American Bitcoin Corp. Reports $153.2M Net Loss for 2025, Details $351.3M ATM Sales and Ongoing PPP Loan Inquiry

summarizeSummary

American Bitcoin Corp. reported a substantial net loss for 2025, driven by Bitcoin price declines, and disclosed significant dilution from its ATM program, alongside an ongoing federal inquiry into a past PPP loan.

check_boxKey Events

• Significant Net Loss Reported

  The company reported a net loss of $153.2 million for the year ended December 31, 2025, a substantial decline from the net income of $428.9 million in 2024. This was largely due to a $227.1 million loss on digital assets from Bitcoin price volatility.

• Substantial Capital Raised via ATM Program

  American Bitcoin Corp. sold an aggregate of 149,440,328 shares of Class A common stock under its $2.1 billion At-The-Market (ATM) equity program, generating gross proceeds of $240.5 million in 2025 and an additional $110.8 million from January 1, 2026, to March 25, 2026, totaling $351.3 million. This represents significant dilution.

• Merger with Gryphon Digital Mining Completed

  The company completed its merger with Gryphon Digital Mining, Inc. on September 3, 2025, accounted for as a reverse acquisition. This resulted in a significant increase in goodwill to $154.4 million as of December 31, 2025.

• Ongoing PPP Loan Inquiry

  The company disclosed an ongoing review by the Small Business Administration (SBA) and a civil investigative demand from the Department of Justice regarding a $2.2 million PPP Loan obtained by Gryphon in 2020, raising legal and regulatory risks.

auto_awesomeAnalysis

American Bitcoin Corp.'s 2025 annual report reveals a significant financial downturn, reporting a net loss of $153.2 million compared to a net income of $428.9 million in 2024. This loss was primarily driven by a $227.1 million loss on digital assets due to Bitcoin price fluctuations. The company aggressively raised capital, selling $351.3 million under its $2.1 billion At-The-Market (ATM) program through March 25, 2026, which represents substantial dilution for existing shareholders. Additionally, the company faces an ongoing Department of Justice inquiry and SBA review regarding a $2.2 million PPP Loan, introducing significant legal and regulatory uncertainty. While operational expansion through new miner acquisitions and the reenergization of a mining site are positive, the overall financial performance, heavy dilution, and legal risks present a challenging outlook for investors.