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BTIG Predicts Profitability for American Bitcoin Corp Amid Bullish Stance

Guavy AI Editorial Team
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BTIG has initiated coverage on American Bitcoin Corp with a 'Buy' rating and a price target of $15.00, representing an 88% upside from its current price of $7.99. The stock has declined by 93% over the past year.

The firm noted that American Bitcoin operates a dual-focused strategy, including Bitcoin mining operations with approximately 28 exahash, or roughly 3% of global hash rate, and open-market Bitcoin purchases. The company currently owns around 8,000 Bitcoin, making it the 15th largest Bitcoin holder among U.S. publicly listed companies.

BTIG cited American Bitcoin's low-cost Bitcoin mining model as the basis for its 'Buy' rating, stating that the company will outgrow many competitors in terms of its Bitcoin holdings based on its crypto mining operations and continued strategic Bitcoin acquisitions.

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