JPM
Bitcoin zeal meets ugly numbers
American Bitcoin Corp. had a big narrative pitch: stack cheap Bitcoin, ride institutional adoption, and turn the crypto winter into a war story. But the first-quarter numbers weren’t exactly a flex. The company reported a loss of $0.08 per share on revenue of $62.12 million, missing analyst expectations on both lines and marking its second straight quarterly loss.
The mining math still has to math
The company did have one thing crypto traders like to brag about: it mined 817 BTC during the quarter at a 47% cost discount, while growing its reserves to 7,000 BTC worth about $566 million. That puts it among the biggest corporate Bitcoin holders on the planet — flashy, sure, but also very much tied to BTC’s mood swings.
Eric Trump’s big bank victory lap
Separately, co-founder Eric Trump used a CoinDesk Consensus stage appearance to dunk on JPMorgan’s old Bitcoin skepticism, claiming the bank went from calling BTC a “joke asset” to letting institutional clients use it as loan collateral in about 18 months. Nice soundbite. But for shareholders, the real question is simpler: can American Bitcoin turn the “we’re early” story into actual profits?
Why investors should care
Since its Wall Street debut in September, ABTC has reportedly fallen 84%, and the latest after-hours drop shows the market is still very much in the “show me” phase. Big picture: Bitcoin may be going more mainstream, but American Bitcoin still has to prove it can make money while riding that wave — not just talk a big game about hoarding the cheapest BTC possible.