American Bitcoin, the Trump-family-backed Bitcoin miner majority-owned by Hut 8, reported roughly $126 million in net income for the quarter ended September 30, reversing a $57.2 million loss in the second quarter. A $197 million gain on digital assets accounted for much of the improvement, even as mining output declined and production costs rose.
Decrypt reported the results on November 6, 2026. The Nasdaq-listed company trades under the ticker ABTC.
Bitcoin holdings grew without purchases or ATM issuance
Adjusted EBITDA reached approximately $221 million, compared with a $45 million loss in the previous quarter. The digital-asset gain reflected an increase in Bitcoin’s value during the reporting period.
American Bitcoin’s reserve rose to 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 increased by about 5%.
The company said it neither purchased Bitcoin nor issued shares through its at-the-market program during the quarter, relying instead on mining output to build its holdings.
Co-founder and chief strategy officer Eric Trump described the results as significant in a challenging digital-asset market. CEO Mike Ho credited a disciplined, Bitcoin-denominated operating business and said the company continued to mine Bitcoin at a “structural discount to spot.”
Mining costs rose as output declined
The operating figures were weaker than the headline profit:
- Bitcoin mined: About 891 BTC, down from 932 BTC in the prior quarter.
- Cost to mine: Roughly $42,100 per Bitcoin, up from $36,500, which the company attributed to higher seasonal power costs.
- Gross margin: 41%, down from 49%.
- Quarter-end fleet: About 89,242 miners, with 28.1 exahashes per second of capacity.
The results followed a volatile period. Decrypt reported that American Bitcoin had recorded a record mining quarter earlier in the year as its holdings crossed 8,000 BTC. Its shares nevertheless hit new lows, prompting a 1-for-15 reverse stock split in July. The stock remained well below its debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The profit depends heavily on Bitcoin’s valuation
The central distinction is between growth in Bitcoin holdings and the profitability of producing those coins. American Bitcoin increased its reserve and Bitcoin per share, but mined fewer coins at a higher unit cost.
As Decrypt noted, the quarterly profit depended heavily on a Bitcoin-related accounting gain rather than core mining operations. A decline in Bitcoin’s value could therefore reverse that contribution and push reported earnings back into a loss; the quarter’s profit does not by itself establish stronger underlying mining margins.
Original source: Decrypt. Original publication timestamp: November 6, 2026, at 02:25:31 UTC+08:00.
