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American Bitcoin Corp. (NASDAQ:ABTC) is set to report its third-quarter financials before the market opens on Friday. Here's what investors need to know before the announcement.
American Bitcoin, a majority-owned subsidiary of Hut 8 Corp. (NASDAQ:HUT), completed its all-stock merger and began trading on Nasdaq in early September.
The company is building its own strategic Bitcoin reserve and currently holds 4,004 BTC, worth $388 million, according to Bitcointreasuries.net. However, unlike the more popular companies like Strategy Inc. (NASDAQ:MSTR), American Bitcoin also generates new BTC through in-house mining.
American Bitcoin provides periodic updates to its Satoshis Per Share, or SPS, metric, which reflects the amount of Bitcoin attributable to each outstanding share of common stock. As of Nov. 5, the SPS was 432.
Exact consensus figures for the quarter are still evolving as American Bitcoin is newly public.
See Also: Bitcoin (BTC/USD) Stock Price, Quote, News & History
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a “Buy" signal for the stock, according to TradingView.
On the other hand, the Bull Bear Power indicator, which measures the strength of buyers and sellers, showed a “Sell” signal.
The Relative Strength Index was “Neutral,” while moving averages pointed to downside momentum in both the short and long term.
Eric Trump, co-founder and Chief Strategy Officer at American Bitcoin, has emerged as one of the biggest cheerleaders of Bitcoin lately.
In a recent interview, he argued that Bitcoin’s decentralized and 24/7 trading capabilities would disrupt traditional financial institutions. He added that an asset like Bitcoin gives “financial freedom” to the less privileged.
Price Action: At the time of writing, BTC was exchanging hands at $0.2067, up 6.02% in the last 24 hours, according to data from Benzinga Pro.
American Bitcoin shares jumped 5.06% to $4.980 in after-hours trading. The stock closed 3.85% lower at $4.740 during Thursday’s regular trading session.
According to Benzinga’s Edge Stock Rankings, the stock lagged on the Value metric and was in a downward trend in the short, medium, and long term. Find out more here.
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