American Bitcoin's Surging BTC Accumulation and SPS Growth: A Strategic Play in the Evolving Bitcoin Equity Landscape?

American Bitcoin Corp. (NASDAQ: ABTC) has emerged as a standout player in the Bitcoin equity sector, with its rapid accumulation of Bitcoin reserves and exponential growth in Satoshis Per Share (SPS) capturing investor attention. As of December 8, 2025, ABTC's strategic reserve had surged to 4,783 Bitcoin, a 19.5% increase from November 5 and a 40% jump from its Q3 2025 holdings of 3,418 BTC. Simultaneously, its SPS metric-measuring Bitcoin exposure per share-has climbed to 507, up 52% since early September. This dual momentum raises a critical question: Is ABTC's hybrid strategy of mining and strategic purchases a sustainable framework for long-term value creation in the Bitcoin equity landscape?

The Dual-Pronged Treasury Strategy: Mining and Purchases

ABTC's approach to Bitcoin accumulation is uniquely bifurcated. The company leverages both mining operations and strategic at-market purchases to grow its reserve. As of December 2025, ABTC's mining capacity has expanded to 25 exahashes per second, enabling it to acquire Bitcoin at a cost below market price. This cost advantage is critical in a sector where capital efficiency determines long-term viability. Meanwhile, targeted purchases allow ABTC to capitalize on market volatility, adding Bitcoin to its treasury during dips.

This dual strategy has proven effective. Between September and December 2025, ABTC added over 1,300 Bitcoin to its reserve, with 3,000 BTC acquired through mining and 416 BTC via purchases. The result? A 17.3% increase in SPS in just one month. By combining the low-cost, compounding benefits of mining with the flexibility of purchases, ABTC has created a self-reinforcing cycle: higher Bitcoin prices incentivize further mining, while lower prices enable cheaper purchases, both of which drive SPS growth.

SPS as a Proxy for Equity Valuation

The Satoshis Per Share metric is more than a vanity stat-it's a direct indicator of ABTC's intrinsic value. As SPS rises, so does the company's exposure to Bitcoin's price action. For example, if Bitcoin trades at $60,000, a share of ABTC with 507 SPS would represent $30.42 in Bitcoin value. If SPS grows to 600 and Bitcoin reaches $70,000, that exposure jumps to $42 per share. This compounding dynamic positions ABTC as a leveraged play on Bitcoin's long-term appreciation, while also insulating it from the volatility of pure mining operations.

Analysts have taken note. A discounted cash flow (DCF) model suggests ABTC is undervalued at $1.94 per share, with a fair value of $2.97-a 35% discount. This discrepancy highlights the market's underappreciation of SPS growth as a valuation driver. Meanwhile, ABTC's price-to-earnings (P/E) ratio of 10.8x is a stark outlier compared to the 76.5x peer average, suggesting the stock is priced for pessimism rather than its actual growth trajectory.

Strategic Positioning in the Bitcoin Equity Sector

ABTC's hybrid model distinguishes it from both pure-play miners and traditional equities. Unlike miners like Marathon Digital or Riot Platforms, which face fluctuating cash flow from mining margins, ABTC's treasury acts as a stable asset base. Its Bitcoin holdings now represent a significant portion of its enterprise value, creating a "Bitcoin ETF-like" structure with equity upside.

This positioning is particularly compelling in a sector where capital efficiency is paramount. ABTC's 54.94% gross profit margin over the last twelve months underscores its ability to convert Bitcoin's value into earnings, while its 17% SPS growth in a month demonstrates operational agility.

By contrast, companies like SPS Commerce (NASDAQ: SPSC)-which saw a 56% share price decline despite 22% revenue growth-highlight the risks of traditional equity models in a deflationary environment.

Risks and the Road Ahead

Despite its strengths, ABTC is not without challenges. Its current ratio of 0.07 signals liquidity constraints, and the stock has plummeted 68% over six months. However, these risks are contextual. The company's liquidity issues stem from aggressive reinvestment in mining infrastructure, a trade-off that could pay off as Bitcoin's price trends upward. Additionally, analyst optimism-led by Roth/MKM's $4.00 price target-suggests the market may yet reprice ABTC's value.

Looking ahead, ABTC's trajectory hinges on two variables: Bitcoin's price and its ability to maintain SPS growth. If Bitcoin continues its long-term upward trend, ABTC's treasury will act as a compounding engine for shareholder value. Conversely, a prolonged bear market could strain its liquidity, though the company's low-cost mining operations provide a buffer.

Conclusion: A Strategic Play for Long-Term Investors

American Bitcoin's surging BTC accumulation and SPS growth represent a compelling value creation framework. By combining mining's cost advantages with strategic purchases, ABTC has built a treasury that scales with Bitcoin's price while insulating itself from operational volatility. For long-term investors, the company's hybrid model offers a unique blend of Bitcoin exposure and equity upside-a rare combination in the evolving crypto landscape.

As the sector matures, ABTC's ability to maintain SPS growth and navigate liquidity challenges will be critical. But for now, its trajectory suggests a company that's not just riding the Bitcoin wave-it's shaping it.