American Bitcoin reported $126 million in net income for the three months ended Sept. 30, 2026, reversing a $57.2 million loss in Q2. The turnaround was driven by a $197.3 million gain on digital assets, even as mining revenue and production declined and production costs rose.
The results were reported by The Block on Nov. 5, 2026, at 16:51:30 UTC+8. They show why a miner’s headline earnings and the performance of its mining operations can move in different directions.
Digital asset gains drive the turnaround
The bitcoin miner, co-founded by Eric Trump, recorded a $197.3 million digital asset gain in Q3, compared with a $71.2 million loss on digital assets in the previous quarter. Adjusted EBITDA also turned positive, reaching $220.8 million after a $45 million loss in Q2, according to the company’s statement.
“These are significant results, particularly in a challenging digital asset market, and they reflect the discipline and long-term conviction behind this business,” Trump said in the statement. “But our opportunity extends beyond any single quarter.”
The operating figures were weaker than the bottom-line turnaround suggested:
| Metric | Q3 | Q2 |
|---|---|---|
| Mining revenue | $63.4 million | $67 million |
| Bitcoin production | Approximately 891 BTC | 932 BTC |
| Reported production cost | Approximately $42,100 | $36,500 |
| Gross margin | 41% | 49% |
| Gross profit | $25.8 million | $33 million |
Mining revenue fell 5.4% quarter over quarter, while bitcoin production declined 4.4%. The company reported a 15.3% increase in production costs.
The key distinction is between the digital asset gains that supported net income and the lower revenue and margins reported by the mining business. The profit reversal did not reflect an improvement across all operating measures.
Bitcoin reserves increase without purchases
American Bitcoin said it sold a portion of its quarterly bitcoin production to cover operating costs. It nevertheless added about 425 BTC to its reserve, bringing total holdings to 8,427 BTC at the end of September. The company made no bitcoin purchases during the quarter.
That separates the reserve increase from market purchases: the company retained part of its mining output while selling some production to fund operations.
Shares rise after hours following a lower close
ABTC shares closed down 5.6% on Wednesday, then climbed 2.4% in extended trading following the earnings release. The stock was down 76% year to date, according to the report. The after-hours gain followed the release, but that sequence alone does not establish which part of the results drove the move.
The Block also cited results from other miners. Hut 8 reported $189.5 million in Q3 net income, including $413.8 million in primarily unrealized digital asset gains. Riot Platforms reported $181.4 million in quarterly revenue, including $116 million from bitcoin mining.
For American Bitcoin, the quarter’s central contrast was clear: digital asset gains lifted earnings into profit, while mining output, revenue and gross margin all weakened.
