Source publication time: November 6, 2026, at 02:25:31 UTC+8.
American Bitcoin, the Trump-family-backed mining company majority-owned by Hut 8, reported roughly $126 million in net income for the quarter ended September 30, reversing a $57.2 million net loss in the second quarter. The improvement depended heavily on Bitcoin’s rising book value, even as mining output declined and production costs increased.
The Nasdaq-listed company, which trades as ABTC, reported adjusted EBITDA of approximately $221 million, compared with a $45 million loss in the preceding quarter. A $197 million gain on digital assets accounted for much of the turnaround.
Bitcoin reserves grew without market purchases
American Bitcoin ended the quarter with about 8,427 BTC, an increase of roughly 425 BTC, or 5%, from the end of June. Its “satoshis per share”—a measure of the Bitcoin backing each share—also rose about 5%.
According to the report, the company made no Bitcoin purchases and issued no new shares through its at-the-market program during the quarter, relying instead on its mining output to build reserves.
Co-founder and chief strategy officer Eric Trump described the results as significant “particularly in a challenging digital asset market.” CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business” and said the company continued “mining Bitcoin at a structural discount to spot.”
These figures measure corporate Bitcoin accumulation and Bitcoin held per share, not growth in users, payments or broader network adoption.
Mining output fell as costs increased
The operating results were weaker than the headline profit suggested:
- Bitcoin mined: about 891 BTC, down from 932 BTC in the previous quarter.
- Cost to mine one Bitcoin: roughly $42,100, up from $36,500, which the company attributed to higher seasonal power costs.
- Gross margin: 41%, down from 49%.
- Quarter-end fleet: approximately 89,242 miners, with 28.1 exahashes per second of capacity.
The reserve increase and mining output are separate metrics: the reported 425 BTC net increase in holdings should not be read as the quarter’s total production.
Profitability remains exposed to Bitcoin’s valuation
The results followed a volatile stretch. Earlier in the year, American Bitcoin recorded a record mining quarter and crossed 8,000 BTC in holdings. Its shares nevertheless struggled, reaching new lows and prompting a 1-for-15 reverse stock split in July. The stock had fallen well below its debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The central limitation is the composition of the profit. Much of the turnaround reflected an accounting gain tied to Bitcoin’s price rather than stronger mining operations. A decline in Bitcoin’s value could reverse that benefit and potentially push reported earnings back into a loss.
