American Bitcoin Shares Rise Premarket After BTIG Initiates Buy Rating
Shares of American Bitcoin (NASDAQ:ABTC) rose approximately 1% in premarket trading after BTIG initiated coverage with a 'Buy' rating and set a $15 price target. The brokerage highlighted the company's mining operations, which account for about 3% of the global Bitcoin network hash rate, as well as its accumulation strategy involving open-market purchases. BTIG also noted American Bitcoin’s ownership of approximately 8,000 BTC, placing it among the top 15 largest publicly listed U.S. holders by volume. The firm emphasized a partnership with Hut 8 (NASDAQ:HUT), which provides infrastructure and shared services to support operations. In parallel coverage, BTIG assigned a 'Buy' rating to Hut 8 as well. Despite the positive analyst action, American Bitcoin’s stock remains significantly below its 52-week high of $120.75. The price target implies an 88% potential upside from recent closing levels and reflects optimistic expectations for both mining performance and Bitcoin exposure.
Topics: American Bitcoin (ABTC) Bitcoin BTIG coverage initiation Hut 8 (HUT)