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American Bitcoin Corp (NASDAQ:ABTC) is one of the best multibagger penny stocks to buy right now. On December 10, Roth MKM analyst Darren Aftahi began coverage of American Bitcoin Corp (NASDAQ:ABTC) with a Buy rating and a $4.00 price target.
On December 10, the company bolstered its Bitcoin holdings to 4,783 with the acquisition of 416 BTC coins. The accumulation includes Bitcoin acquired through mining operations and strategic purchases. It also includes Bitcoin held in custody or pledged under an agreement with Bitmain for miner purchases.
Following the purchase, American Bitcoin also updated its Satoshis Per Share (SPS) metric to reflect the amount of Bitcoin attributable to each outstanding share of common stock. The update shows a 17% increase over the past month in the Satoshi per Share metric.
“With our Bitcoin reserve now at 4,783, we continue to scale at an exceptional pace. SPS grew more than 17% in just over a month, and we added 416 Bitcoin in the past week—evidence of the strength and efficiency of our strategy,” said Eric Trump, Co-founder and Chief Strategy Officer of American Bitcoin. “In the three months since we listed on Nasdaq, we have built one of the largest and fastest growing Bitcoin accumulators, supported by a cost structure and margin profile that positions us for long term value creation. We remain laser-focused on advancing our strategy and building on this momentum in the months ahead.”
The company continues to bolster its Bitcoin reserves on the heels of delivering impressive third-quarter results, whereby revenue more than doubled quarter over quarter to $64.2 million. Gross margins also expanded 7% points to 56%. Net income came in at $3.5 million, a slight improvement from $3.4 million. The solid Q3 results follow increased strategic focus on expanding mining operations and increasing efficiency.
American Bitcoin Corp (NASDAQ:ABTC) is an American Bitcoin mining and treasury management company, majority owned by Canadian miner Hut 8 Mining. It provides computing power to mining pools, which use it to operate nodes and validate blocks on the blockchain.
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