Crypto
BTIG Pours Fuel on American Bitcoin's Fire with 'Buy' Rating
BTIG has initiated coverage of American Bitcoin Corp. (ABTC) with a 'Buy' rating, citing the company's growing Bitcoin treasury and mining business.
The firm noted that ABTC holds about 8,000 BTC on its balance sheet, making it one of the larger publicly traded U.S. corporate holders.
BTIG set a price target of $15 for ABTC, implying over 88% upside from Tuesday's close. The stock has shed about 50% since early March and has since rebounded about 60%.
The company mined about 932 BTC in the second quarter, with a cost to mine one BTC of around $36,500.