Net Income (Non-GAAP)$18.6 Mil—
    FY 2027 Net Income Growth—18.7%
    FY 2026 EPS (Non-GAAP)$-2.03—
    FY 2027 EPS (Non-GAAP)$0.31—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S2.21.6
    FY 2027 P/S1.5—
    FY 2026 P/E—7.5
    FY 2027 P/E35.8—

    [1] ABTC forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    ABTCS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.3
    Rev Chg Q121.3%9.3%
    Rev Chg LTM288.7%8.3%
    Rev Chg 3Y Avg288.7%5.9%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)0.0
    CFO LTM ($ Bil)-0.1
    Net Inc LTM ($ Bil)-0.2
    Op Mgn LTM6.0%18.6%
    CFO/Rev LTM-36.6%21.8%
    Net Inc Mgn-71.7%13.1%
    VALUATIONMODERATE
    P/S2.43.2
    P/CFO-6.715.4
    P/FCF-6.719.9
    P/E-3.423.2

    AI Analysis | Feedback

    MetricValueDateSource
    Bitcoin Reserve3,865 Bitcoin10242025Link
    Satoshis Per Share (SPS)41810242025Link
    Total Hashrate24 EH/s10202025Link
    Cost of revenue per BTC mined~$50,00010212025Link
    Number of ASICs600009082025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/3/2026

    American Bitcoin (ABTC) stock has lost about 45% since 5/31/2026 because of the following key factors:

    1. American Bitcoin reported significant financial underperformance in its fiscal Q2 2026 (ended June 30, 2026), missing revenue estimates and posting substantial losses. The company's Q2 2026 revenue of $67.0 million fell short of consensus expectations, and it reported a net loss of $57.2 million (or $(0.80) diluted EPS), a sharp decline from a net income in the prior-year quarter. This financial miss occurred despite a record quarterly production of 932 Bitcoin.

    2. A broader downturn in Bitcoin prices during the period significantly impacted American Bitcoin's revenue and asset value. The price of Bitcoin experienced an approximate 12% decline from fiscal Q1 2026 to fiscal Q2 2026, causing a 5% decrease in American Bitcoin's revenue per Bitcoin mined, which fell to approximately $71,900. Bitcoin generally traded in a wide range and was down between 35% and 45% from its 2025 peak by early September 2026. This macroeconomic trend directly eroded the value of American Bitcoin's primary asset and mining profitability.

    Show more
    Updated on 9/3/2026

    American Bitcoin (ABTC) stock has lost about 45% since 5/31/2026 because of the following key factors:

    1. American Bitcoin reported significant financial underperformance in its fiscal Q2 2026 (ended June 30, 2026), missing revenue estimates and posting substantial losses. The company's Q2 2026 revenue of $67.0 million fell short of consensus expectations, and it reported a net loss of $57.2 million (or $(0.80) diluted EPS), a sharp decline from a net income in the prior-year quarter. This financial miss occurred despite a record quarterly production of 932 Bitcoin.

    2. A broader downturn in Bitcoin prices during the period significantly impacted American Bitcoin's revenue and asset value. The price of Bitcoin experienced an approximate 12% decline from fiscal Q1 2026 to fiscal Q2 2026, causing a 5% decrease in American Bitcoin's revenue per Bitcoin mined, which fell to approximately $71,900. Bitcoin generally traded in a wide range and was down between 35% and 45% from its 2025 peak by early September 2026. This macroeconomic trend directly eroded the value of American Bitcoin's primary asset and mining profitability.

    3. American Bitcoin faced escalating liquidity concerns and continued shareholder value destruction, despite operational improvements. The company recorded negative Adjusted EBITDA of $45.0 million and experienced a cash burn of approximately $63.8 million from operating activities in the first six months of the fiscal year. Furthermore, it maintained a substantial working capital deficit of about $111 million and significant miner purchase obligations totaling $371.7 million. This contributed to a cumulative shareholder value destruction of approximately $500 million since its Nasdaq debut.

