American Bitcoin, the Trump-family-backed mining company, reported roughly $126 million in third-quarter net income, reversing a $57.2 million loss in the previous quarter. But the headline profit came largely from a rise in the book value of its Bitcoin holdings—not an improvement in mining margins.
Decrypt reported the results on November 6, 2026, at 02:25:31 UTC+08:00, covering the quarter ended September 30.
What drove the turnaround
The Nasdaq-listed company, which trades as ABTC and is majority-owned by Hut 8, recorded a $197 million gain on digital assets as Bitcoin’s value rose during the quarter. Adjusted EBITDA reached roughly $221 million, compared with a $45 million loss in the preceding quarter.
Its Bitcoin reserve increased to about 8,427 BTC, up roughly 425 BTC, or 5%, from the end of June. “Satoshis per share”—the amount of Bitcoin backing each share—also rose about 5%.
According to the report, American Bitcoin bought no Bitcoin and issued no new 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 in 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 showed a tougher quarter for mining itself.
Mining costs rose as output slipped
- Bitcoin mined: About 891 BTC, down from 932 in the prior quarter.
- 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%.
- Quarter-end fleet: About 89,242 miners, with 28.1 exahashes per second of capacity.
Profit and stock performance tell different stories
The results followed a volatile stretch. American Bitcoin had recorded a record mining quarter earlier in the year as its holdings crossed 8,000 BTC. Its shares nevertheless hit new lows, and the company carried out a 1-for-15 reverse stock split in July. The stock remained well below its debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The key distinction is between Bitcoin-linked accounting gains and mining performance. The reported profit was substantial, but mining output and margins declined. Because the earnings swing depended heavily on Bitcoin’s valuation, a fall in its price could push reported results back into a loss.