Historical source snapshot: Decrypt published the original report on November 6, 2026, at 02:25:31 UTC+8. The results cover the third quarter ended September 30.
American Bitcoin reported roughly $126 million in third-quarter net income, reversing a $57.2 million loss in the second quarter. The main distinction: stronger reported earnings coincided with weaker mining margins.
The Trump-family-backed miner, majority-owned by Hut 8 and listed on Nasdaq under ABTC, recorded a $197 million gain on digital assets as Bitcoin’s value rose during the period. Adjusted EBITDA reached roughly $221 million, compared with a $45 million loss in the previous quarter.
Mining costs rose as output declined
The operating figures showed a tougher quarter beneath the headline profit:
| Metric | Third quarter | Previous quarter |
|---|---|---|
| Bitcoin mined | About 891 BTC | 932 BTC |
| Cost to mine one Bitcoin | Roughly $42,100 | $36,500 |
| Gross margin | 41% | 49% |
The company attributed the increase in mining costs to higher seasonal power costs. It ended the quarter with about 89,242 miners and 28.1 exahashes per second of capacity.
CEO Mike Ho credited what he described as “a disciplined, Bitcoin-denominated operating business,” saying the company continued “mining Bitcoin at a structural discount to spot.”
Bitcoin reserves and backing per share increased
American Bitcoin’s reserve reached about 8,427 BTC, up roughly 425 BTC, or 5%, from the end of June. Its “satoshis per share”—a measure of Bitcoin backing each share—also increased by about 5%.
According to the report, the company 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 described the results as significant “particularly in a challenging digital asset market,” highlighting both the profit and the increase in Bitcoin per share.
Accounting gains and operating performance diverged
The earnings recovery followed a volatile stretch for the stock. Decrypt reported that American Bitcoin had earlier recorded a record mining quarter and crossed 8,000 BTC in holdings, while its shares hit new lows and underwent a 1-for-15 reverse stock split in July. The shares remained well below their debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The quarter’s central risk distinction is between Bitcoin-linked accounting gains and mining profitability. The digital-asset gain supported net income even as output fell, unit costs rose and gross margin narrowed. As Decrypt noted, a decline in Bitcoin’s value could reverse that earnings support and potentially push the company back into a loss.