    4. The 1-for-15 reverse stock split implemented on July 2, 2026, failed to bolster investor confidence, leading to further stock depreciation. While intended to adjust the share count, the reverse split was perceived by investors as a technical maneuver rather than a solution to underlying financial issues. Following the split, the stock dropped by an additional 38% as of July 8, 2026, indicating a continued lack of faith in the company's outlook.

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    Stock Movement Drivers

    Fundamental Drivers

    The -44.9% change in ABTC stock from 5/31/2026 to 9/3/2026 was primarily driven by a -70.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)53120269032026Change
    Stock Price ($)16.959.34-44.9%
    Change Contribution By: 
    Total Revenues ($ Mil)23570-70.3%
    P/S Multiple4.98.165.4%
    Shares Outstanding (Mil)686112.0%
    Cumulative Contribution-44.9%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/3/2026
    ReturnCorrelation
    ABTC-44.9% 
    Market (SPY)2.2%38.3%
    Sector (XLF)13.5%7.4%

    Fundamental Drivers

    The -39.0% change in ABTC stock from 2/28/2026 to 9/3/2026 was primarily driven by a 0.0% change in the company's Shares Outstanding (Mil).
    (LTM values as of)22820269032026Change
    Stock Price ($)15.309.34-39.0%
    Change Contribution By: 
    Total Revenues ($ Mil)�700.0%
    Net Income Margin (%)�232.4%0.0%
    P/E Multiple�3.50.0%
    Shares Outstanding (Mil)61610.0%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/3/2026
    ReturnCorrelation
    ABTC-39.0% 
    Market (SPY)13.0%52.6%
    Sector (XLF)14.4%23.6%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2025 to 9/3/2026
    ReturnCorrelation
    ABTC  
    Market (SPY)20.9%41.1%
    Sector (XLF)9.8%21.5%

    Fundamental Drivers

    null
    null

    Market Drivers

    8/31/2023 to 9/3/2026
    ReturnCorrelation
    ABTC  
    Market (SPY)77.7%41.1%
    Sector (XLF)78.0%21.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ABTC Return-----79%-69%-93%
    Peers Return31%-85%410%-3%66%31%109%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    ABTC Win Rate----0%22% 
    Peers Win Rate44%33%73%45%67%42% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    ABTC Max Drawdown------83% 
    Peers Max Drawdown-71%-89%-57%-61%-60%-42% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: MARA, RIOT, CLSK, HUT, CIFR.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/3/2026 (YTD)

    How Low Can It Go

    ABTC has limited trading history. Below is the Financials sector ETF (XLF) in its place.

    EventXLFS&P 500
    2025 US Tariff Shock
      % Loss-15.5%-18.8%
      % Gain to Breakeven18.4%23.1%
      Time to Breakeven80 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-10.7%-9.5%
      % Gain to Breakeven12.0%10.5%
      Time to Breakeven26 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-16.1%-6.7%
      % Gain to Breakeven19.1%7.1%
      Time to Breakeven270 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-19.7%-19.2%
      % Gain to Breakeven24.5%23.8%
      Time to Breakeven123 days105 days

    Compare to MARA, RIOT, CLSK, HUT, CIFR

    In The Past

    State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    ABTC has limited trading history. Below is the Financials sector ETF (XLF) in its place.

    EventXLFS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-22.3%-24.5%
      % Gain to Breakeven28.6%32.4%
      Time to Breakeven467 days427 days
    2020 COVID-19 Crash
      % Loss-42.8%-33.7%
      % Gain to Breakeven74.8%50.9%
      Time to Breakeven289 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-21.4%-12.2%
      % Gain to Breakeven27.3%13.9%
      Time to Breakeven272 days62 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-26.1%-17.9%
      % Gain to Breakeven35.3%21.8%
      Time to Breakeven162 days123 days
    2008-2009 Global Financial Crisis
      % Loss-78.3%-53.4%
      % Gain to Breakeven359.8%114.4%
      Time to Breakeven2329 days1085 days

    Compare to MARA, RIOT, CLSK, HUT, CIFR

    In The Past

    State Street Financial Select Sector SPDR ETF's stock fell -15.5% during the 2025 US Tariff Shock. Such a loss loss requires a 18.4% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About American Bitcoin (ABTC)

    American Bitcoin (ABTC) operates as a dedicated Bitcoin mining company, established in 2020 and headquartered in Las Vegas, Nevada. Its core business involves running powerful, specialized mining computers to solve complex cryptographic puzzles. This process validates transactions on the Bitcoin blockchain, secures the network, and in return, allows the company to earn newly minted Bitcoins and transaction fees.

