Company: ABTC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076632
Chunk: 50

Company: American Bitcoin Corp.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 50
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 block rewards due to the halving event in April 2024.

During
the six months ended June 30, 2025 and 2024, the average daily global hashrate was 875.7 exahash and 602.1 exahash, respectively, an increase
of 45%.

Cost of revenues

Cost
of revenues decreased to $3,662,000 for the six months ended June 30 2025, from $8,640,000 for the six months ended June 30, 2024. The
decrease of $4,978,000 was primarily due to the decrease in the number of Bitcoin mined offset by (i) an increase in Bitcoin network hashrate
and (ii) higher energy costs.

General and administrative
expenses

    Change 

    2025  
    2024  
    Dollar  
    Percentage 
  
    Professional fees 
    $1,562,000  
    $1,939,000  
    $(377,000) 
     (19.4)%
  
    Investor and public relations expenses 
     1,046,000  
     3,354,000  
     (2,308,000) 
     (68.8)
  
    Salaries and wages 
     1,264,000  
     454,000  
     810,000  
     178.4 
  
    Insurance expense 
     274,000  
     327,000  
     (53,000) 
     (16.2)
  
    Corporate stock expense 
     137,000  
     110,000  
     27,000  
     24.5 
  
    Other expenses 
     364,000  
     105,000  
     259,000  
     246.6 
  
    Total general and administrative expenses 
    $4,647,000  
    $6,289,000  
    $(1,642,000) 
     (26.1)%

Professional
fees decreased to $1,562,000 for the six months ended June 30, 2025, from $1,939,000 for the six months ended June 30, 2024. The decrease
of $377,000 relates to (i) a $205,000 decrease in legal