American Bitcoin reported roughly $126 million in net income for the quarter ended September 30, reversing a $57.2 million loss in the previous quarter. But the turnaround depended heavily on a rise in the book value of its Bitcoin holdings, while mining output declined and production costs increased.
The results were covered by Decrypt in an article published on November 6, 2026, at 02:25:31 UTC+08:00. American Bitcoin, the Trump-family-backed mining venture, trades on Nasdaq under ABTC and is majority-owned by Hut 8.
Bitcoin gains lifted the accounts
Adjusted EBITDA reached roughly $221 million, compared with a $45 million loss in the second quarter. A $197 million gain on digital assets, reflecting Bitcoin’s price increase during the period, accounted for much of the earnings swing.
The company’s Bitcoin reserve rose to about 8,427 BTC, an increase of roughly 425 coins, or 5%, from the end of June. Its “satoshis per share”—a measure of the Bitcoin backing each share—also increased by 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. It instead relied on its mining output to build its holdings.
Co-founder and chief strategy officer Eric Trump called the results significant, particularly in what he described as a challenging digital-asset market. CEO Mike Ho credited a “disciplined, Bitcoin-denominated operating business” and said the company continued to mine Bitcoin “at a structural discount to spot.”
Mining economics weakened
The operating figures were less buoyant than the headline profit:
- Bitcoin mined: About 891 BTC, down from 932 in the prior quarter.
- Cost to mine one 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.
Those figures separate the accounting turnaround from the performance of the mining operation: Bitcoin’s higher valuation lifted reported earnings even as production fell and unit costs rose.
A profitable quarter after a volatile stretch
Decrypt reported that American Bitcoin had recorded a record mining quarter earlier in the year as its holdings crossed 8,000 BTC. Its shares nevertheless struggled, hitting new lows and prompting a 1-for-15 reverse stock split in July. The stock had fallen well below its debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The key risk in the results is the same mechanism that helped produce the profit. Because earnings relied heavily on a Bitcoin-related accounting gain rather than core mining operations, a decline in Bitcoin’s price could push the reported result back into a loss. The quarter therefore documents a sharp earnings reversal—not an equivalent improvement in mining economics.