    A key aspect of American Bitcoin's strategy is its focus on ESG-led (Environmental, Social, and Governance) mining. This commitment emphasizes responsible and sustainable practices in its energy-intensive operations. Essentially, the company's main product is the Bitcoin it mines, and it serves the broader cryptocurrency market by contributing to the integrity and expansion of the Bitcoin network, appealing to investors and participants within the digital asset economy.

    AI Analysis | Feedback

    ```html
    • A gold mining company, but for Bitcoin.
    • A specialized data center, focused solely on generating Bitcoin.
    • A green energy-driven Bitcoin mining operation.
    ```

    AI Analysis | Feedback

    • Bitcoin Mining: The process of operating specialized computers to validate transactions on the Bitcoin network and earn newly minted bitcoins as a reward.
    • ESG-led Mining: Bitcoin mining services conducted with a commitment to environmental, social, and governance principles, often involving sustainable energy sources and responsible operational practices.

    AI Analysis | Feedback

    American Bitcoin (symbol: ABTC), which operates as Gryphon Digital Mining, Inc., is a bitcoin mining company.

    Due to the nature of its business model, Gryphon Digital Mining does not have traditional major customers in the sense of other companies or individual consumers directly purchasing its mining services or output. The company's primary revenue is derived from block rewards and transaction fees, which are received directly from the Bitcoin network protocol for successfully validating transactions and discovering new blocks on the blockchain.

    When Gryphon Digital Mining chooses to monetize the digital assets it has mined, it typically sells them on cryptocurrency exchanges on the open market. These exchanges serve as platforms for asset liquidation rather than being direct customers of the company's core mining operations.

    AI Analysis | Feedback

    Suppliers:

    • Bitmain
    • Canaan Inc. (NASDAQ: CAN)

    AI Analysis | Feedback

    American Bitcoin Corp. (ABTC), formerly Gryphon Digital Mining, Inc., debuted on Nasdaq on September 3, 2025, following a merger with Gryphon Digital Mining. The company is a Bitcoin accumulation platform focused on building Bitcoin infrastructure. Here is the management team for American Bitcoin Corp.:

    Michael Ho Chief Executive Officer, Director

    Michael Ho is the Chief Executive Officer and a Director of American Bitcoin Corp.

    Matthew Prusak President, Interim Chief Financial Officer

    Matthew Prusak serves as the President and Interim Chief Financial Officer of American Bitcoin Corp.

    Asher Genoot Executive Chairman of the Board

    Asher Genoot is the Executive Chairman of the Board for American Bitcoin Corp.

    Michael Broukhim Independent Director

    Michael Broukhim is an Independent Director for American Bitcoin Corp.

    Richard Busch Independent Director

    Richard Busch is an Independent Director for American Bitcoin Corp.

    AI Analysis | Feedback

    Key Business Risks for American Bitcoin (ABTC)

    American Bitcoin (NASDAQ: ABTC), operating as Gryphon Digital Mining, Inc., faces several significant risks inherent to the cryptocurrency mining industry and its specific financial situation. The most prominent risks include the extreme volatility of Bitcoin's price, the company's precarious financial stability and associated delisting threats, and ongoing regulatory and environmental scrutiny.

