BTIG Initiates 'Buy' Rating for ABTC with $15 Price Target

Shares of American Bitcoin Corp. (ABTC) rose after BTIG initiated coverage with a 'Buy' rating and set a $15 price target, implying over 88% upside from Tuesday's close.

The firm cited ABTC's growing Bitcoin treasury and mining business as a key driver of the company's growth potential.

BTIG noted that American Bitcoin holds about 8,000 BTC on its balance sheet, making it one of the larger publicly traded U.S. corporate holders.

In its second-quarter results, ABTC reported mining 932 BTC, up around 14% from the previous quarter, and a net loss of $57.2 million due to a $71.2 million loss on online assets.

Eric Trump-backed American Bitcoin Corp.'s cost to mine one BTC was about $36,500 in the second quarter.