American Bitcoin Corp

AI-generated fair value estimate for this company.

Method: Net Asset Value (NAV) approach standard for Bitcoin miners/treasuries: BTC treasury of 8,002 BTC marked to market at $86,235/BTC = $690.1M; plus cash $18.4M; plus net PP&E/other assets of $812.1M (total assets $1,309.4M minus BTC carrying value $478.9M minus cash $18.4M); minus total liabilities of approximately $646.8M (miner-purchase liability $371.7M plus operating lease liabilities $205.1M plus approximately $70M other estimated liabilities). NAV approximately $873.8M divided by 72.9M total shares (24.0M Class A plus 48.8M Class B) = $11.99/share.

Reasoning: American Bitcoin Corp is a real operating miner (25.0 EH/s, approximately 89,000 miners, $185.2M FY2025 revenue, 53% Q4 gross margin) whose value is driven mostly by hard, mark-to-market assets (BTC holdings plus mining fleet) rather than steady FCF, so an asset-based NAV per share is more appropriate than a DCF; the result of about $12.00 is reasonably close to the current $10.29 price, a useful sanity check.