    1. Bitcoin Price Volatility: As a Bitcoin mining company, American Bitcoin's revenue and profitability are directly and substantially impacted by the fluctuating market price of Bitcoin. Significant declines in Bitcoin's value can lead to substantial losses in revenue, making it challenging for the company to maintain profitability. The company's financial performance is intrinsically linked to this highly unpredictable asset.
    2. Financial Instability and Nasdaq Delisting Risk: Gryphon Digital Mining, which merged with American Bitcoin, has received notifications from Nasdaq regarding its failure to meet minimum market value and bid price requirements for continued listing. The company has also faced challenges with a significant debt burden, short-term obligations exceeding liquid assets, consistent operational losses, and negative shareholder equity, indicating a precarious financial position. Failure to regain compliance with Nasdaq's listing standards could result in delisting, severely impacting the company's access to capital markets and investor confidence.
    3. Regulatory and Environmental Scrutiny: Despite operating with an "ESG-led mining" focus, American Bitcoin is part of an industry that faces increasing regulatory and environmental scrutiny due to the high energy consumption and carbon footprint associated with Bitcoin mining. Governments worldwide have considered or implemented restrictions on crypto mining due to energy concerns, and there is an ongoing debate about the environmental impact, which could lead to new regulations, increased operating costs, or public relations challenges for the company.

    AI Analysis | Feedback

    The increasing dominance and acceptance of Proof-of-Stake (PoS) consensus mechanisms in the broader cryptocurrency landscape presents an emerging threat. Exemplified by the successful transition of other major cryptocurrencies like Ethereum, PoS offers a significantly more energy-efficient alternative to Bitcoin's Proof-of-Work (PoW) model. This shift could lead to increased public and regulatory pressure against the energy consumption inherent in PoW mining, potentially affecting investment sentiment and creating an unfavorable environment for even ESG-led Bitcoin miners.

    AI Analysis | Feedback

    American Bitcoin Corp. (ABTC), formerly Gryphon Digital Mining, Inc., operates primarily in the Bitcoin mining sector. The addressable market for their main service, Bitcoin mining, can be defined by the global Bitcoin Miner Market. The global Bitcoin Miner Market is estimated to be approximately USD 9.25 billion in 2026. This market is projected to grow significantly, reaching USD 119.34 billion by 2035, with a compound annual growth rate (CAGR) of 26.7% from 2026 to 2035. For the North American region, which is where American Bitcoin Corp. operates its mining sites, the market for Bitcoin mining operations constitutes an estimated 30-35% of the global Bitcoin Miner Market. Therefore, the addressable market for American Bitcoin Corp.'s primary product/service (Bitcoin mining operations) in North America is:
    • **2026 (estimated):** Between approximately USD 2.775 billion and USD 3.2375 billion.
    • **2035 (projected):** Between approximately USD 35.802 billion and USD 41.769 billion.

    AI Analysis | Feedback

    American Bitcoin (ABTC) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives and operational efficiencies, following its merger with Gryphon Digital Mining. These drivers include:

    1. Scaling Bitcoin Mining Operations and Hashrate Expansion: The company plans to significantly increase its Bitcoin mining capacity through ongoing expansion of its mining fleet. This includes opportunistic acquisitions of mining machines and aiming for higher exahash targets, which directly translates to a greater share of Bitcoin block rewards.
    2. Strategic Bitcoin Reserve and Accumulation: American Bitcoin's business model emphasizes not only mining Bitcoin but also strategically accumulating and holding it as a long-term balance sheet asset. By building a substantial Bitcoin reserve, the company aims to benefit from potential future appreciation in Bitcoin's value.
    3. Expansion into High-Performance Computing (HPC) and AI Infrastructure: American Bitcoin, through the strategic direction of its merged entity, is diversifying its operations by leveraging its energy infrastructure for high-performance computing (HPC) and artificial intelligence (AI) compute tasks. This involves acquiring and developing assets, such as the Captus Energy acquisition, to support AI-related infrastructure, opening new revenue streams beyond traditional Bitcoin mining.
    4. Cost Structure Optimization and Energy Efficiency: The company is focused on maintaining and improving an industry-leading cost structure, particularly through enhancing energy efficiency and securing ultra-low-cost power sources. Utilizing renewable energy strategies and optimizing operational controls are crucial to reducing the cost of Bitcoin production, thereby boosting profitability and revenue.

    AI Analysis | Feedback

    Share Repurchases

    • Gryphon Digital Mining, Inc. authorized a share repurchase program of up to $5 million of its common stock on April 22, 2024.
    • As of June 30, 2025, Gryphon Digital Mining had not repurchased any common shares during that quarter.

