BTIG Pumps Up American Bitcoin with Buy Rating and $15 Price Target

BTIG has initiated coverage on American Bitcoin Corp., assigning it a Buy rating and a price target of $15.00, representing an 88% upside from its current price of $7.99.

The firm highlighted American Bitcoin's dual-focused strategy, which includes Bitcoin mining operations with approximately 28 exahash, equivalent to roughly 3% of the global hash rate, and open-market Bitcoin purchases.

The company currently owns around 8,000 Bitcoin, making it one of the largest Bitcoin holders among U.S. publicly listed companies.

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

The stock has faced significant headwinds with a 93% decline over the past year, but BTIG is optimistic about its prospects due to increasing adoption combined with finite supply.