American Bitcoin

ABTC is a price taker. Revenue and asset values track Bitcoin and network difficulty. The company highlighted a 53 percent Q4 2025 gross margin on BTC produced relative to spot, which reflects temporary cost advantage from efficient hardware and routing rather than customer pricing power.

Power costs are explicitly variable and passed through under its master colocation and services agreements, so ABTC cannot control a key input. We therefore see minimal ability to raise prices without losing volume.