    Share Issuance

    • Prior to the merger, Gryphon Digital Mining had a placement of 6,941,856 shares on January 13, 2025, raising $2.78 million.
    • In Q2 2025, Gryphon Digital Mining had 83 million shares outstanding, marking an 18.3% increase from the prior quarter.
    • As part of the merger with American Bitcoin Corp., Gryphon stockholders approved the issuance of new shares representing over 20% of the outstanding stock as merger consideration in August 2025. After a 5-for-1 reverse stock split, the combined American Bitcoin Corp. had approximately 908 million shares outstanding, with legacy Gryphon shareholders receiving about 2% of the fully diluted equity.

    Inbound Investments

    • American Bitcoin Corp. raised $220.1 million before its merger with Gryphon Digital Mining.
    • Subsequent to September 30, 2024, Gryphon refinanced a bitcoin-denominated note of approximately $19 million, exchanging it for company common stock and a $5 million principal note.
    • The stock-for-stock merger between Gryphon Digital Mining, Inc. and American Bitcoin Corp. in September 2025 resulted in the combined entity trading on Nasdaq under the ABTC ticker.

    Outbound Investments

    • Before the merger, American Bitcoin Corp. acquired approximately 1,726 Bitcoin and purchased around 16,299 new-generation ASIC miners.

    Capital Expenditures

    • Gryphon Digital Mining, Inc. incurred -$558,000 in capital expenditures over the twelve months leading up to early 2026.
    • In Q3 2024, Gryphon Digital invested -$2.5 million in capital expenditures.
    • The company completed a machine upgrade program in April 2024, deploying new Bitmain S21 200 TH/s miners to enhance operational efficiency and increase hashing power by approximately 23 PH/s. Following the merger, American Bitcoin expanded its mining capacity by about 14.8 exahash per second (EH/s) in Q3 2025, reaching a total of approximately 25.0 EH/s.

    Peer Outperformance in Diversified Capital Markets

    null
    Share of Diversified Capital Markets constituents that ABTC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    9%
    of 33 industry peers · -92.3% return
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is ABTC's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Investment Banking & Brokerage 13 10.4%128.8%144.3% IBKR 492% · SNEX 242% · HOOD 188%
    Reinsurance 6 23.1%85.5%131.0% SPNT 163% · RGA 142% · MTG 132%
    Diversified Banks 12 42.0%132.3%121.2% CM 158% · JPM 157% · RY 146%
    Life & Health Insurance 20 16.7%57.4%98.7% JXN 510% · UNM 325% · FG 227%
    Multi-Sector Holdings 6 3.6%42.8%80.0% JONE 362% · JEF 82% · BRK-B 80%
    Property & Casualty Insurance 42 13.3%76.7%68.5% ASIC 2735900% · HRTG 448% · UVE 304%
    Regional Banks 264 27.5%81.6%66.2% GCBC 368% · ESQ 363% · NBN 294%
    Multi-line Insurance 9 13.8%78.1%57.0% GNW 184% · L 104% · SLF 93%
    Consumer Finance 30 10.9%79.5%38.3% ENVA 601% · EZPW 383% · FCFS 170%
    Insurance Brokers 16 -11.2%2.8%27.1% LIFE 587% · AJG 92% · ARX 88%
    Asset Management & Custody Banks 83 -9.7%16.8%20.4% WT 331% · SII 303% · VCTR 290%
    Financial Exchanges & Data 15 2.5%23.2%19.7% VIRT 213% · CBOE 152% · CME 78%
    Diversified Financial Services 4 -0.7%-1.0%15.1% FRHC 158% · EQH 95% · TMS -65%
    Commercial & Residential Mortgage Finance 12 -34.2%15.7%6.5% FNMA 487% · FMCC 469% · ESNT 65%
    Specialized Finance 3 15.8%45.5%-10.3% EFC 34% · CACC -10% · HASI -15%
    Mortgage REITs 33 -9.9%9.6%-13.8% NREF 55% · RITM 51% · DX 39%
    Transaction & Payment Processing Services 15 5.4%1.7%-39.0% MA 77% · V 75% · CPAY 60%
    Diversified Capital Markets ← 21 -17.8%0.3%-44.3% BTCS 660% · OPY 203% · LPLA 146%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    QMCOQuantum0.5109.8%276.7%
    IOVAIovance Biotherapeutics3.9100.5%218.7%
    ABCLAbCellera Biologics3.595.4%238.3%
    SENSSenseonics0.691.1%79.3%
    PURRHyperliquid Strategies1.687.2%258.7%
    HTFLHeartFlow4.383.0%70.5%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ALMSAlumis1.5-58.1%16.4%
    UTIUniversal Technical Institute1.2-49.0%-17.3%
    IESCIES12.6-48.6%-19.0%
    LASRnLight2.4-44.9%10.6%
    CDNLCardinal Infrastructure0.6-44.1%46.2%
    PLTKPlaytika0.9-42.4%-43.3%
    AADXApplied Aerospace & Defense1.9-41.0%-34.1%
    LINCLincoln Educational Services0.8-40.8%5.5%
    RAREUltragenyx Pharmaceutical1.5-40.4%-35.4%
    BYNDBeyond Meat5.6-38.4%-54.2%

