$126 Million Profit Fuels American Bitcoin as Holdings Gain $197 Million
Photo: TheCoinrise
The mining and treasury company's quarterly results were lifted by rising bitcoin prices, raising questions about what happens if the rally cools. American Bitcoin, trading under the ticker ABTC, reported a $126 million profit for the period, driven largely by a $197 million increase in the value of its bitcoin holdings. The figures mark one of the company's strongest financial showings to date. The profit was not primarily the product of operational growth or expanded mining output. Instead, it reflected the appreciation of bitcoin held on the company's balance sheet.
Source: TheCoinrise
