We unpack ABTC’s first earnings as a public company and why Satoshis per share, not vanity exahash, guides every choice. Matt Prusak lays out a lean mining model, disciplined treasury playbook, and an ecosystem push aimed at durable, post-halving economics.

• doubling revenue and setting Satoshis per share as the north star
• 8–10 BTC per day with disciplined energy sourcing
• gross margin strength from 13 J/TH fleet upgrade
• lean SG&A enabled by an asset-light model and HUT 8 partnership
• treasury strategy using a $2.1b ATM and selective instruments
• measured stance on DeFi yield and counterparty risk
• growth optionality toward 50 EH without chasing vanity metrics
• ecosystem amplification across TradFi, BTCFI, and Bitcoin L2s
• U.S. hashrate focus and competition for power from AI and HPC
• M&A optionality if accretive to Bitcoin per share

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