    More From Trefis

    Research & Analysis

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    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    ABTCMARARIOTCLSKHUTCIFRMedian
    NameAmerican.MARA Riot Pla.Cleanspa.Hut 8 Cipher D. 
    Mkt Price9.3411.6021.1412.5888.0917.3714.98
    Mkt Cap0.74.47.43.410.47.15.8
    Rev LTM272804675679318191496
    Op Inc LTM16-1,014-429-358-177-394-376
    FCF LTM-100-1,239-1,097-1,038-1,309-1,496-1,168
    FCF 3Y Avg--961-1,144-949-612-767-949
    CFO LTM-99-895-492-529-89-256-374
    CFO 3Y Avg--708-354-380-81-171-354

    Growth & Margins

    ABTCMARARIOTCLSKHUTCIFRMedian
    NameAmerican.MARA Riot Pla.Cleanspa.Hut 8 Cipher D. 
    Rev Chg LTM288.7%0.7%24.5%7.5%129.5%20.3%22.4%
    Rev Chg 3Y Avg-88.9%42.4%79.2%56.7%67.7%67.7%
    Rev Chg Q121.3%-26.7%13.9%-30.5%81.4%-43.0%-6.4%
    QoQ Delta Rev Chg LTM15.6%-7.3%3.3%-8.2%11.8%-8.9%-2.0%
    Op Inc Chg LTM159.6%-68.2%-14.2%-243.8%-107.9%-164.7%-88.0%
    Op Inc Chg 3Y Avg--92.6%-27.2%-93.4%-1,209.4%-111.4%-93.4%
    Op Mgn LTM6.0%-126.1%-63.5%-52.8%-55.7%-206.2%-59.6%
    Op Mgn 3Y Avg--82.7%-74.9%-29.1%-44.6%-110.6%-74.9%
    QoQ Delta Op Mgn LTM-2.8%-21.7%-4.0%-16.6%-6.7%-30.1%-11.6%
    CFO/Rev LTM-36.6%-111.3%-73.0%-77.8%-28.1%-134.2%-75.4%
    CFO/Rev 3Y Avg--94.9%-62.9%-66.5%-46.8%-98.8%-66.5%
    FCF/Rev LTM-36.8%-154.1%-162.7%-152.8%-411.8%-782.9%-158.4%
    FCF/Rev 3Y Avg--127.0%-242.0%-168.7%-265.1%-429.7%-242.0%

    Valuation

    ABTCMARARIOTCLSKHUTCIFRMedian
    NameAmerican.MARA Riot Pla.Cleanspa.Hut 8 Cipher D. 
    Mkt Cap0.74.47.43.410.47.15.8
    P/S2.55.510.95.032.837.28.2
    P/Op Inc40.8-4.4-17.2-9.4-59.0-18.0-13.3
    P/EBIT-4.3-1.2-5.6-3.3-14.0-7.4-5.0
    P/E-3.4-1.3-5.6-3.4-17.4-6.4-4.5
    P/CFO-6.7-4.9-14.9-6.4-116.7-27.7-10.8
    Total Yield-29.2%-78.1%-18.0%-29.5%-5.7%-15.7%-23.6%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg--17.7%-28.2%-27.5%-12.7%-21.3%-21.3%
    D/E0.30.60.10.50.70.80.5
    Net D/E0.30.50.10.30.70.70.4

