8,300 Bitcoin sits on American Bitcoin Corp's (Nasdaq: ABTC) balance sheet as the Trump-backed miner reaches its first anniversary on the Nasdaq. Co-founder Eric Trump, writing on X on September 3, used the occasion to report that the fleet has grown to nearly 90,000 machines and delivered record quarterly production, with gross margins at the mining operation running close to 50%.
What the operating numbers show
Trump described the one-year build as an outstanding year with a strong recent month, praising the team behind it. A gross margin close to 50% at the mining level means roughly half of mining revenue flows through after direct costs. He called that figure evidence of disciplined execution. He also placed ABTC's treasury build-out among the fastest public Bitcoin treasury accumulations in the market. That characterization comes from his own post and carries no cited external benchmark.
The core metrics at one year:
| Metric | Reported |
|---|---|
| BTC treasury | 8,300 BTC |
| Mining fleet | ~90,000 machines |
| Mining gross margin | ~50% |
| ABTC share price | ~$9 |
| Daily share move | -5% |
| Reverse split ratio | 1:15 (July) |
The equity divergence
The stock tells a different story. Shares have fallen sharply since ABTC's Nasdaq debut in September of last year. The decline was steep enough to force a 1:15 reverse stock split in July to maintain listing compliance. At the time of writing, ABTC was trading around $9, down 5% on the day.
The gap between a growing $BTC treasury and a falling share price is a structural tension common to Bitcoin treasury companies. Mining margins and coin accumulation are protocol-level metrics. The equity also absorbs dilution, overhead, and investor sentiment, none of which move in step with what $BTC does. For ABTC, the 1:15 split arriving within the first year illustrates how wide that gap currently sits.
Trump and the company have said the strategy is built for the long term. Trump used the Nasdaq anniversary to restate a mission he says has not changed since the company's founding: make the United States the dominant force in the global Bitcoin economy. The 1:15 split and a share price sitting around $9 are the current coordinates.