American Bitcoin Corp. (NASDAQ: ABTC)

American Bitcoin Corp's primary business objective is Bitcoin accumulation through a multi-pronged strategy combining efficient Bitcoin mining, disciplined reserve expansion, and ecosystem engagement. The company operates through a capital-efficient, infrastructure-light model that prioritizes ownership of Bitcoin-generating assets over physical infrastructure. It leverages strategic partnerships to maintain operational flexibility and focus on long-term Bitcoin ownership per dollar of capital deployed.

American Bitcoin Corp generates revenue through Bitcoin mining, which produces Bitcoin as its primary output. The company accumulates Bitcoin in its reserve as a core strategic asset, aiming to increase Bitcoin per share through capital markets activity. Revenue is derived from the value of Bitcoin held and mined, with additional capital raised via public markets to support reserve growth and operational expansion.

The company operates through the following segments: Layer 1 Build the Engine, Layer 2 Scale the Reserve, and Layer 3 Lead the Ecosystem.

• Layer 1 Build the Engine: This segment focuses on producing Bitcoin below market cost through ownership of efficient mining hardware. The company owns Bitcoin miners operated at facilities managed by Hut 8 under a Master Colocation Services Agreement. As of December 31, 2025, it owned approximately 78,000 Bitcoin miners with a cumulative hashrate of 25 EH/s and a weighted average fleet efficiency of 16.3 J/TH. The fleet primarily comprises Bitmain S21 series and MicroBt M5X and M6X series machines. In Q1 2026, the company purchased an additional 11,000 miners, expected to expand the fleet to 89,000 miners representing 28.1 EH/s at an average efficiency of 16.0 J/TH. Approximately 21.9 EH/s was operational as of December 31, 2025. Mining rewards are received through third-party pool operators Foundry and Luxor, with pool fees below 1.0% of daily payout.

• Layer 2 Scale the Reserve: This segment transforms Bitcoin production into long-term ownership by leveraging capital strategy to increase Bitcoin reserve size. The company utilizes public markets and strategic financing to access efficient capital and raise additional funds for reserve accumulation. As of December 31, 2025, it had accumulated approximately 5,401 Bitcoin in reserve, including 2,776 Bitcoin pledged to Bitmain for miner purchases. By March 25, 2026, reserve holdings grew to approximately 6,963 Bitcoin, including 3,090 Bitcoin pledged to Bitmain. The reserve is managed adaptively to support balance sheet strength and enhance long-term stockholder value, with no specific target for total Bitcoin holdings.

• Layer 3 Lead the Ecosystem: This segment extends operating scale and reserve credibility into ecosystem engagement to support Bitcoin adoption and network growth. The company aims to serve as an institutional interface to Bitcoin by bridging traditional capital markets and the Bitcoin network through regulated, transparent channels. It seeks to drive industry initiatives, strategic partnerships, and stakeholder engagement to facilitate broader Bitcoin adoption. Layer 3 initiatives are evaluated based on whether they are accretive to long-term Bitcoin ownership per share, avoiding engagements that dilute focus or add operational complexity without clear strategic value. The company positions itself as a trusted partner for institutions and individuals seeking Bitcoin exposure via public market channels.

American Bitcoin Corp operates in the competitive Bitcoin mining and digital asset investment landscape, facing competition from institutional mining operators, Bitcoin exchange-traded products, and companies holding Bitcoin as a treasury asset. Its competitive advantage lies in its dual accumulation model combining below-market cost Bitcoin production with disciplined reserve expansion through capital markets, differentiating it from competitors pursuing isolated mining or treasury strategies. The company believes this integrated approach creates a sustainable competitive advantage in long-term Bitcoin ownership per share.

American Bitcoin Corp serves institutional and retail investors seeking exposure to Bitcoin through regulated public market channels. The company aims to be a trusted partner for individuals and institutions looking for transparent, compliant access to Bitcoin ecosystem participation. Its customer base includes investors interested in Bitcoin accumulation via equity ownership, leveraging the company’s mining operations and reserve holdings as a vehicle for indirect Bitcoin exposure.