    Returns

    ABTCMARARIOTCLSKHUTCIFRMedian
    NameAmerican.MARA Riot Pla.Cleanspa.Hut 8 Cipher D. 
    1M Rtn52.1%-1.3%-1.9%-11.2%-12.9%-14.8%-6.6%
    3M Rtn-31.8%-16.4%-23.0%-25.0%-31.1%-32.0%-28.0%
    6M Rtn-46.8%32.3%35.5%26.4%71.5%14.7%29.4%
    12M Rtn-92.3%-27.0%57.2%33.3%218.4%114.2%45.2%
    3Y Rtn-92.3%-3.3%91.5%175.3%738.2%477.1%133.4%
    1M Excs Rtn42.5%2.9%-2.0%-7.1%-5.3%-7.5%-3.7%
    3M Excs Rtn-34.0%-18.6%-25.2%-27.2%-33.2%-34.2%-30.2%
    6M Excs Rtn-60.2%18.8%22.1%13.0%58.1%1.2%15.9%
    12M Excs Rtn-112.4%-47.2%37.0%13.1%198.2%94.0%25.1%
    3Y Excs Rtn-164.5%-87.5%-0.4%67.4%665.9%331.2%33.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/2024
    Filing Date8/3/20265/6/20263/27/202611/14/20258/3/20267/22/20257/22/202511/14/2025
    Key Financials Quarterly        
    Total Revenue6762786430121612
    Net Income-57-82-5933-101260-1
    EPS-0.80-1.20-0.910.000.06-1.664.30-0.01
    Key Financials TTM        
    Total Revenue TTM2722351851227070--
    Net Income TTM-195-134-153166162389--
    Growth Rates Quarterly        
    Total Revenue Growth121.3%403.5%400.2%453.1%-0.2%---
    Net Income Growth-1765.7%18.7%-122.9%703.3%-98.5%---
    Margins Quarterly        
    Net Income Margin-85.3%-131.7%-75.9%5.4%11.3%-815.6%1661.6%-5.0%
    Cash & Debt        
    Total Cash181048-092-
    Total Debt2052021881860000
    Net Debt / (Cash)187192185178-0-92-
    Cash Flows Quarterly        
    FCF from Operations-21-43-3711-4524-
    Cash Flows TTM        
    FCF from Operations TTM-99-77-80-20----
    Returns to Shareholders Quarterly        
    Dividends00000000
    Share Repurchases-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly        
    ROIC-1.1%-0.4%3.0%4.5%--61.3%-0.0%-
    Return on Invested Capital (ROIC) TTM        
    ROIC TTM1.5%2.0%0.2%-0.7%--25.9%--

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Single segment185726566
    Total185726566


    Price Behavior

    Price Behavior
    Market Price$9.34 
    Market Cap ($ Bil)0.7 
    First Trading Date09/03/2025 
    Distance from 52W High-93.3% 
       50 Days200 Days
    DMA Price$64.97$64.97
    DMA Trenddowndown
    Distance from DMA-85.6%-85.6%
     3M1YR
    Volatility114.9%104.1%
    Downside Capture519.11528.19
    Upside Capture302.01122.38
    Correlation (SPY)35.5% 
    ABTC Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta2.484.582.803.64-0.62-0.61
    Up Beta3.896.163.784.72-0.131.42
    Down Beta-1.111.800.691.49-0.280.12
    Up Capture500%441%157%443%102%10%
    Bmk +ve Days10213268138427
    Stock +ve Days132228549696
    Down Capture-274%485%364%279%198%110%
    Bmk -ve Days11213259113324
    Stock -ve Days8193569145145

