From Decrypt · By Decrypt Staff
In brief
American Bitcoin, the Trump-family-backed, Hut 8-majority-owned miner, swung to roughly $126 million in net income in Q3, from a $57.2 million loss in Q2, with adjusted EBITDA of about $221 million.
The turnaround leaned heavily on a $197 million gain on its digital assets as Bitcoin’s book value rose.
Mining got harder—output fell to 891 BTC and cost to mine rose to ~$42,100 on seasonal power costs.
American Bitcoin, the Trump-family-backed mining venture, swung to a roughly $126 million profit in the third quarter, a sharp reversal from the loss it posted three months earlier, as a jump in Bitcoin’s book value and disciplined accumulation powered its best showing yet.
The Nasdaq-listed company, which trades under the ticker ABTC and is majority-owned by miner Hut 8, reported net income of about $126 million for the quarter ended Sept. 30, compared with a $57.2 million net loss in the second quarter.
PredictCryptoBTC Lows in November
55,0004%YesNo57,5006%YesNo60,0008%YesNo62,50012%YesNo65,00020%YesNo+5 more outcomes+4 more outcomesNEW$0.00 volumeCloses: Dec 1, 2026, 04:59 UTCCloses: Dec 1, 2026, 04:59 UTCAdjusted EBITDA came in at roughly $221 million, versus a $45 million loss the prior quarter. Much of the swing came from a $197 million gain on its digital assets, as Bitcoin’s value rose during the period.
The company grew its Bitcoin reserve to about 8,427 BTC, up roughly 425 coins, or 5%, from the end of June, and lifted its “satoshis per share,” a measure of how much Bitcoin backs each share, by about 5%. Notably, it did so without buying any Bitcoin or issuing new shares through its at-the-market program during the quarter, relying instead on its own mining output.
BitcoinBTC · USD$76,158−5.83%Oct 29Oct 31Nov 2Nov 4Nov 5$80.8k$79.2k$77.6k$76.0k24h HighHigh$80,88224h LowLow$75,573VolVol$1.9BMarket projectionsOdds by MyriadTodayAbove $76,000Above $76k53% chanceThis weekAbove $76,000Above $76k53% chance→Buy Bitcoin with USDCPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →“These are significant results, particularly in a challenging digital asset market,” said Eric Trump, the company’s co-founder and chief strategy officer, touting the profit and the growth in Bitcoin per share. CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business,” saying the firm continued “mining Bitcoin at a structural discount to spot.”
The mining operation itself had a tougher quarter. American Bitcoin mined about 891 BTC, down from 932 in the prior period, and its cost to mine rose to roughly $42,100 per Bitcoin from $36,500, which it attributed to higher seasonal power costs. Gross margin slipped to 41% from 49%. The company ended the quarter with a fleet of about 89,242 miners and 28.1 exahashes per second of capacity.