American Bitcoin reports $126 million third-quarter profit

Profit driven mainly by bitcoin holdings gain

American Bitcoin Corp. (Nasdaq: ABTC) reported about $126 million in net income for the third quarter on November 4, 2026. That compares with a $57.2 million loss in the prior quarter.

The result rested largely on a $197.3 million gain on the company's bitcoin holdings, rather than on mining revenue. At the time of writing, the source said bitcoin was above $80,500 and American Bitcoin shares were down over 5.5% that day.

Key figures for the quarter

• Net income was about $126 million, compared with a $57.2 million loss in the second quarter.
• The company booked a $197.3 million gain on digital assets, after a $71.2 million loss on that line in the second quarter.
• Operating income was about $191.8 million.
• Adjusted EBITDA was about $221 million, compared with an Adjusted EBITDA loss of about $45.0 million in the second quarter.
• Other expense included a $64.3 million loss on derivatives.
• Bitcoin holdings rose about 5% to about 8,427 as of September 30.

Mining revenue fell as costs rose

Mining revenue was about $63.4 million, down from about $67.0 million in the second quarter. Gross profit was about $25.8 million, a 41% margin, compared with about $33.0 million and 49% a quarter earlier.

The company said seasonal power costs rose across its sites. Revenue per bitcoin mined was about $71,100, down slightly from about $71,900 in the second quarter. The cost to mine each bitcoin rose to about $42,100 from about $36,500.

Production was about 891 bitcoin, below the second quarter's roughly 932 coins. The owned fleet stood at about 89,242 bitcoin miners with roughly 28.1 EH/s of capacity at quarter-end.

Bitcoin reserve grew despite some sales

American Bitcoin said it sold a portion of production to cover operating costs while still adding to its strategic reserve. Holdings rose by about 425 bitcoin to roughly 8,427.

That total includes about 3,090 bitcoin pledged for miner purchases under agreements with Bitmain. Satoshis per share rose about 5% to roughly 11,572 from about 10,989 at the end of June.

The share count reflects a 1-for-15 reverse stock split effected on July 2. Chief Executive Mike Ho said the company raised satoshis per share by about 5% without issuing shares through its at-the-market program or buying bitcoin on the open market.

Ownership and management comments

The Miami-based miner and treasury company is a majority-owned subsidiary of Hut 8 Corp. and was co-founded with Trump family backing. Eric Trump and Donald Trump Jr. helped launch the venture with Hut 8 in 2025.

Eric Trump, co-founder and chief strategy officer, said the quarter delivered the net income and Adjusted EBITDA figures while growing the bitcoin reserve and bitcoin per share. Hut 8, on the same day, reported its own third-quarter results and confirmed bitcoin sales used to fund share buybacks while shifting mining into the American Bitcoin vehicle.

The source noted earlier Bitcoin Magazine coverage had put the Trump family's stake near 20%, with Hut 8 holding the rest. It also left open whether another quarter of bitcoin price gains can keep paper profits ahead of higher power costs and thinner mining margins.

Where this report comes from

• Bitcoin Magazine