coindesk.com
American Bitcoin Corp. ABTC, the bitcoin $BTC$80,080.03 mining company co-founded by Eric Trump, reported a $126 million profit in the third quarter of this year, reversing its $57.2 million loss in Q2 2026.
The Miami-based company’s revenue fell to $63.4 million from $67 million in the second quarter, according to earnings release after the market close on Wednesday. Its profit included a $197.3 million accounting gain on digital assets, compared with a $71.2 million loss in the previous quarter.
Earnings per share came in at $1.73, beating analysts' average estimate of 26 cents. Revenue, however, missed the average forecast of about $74 million.
ABTC shares traded about 1.75% higher at $6.35 in pre-market on Thursday, having closed 5.6% lower at $6.24 on Wednesday.
American Bitcoin, majority-owned by Hut 8 HUT, held 8,427 $BTC at the end of September, up from 8,002 $BTC three months earlier. The company said it bought no bitcoin during the quarter and issued no shares through its at-the-market stock offering program.
The Trump-family-backed mining firm has returned to profit after losing $81.8 million in the first quarter. The company has continued mining and holding bitcoin as other publicly traded miners turn to artificial intelligence (AI) data centers and sell bitcoin to finance their expansion.
The company mined 891 $BTC, compared with 932 $BTC in the second quarter, but spent more to produce each coin. Mining costs rose to $42,100 per bitcoin from $36,500 as electricity prices increased during the summer. Those costs had fallen from $46,900 in Q4 2025 to roughly $36,200 in Q1 2026.
Gross profit dropped to $25.8 million from $33 million, leaving the company with a 41% gross margin, down from 49%.
"Despite seasonal power cost pressures, we continued mining bitcoin at a structural discount to spot, grew our strategic reserve, and increased Satoshis Per Share by approximately 5%," CEO Mike Ho said.
Adjusted EBITDA, a measure of earnings that excludes certain expenses and accounting gains or losses, reached $220.8 million, compared with a $45 million loss in the second quarter.
American Bitcoin ended September with about 89,242 mining machines and 28.1 exahashes per second of computing capacity. Its bitcoin holdings include about 3,090 $BTC pledged for miner purchases.
