Trump-family-backed miner American Bitcoin reported roughly $126 million in third-quarter net income, reversing a $57.2 million loss in the previous quarter. But the headline profit came with an important distinction: much of the improvement reflected a rise in the accounting value of its Bitcoin, while mining output and margins declined.
Historical source context: Decrypt published the original report on November 6, 2026, at 02:25:31 UTC+08:00. The results cover the quarter ended September 30.
A stronger balance-sheet result, not a stronger mining quarter
American Bitcoin, which trades on Nasdaq as ABTC and is majority-owned by Hut 8, reported adjusted EBITDA of roughly $221 million, compared with a $45 million loss in the preceding quarter. A $197 million gain on digital assets, reflecting Bitcoin’s price increase during the period, accounted for much of the turnaround.
Its Bitcoin reserve reached about 8,427 BTC, up roughly 425 BTC, or 5%, from the end of June. The company also increased its “satoshis per share”—a measure of Bitcoin backing each share—by about 5%.
According to the report, American Bitcoin bought no Bitcoin and issued no shares through its at-the-market program during the quarter, relying instead on mining output to build its holdings.
Co-founder and chief strategy officer Eric Trump called the results “significant,” particularly given what he described as a challenging digital asset market. CEO Mike Ho credited a “disciplined, Bitcoin-denominated operating business” and said the company continued “mining Bitcoin at a structural discount to spot.” Those are management’s assessments; the operating figures show a more difficult quarter underneath the profit.
Mining costs rose as output fell
The company’s mining results weakened compared with the preceding quarter:
- Bitcoin mined: about 891 BTC, down from 932 BTC.
- Cost to mine each Bitcoin: roughly $42,100, up from $36,500, which the company attributed to higher seasonal power costs.
- Gross margin: 41%, down from 49%.
American Bitcoin ended the quarter with about 89,242 miners and 28.1 exahashes per second of capacity.
The stock and the accounting caveat
The reported profit followed a volatile stretch. American Bitcoin had recorded a record mining quarter earlier in the year as its holdings crossed 8,000 BTC, yet its shares subsequently hit new lows. The company carried out a 1-for-15 reverse stock split in July, and its shares remained well below their debut price following its public listing through a merger with Gryphon Digital Mining.
The central distinction is between Bitcoin accumulation, mining profitability and reported net income. The company increased its holdings, but its mining costs rose and its margin narrowed. Much of the striking earnings reversal depended on Bitcoin’s price lifting the value of assets already on its books—a mechanism that could also push earnings back into a loss if Bitcoin falls.