American Bitcoin Corp. (Nasdaq: ABTC) announced approximately $126 million in third-quarter net income, reversing a $57.2 million loss from the prior quarter primarily driven by a $197.3 million gain on its bitcoin holdings rather than mining operations.
Headquartered in Miami, the miner and treasury firm—a majority-owned subsidiary of Hut 8 Corp. and co-founded with backing from the Trump family—mined approximately 891 bitcoin at an average cost of $42,100 per coin, bringing its total holdings to roughly 8,427 BTC by September’s end.
Mining revenue totaled approximately $63.4 million, a decline from roughly $67.0 million in the second quarter. Gross profit reached about $25.8 million, reflecting a 41% margin compared with $33.0 million and 49% in the prior quarter, as seasonal power cost increases impacted site operations.
The company reported approximately $221 million in adjusted EBITDA, a substantial improvement from an adjusted EBITDA loss of around $45.0 million in the second quarter, per the official release.
Eric Trump, co-founder and chief strategy officer of American Bitcoin, stated the quarter met net income and adjusted EBITDA targets while expanding the bitcoin reserve and per-share metrics. Chief Executive Mike Ho noted the company maintained mining at a structural discount to spot prices and increased satoshis per share by approximately 5% without issuing new shares through its at-the-market program or purchasing bitcoin on the open market.
Digital Asset Appreciation Fuels American Bitcoin’s Quarter Results
The income statement underscores the primary driver: American Bitcoin recorded a $197.3 million gain on digital assets during the third quarter, following a $71.2 million loss in the prior period. Operating income reached approximately $191.8 million, though this was offset by a $64.3 million loss on derivatives.
Excluding mark-to-market adjustments, the underlying operating narrative is more subdued. Revenue per mined bitcoin averaged around $71,100, slightly down from $71,900 in the second quarter, while mining costs increased to approximately $42,100 from $36,500 previously.
Production totaled approximately 891 bitcoin, below the second quarter’s roughly 932 coins—a figure the company had previously marked as its highest quarterly output on record. That quarter had also seen a $57.2 million loss alongside holdings growth to about 8,002 BTC.
Reserve Expansion and Satoshi Per Share Improvement
Management favors satoshis per share as its primary metric, which increased approximately 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 implemented earlier this year on July 2.
The company’s fleet comprised approximately 89,242 bitcoin miners with roughly 28.1 exahashes per second of capacity by quarter-end. American Bitcoin remains majority-owned by Hut 8, which on the same date reported its own third-quarter results and confirmed that bitcoin sales funded share buybacks while redirecting mining operations into the American Bitcoin vehicle.
Eric Trump and Donald Trump Jr. co-founded the venture with Hut 8 in 2025; earlier Bitcoin Magazine coverage estimated the Trump family’s stake near 20%, with Hut 8 holding the remainder. Since its Nasdaq debut, the company has ascended the corporate treasury ranks as it accumulated coin holdings.
Whether sustained bitcoin price gains can maintain paper profits amid rising power costs and thinning mining margins remains an open question, as the release leaves the outlook unresolved.
At the time of writing, bitcoin prices stood above $80,500, and American Bitcoin shares were down over 5.5%.
Also Read
- Malaysian Ringgit Rises on Anticipated BNM OPR Hike
- Bitcoin’s Next Soft Fork Likely a ‘Consensus Cleanup’ Test Run, Says Developer Matt Corallo
- Swiss National Bank Ready to Adjust Policy as Inflation Pressures Mount
- Federal Judge Allows Stock Perpetual Futures to Continue Trading While Signaling CFTC Likely Exceeded Authority