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ABTC
    ABTC-92.3%104.1%-1.94-
    Sector ETF (XLF)10.8%14.6%0.4821.5%
    Equity (SPY)21.2%12.8%1.2341.1%
    Gold (GLD)25.1%29.1%0.7727.2%
    Commodities (DBC)42.9%20.4%1.64-5.6%
    Real Estate (VNQ)10.7%13.6%0.5011.4%
    Bitcoin (BTCUSD)-31.0%43.5%-0.7339.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ABTC
    ABTC-40.1%104.1%-1.94-
    Sector ETF (XLF)10.6%18.4%0.4421.5%
    Equity (SPY)13.1%17.2%0.5841.1%
    Gold (GLD)19.6%18.8%0.8527.2%
    Commodities (DBC)11.0%19.5%0.44-5.6%
    Real Estate (VNQ)2.0%18.9%0.0011.4%
    Bitcoin (BTCUSD)10.5%52.6%0.3839.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ABTC
    ABTC-22.6%104.1%-1.94-
    Sector ETF (XLF)13.7%22.1%0.5621.5%
    Equity (SPY)15.3%17.9%0.7341.1%
    Gold (GLD)12.5%16.3%0.6327.2%
    Commodities (DBC)8.0%18.1%0.36-5.6%
    Real Estate (VNQ)4.9%20.7%0.2011.4%
    Bitcoin (BTCUSD)63.1%66.1%1.0339.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8142026
    Short Interest: Shares Quantity3.6 Mil
    Short Interest: % Change Since 731202613.0%
    Average Daily Volume1.3 Mil
    Days-to-Cover Short Interest2.7 days
    Basic Shares Quantity71.5 Mil
    Short % of Basic Shares5.0%

    Earnings Returns History

    Updated 9/3/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/3/20266.0%17.2%46.2%
    5/6/2026-7.2%-10.4%-31.0%
    2/26/20262.9%9.5%-13.0%
    11/14/20252.5%-3.4%-65.2%
    SUMMARY STATS   
    # Positive321
    # Negative123
    Median Positive2.9%13.4%46.2%
    Median Negative-7.2%-6.9%-31.0%
    Max Positive6.0%17.2%46.2%
    Max Negative-7.2%-10.4%-65.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/3/20266.0%17.2%46.2%
    5/6/2026-7.2%-10.4%-31.0%
    2/26/20262.9%9.5%-13.0%
    11/14/20252.5%-3.4%-65.2%
    SUMMARY STATS   
    # Positive321
    # Negative123
    Median Positive2.9%13.4%46.2%
    Median Negative-7.2%-6.9%-31.0%
    Max Positive6.0%17.2%46.2%
    Max Negative-7.2%-10.4%-65.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/14/202510-Q
    03/31/202507/22/2025S-4/A
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/03/202610-Q
    03/31/202605/06/202610-Q
    12/31/202503/27/202610-K
    09/30/202511/14/202510-Q
    03/31/202507/22/2025S-4/A

    Insider Activity

    Updated 8/7/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mateen, Justin DirectBuy80720266.19162,4381,005,0533,045,989Form
    2Mateen, Justin DirectBuy80720266.40144,543924,5552,109,910Form
    3Busch, Richard DirectBuy61620260.87450,000391,5001,608,608Form
    4Busch, Richard DirectBuy30920261.1568,00078,2001,608,821Form
    5Busch, Richard DirectBuy30520261.1590,000103,5001,530,621Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Mateen, Justin DirectBuy80720266.19162,4381,005,0533,045,989Form
    2Mateen, Justin DirectBuy80720266.40144,543924,5552,109,910Form
    3Busch, Richard DirectBuy61620260.87450,000391,5001,608,608Form
    4Busch, Richard DirectBuy30920261.1568,00078,2001,608,821Form
    5Busch, Richard DirectBuy30520261.1590,000103,5001,530,621Form
    6Mateen, Justin DirectBuy30520261.031,800,0001,854,0002,600,724Form
    7Busch, Richard DirectBuy30520260.96240,000230,4001,191,336Form
    8Busch, Richard DirectBuy122320251.98101,000199,9801,981,930Form
    9Busch, Richard DirectBuy121820251.66175,000290,5001,493,958Form
    10Anchorage, Lending Ca, LlcDirectSell90520257.972,534,49020,189,7198Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 9/3/2026