The operating question in American Bitcoin’s third-quarter figures is how much of the reported profit came from mining Bitcoin more cheaply, and how much came from marking existing Bitcoin higher.
In a Decrypt report published November 6, 2026 at 02:25 (UTC+8), the Trump-family-backed miner said it swung to a profit for the quarter ended September 30. The Nasdaq-listed company, ticker ABTC and majority-owned by Hut 8, reported net income of about $126 million, against a $57.2 million net loss in the second quarter. Adjusted EBITDA was roughly $221 million, compared with a $45 million loss in the prior quarter. Decrypt described the result as the company’s best showing yet, driven by a jump in Bitcoin’s book value and by accumulation from its own output.
Accounting gain versus mining
Much of the swing was a $197 million gain on digital assets as Bitcoin’s value rose during the period. That gain is an accounting result on coins the company already held. It is not the same thing as cash earned from producing Bitcoin at a lower running cost.
The reserve stood at about 8,427 BTC, up roughly 425 coins, or 5%, from the end of June. “Satoshis per share,” American Bitcoin’s measure of how much Bitcoin backs each share, rose about 5%. The company did not buy Bitcoin during the quarter and did not issue new shares through its at-the-market program. The added coins came from mining.
Eric Trump, co-founder and chief strategy officer, said, “These are significant results, particularly in a challenging digital asset market,” citing the profit and the growth in Bitcoin per share. CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business” and said the firm continued “mining Bitcoin at a structural discount to spot.” The report does not give the price, power rate, or other inputs behind that discount.
What the mine itself produced
Mining was a tougher quarter on the company’s own numbers. American Bitcoin mined about 891 BTC, down from 932 in the prior period. Its cost to mine rose to roughly $42,100 per Bitcoin from $36,500. The company attributed the increase to higher seasonal power costs. Gross margin slipped to 41% from 49%.
These are American Bitcoin’s results, not network hashrate, difficulty, or hashprice. The report names seasonal power as the reason the per-coin cost rose, but it does not split that cost into energy and other running costs, and it does not show how capital tied up in machines is recovered separately from those running costs.
The company ended the quarter with a fleet of about 89,242 miners and 28.1 exahashes per second of capacity. Installed capacity is not the quarter’s output or its margin.
Share history and what can reverse
The results followed a volatile stretch. American Bitcoin had a record mining quarter earlier in the year as holdings crossed 8,000 BTC, but the stock hit new lows and the company carried out a 1-for-15 reverse stock split in July. Shares have fallen well below their debut price since the company went public through a merger with Gryphon Digital Mining. The report does not give specific share prices.
The profit, while large, rests heavily on an accounting gain tied to Bitcoin’s price rather than on core mining. Output fell, the stated cost per coin rose, and gross margin narrowed. A downturn in Bitcoin could move the reported result back into a loss.
Original article: Decrypt, published November 6, 2026 at 02:25 (UTC+8).
