American Bitcoin Corp. reported a $126 million Q3 net profit, driven by a $197 million mark‑to‑market gain on its bitcoin holdings despite lower mining revenue.
American Bitcoin Corp. (Nasdaq: ABTC) announced third‑quarter results on Nov. 5, showing a net income of $126 million, a sharp reversal from the $57.2 million loss recorded in the prior quarter. The profit was driven almost entirely by a $197.3 million mark‑to‑market gain on the company’s bitcoin holdings, according to the firm’s release.
The Miami‑based miner produced roughly 891 BTC during the quarter, generating $63.4 million in mining revenue, down from $67.0 million in Q2. Revenue per bitcoin mined fell slightly to $71,100, while the average cost to mine rose to $42,100 per coin, up from $36,500 a quarter earlier. Seasonal power price increases contributed to a lower gross margin of 41%, compared with 49% in the prior period.
American Bitcoin’s bitcoin reserve increased by about 425 BTC, or 5%, to roughly 8,427 BTC as of Sept. 30. The rise in holdings, which includes around 3,090 BTC pledged for miner purchases under Bitmain agreements, lifted satoshis‑per‑share by roughly 5% to 11,572. The company did not issue new shares or buy bitcoin on the open market, relying instead on internal generation and a partial sale of mined output to cover operating costs.
The firm remains majority‑owned by Hut 8 Corp., while the Trump family—represented by co‑founder and chief strategy officer Eric Trump—holds an estimated 20% stake. Co‑CEO Mike Ho highlighted that the company kept mining at a structural discount to spot prices and continued to grow its reserve without dilutive financing. However, the release notes that future profitability will depend on whether bitcoin price appreciation can offset rising power costs and narrowing mining margins.
Analysts will monitor bitcoin price trends, power‑cost dynamics, and ABTC’s ability to sustain its reserve growth without further dilution. Additionally, any changes in Hut 8’s own mining strategy or broader regulatory developments affecting corporate bitcoin holdings could impact American Bitcoin’s earnings trajectory.
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