American Bitcoin (ABTC) Posts $126 Million Profit as Holdings Gain $197 Million

American Bitcoin Corp. (Nasdaq: ABTC) reported about $126 million in third-quarter net income on Wednesday, a swing from a $57.2 million loss in the prior quarter that rested largely on a $197.3 million gain on the company’s bitcoin holdings rather than on mining revenue.

The Miami-based miner and treasury company, a majority-owned subsidiary of Hut 8 Corp. and co-founded with Trump family backing, mined about 891 bitcoin in the quarter at a cost of roughly $42,100 each and ended September with about 8,427 $BTC.

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, as seasonal power costs rose across its sites.

Adjusted EBITDA came in at about $221 million, compared with an Adjusted EBITDA loss of about $45.0 million in the second quarter, according to the company’s release.

Eric Trump, co-founder and chief strategy officer of American Bitcoin, said the quarter delivered the net income and Adjusted EBITDA figures while growing the bitcoin reserve and bitcoin per share. Chief Executive Mike Ho said the company kept mining at a structural discount to spot and raised satoshis per share by about 5% without issuing shares through its at-the-market program or buying bitcoin on the open market.

A paper gain carried American Bitcoin’s quarter

The income statement makes the driver plain. American Bitcoin booked a $197.3 million gain on digital assets in the third quarter, after a $71.2 million loss on that line in the second. Operating income was about $191.8 million. Other expense included a $64.3 million loss on derivatives.

Strip the mark-to-market move out of the picture and the operating story looks quieter. Revenue per bitcoin mined was about $71,100, down slightly from about $71,900 in the second quarter, and the cost to mine rose to about $42,100 from about $36,500, the company said.

Production of about 891 bitcoin was below the second quarter’s roughly 932 coins, which the company had called its highest quarterly haul on record when it reported a $57.2 million second-quarter loss alongside a climb in holdings to about 8,002 $BTC.

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, or about 5%, to roughly 8,427 as of Sept. 30. That total includes about 3,090 bitcoin pledged for miner purchases under agreements with Bitmain.

Reserve up, satoshis per share up

Management’s preferred yardstick is satoshis per share, which 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 earlier this year on July 2.

The owned fleet stood at about 89,242 bitcoin miners with roughly 28.1 EH/s of capacity at quarter-end. American Bitcoin remains majority-owned by Hut 8, which 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.

Eric Trump and Donald Trump Jr. helped launch the venture with Hut 8 in 2025; earlier Bitcoin Magazine coverage has put the Trump family’s stake near 20%, with Hut 8 holding the rest. The company has climbed the corporate treasury ranks as it stacked coins after its Nasdaq debut.

Whether another quarter of bitcoin price gains can keep paper profits ahead of higher power costs and thinner mining margins is the question the release leaves open.

At the time of writing, the bitcoin price is above $80,500 and shares of American Bitcoin were down over 5.5% today.

This post American Bitcoin (ABTC) Posts $126 Million Profit as Holdings Gain $197 Million first appeared on Bitcoin Magazine and is written by Micah Zimmerman.