Home Market Outlook Cryptocurrency  Tech  Summary American Bitcoin Corp. is a Sell due to a structurally flawed model reliant on external capital and dilution. ABTC’s dual mining and treasury strategy fails to deliver sustainable Bitcoin per share growth, with only one-third of reserves mined and the rest purchased. Heavy cash burn, rapid share dilution (34% increase in one quarter), and $609M in liabilities amplify downside risk, especially in weak crypto markets. Despite a sharp stock decline, ABTC remains expensive with EV/sales 4-5x and FWD P/E ~83x, while operational performance and earnings quality remain poor. MF3d/iStock via Getty Images American Bitcoin Corp. ( ABTC ) aims to maximize Bitcoin per share by mining it at a lower overall cost.…