American Bitcoin Swings to $126M Q3 Profit on $197M BTC Gain

American Bitcoin Corp. (Nasdaq: ABTC) reported roughly $126 million in third-quarter net income on Wednesday, a sharp reversal from the $57.2 million loss it posted in the prior quarter — and the swing rested almost entirely on a $197.3 million mark-to-market gain on its bitcoin holdings, not on mining.

The Miami-based miner and treasury company, a majority-owned subsidiary of Hut 8 Corp. launched in 2025 with Trump family backing, disclosed the figures in its Q3 release. Operating income came in near $191.8 million, while other expense included a $64.3 million loss on derivatives. Adjusted EBITDA swung to about $221 million from an adjusted loss of roughly $45.0 million in the second quarter.

How much did mining itself actually contribute?

Not much, and less than last quarter. Mining revenue fell to about $63.4 million from about $67.0 million in Q2. Gross profit was roughly $25.8 million — a 41% margin, down from $33.0 million and 49% — as seasonal power costs climbed across its sites. The company mined about 891 bitcoin during the quarter, below the roughly 932 coins it produced in Q2, which had been its record quarter. Cost to mine rose to about $42,100 per coin from about $36,500, while revenue per bitcoin mined slipped to roughly $71,100 from $71,900.

The company sold part of production to cover operating costs but still added to its strategic reserve. Holdings grew by about 425 bitcoin, or 5%, to roughly 8,427 BTC as of Sept. 30. That figure includes about 3,090 bitcoin pledged to Bitmain under miner-purchase agreements.

What did management emphasize?

Satoshis per share, the treasury company's preferred yardstick. Eric Trump, co-founder and chief strategy officer, 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% — to roughly 11,572 from 10,989 at the end of June — without issuing shares through its at-the-market program or buying bitcoin on the open market. The share count reflects a 1-for-15 reverse stock split effected July 2.

The owned fleet stood at about 89,242 miners with roughly 28.1 EH/s of capacity at quarter-end. Parent Hut 8, which reported its own third-quarter results the same day, confirmed bitcoin sales used to fund share buybacks while migrating mining operations into the American Bitcoin vehicle. Bitcoin Magazine's earlier coverage put the Trump family's stake near 20%, with Hut 8 holding the rest.

Strip out the digital-asset gain and the picture is quieter: thinner mining margins, rising power costs and lower production. Whether another quarter of bitcoin appreciation — the token traded above $80,500 at time of writing — can keep paper profits ahead of those cost pressures is the open question, and ABTC shares were down more than 5.5% on the day despite the headline profit.