American Bitcoin Corp. (Nasdaq: ABTC) disclosed approximately $126 million in net income for the third quarter on Wednesday, reversing a $57.2 million loss from the preceding period. This financial turnaround was driven primarily by a $197.3 million appreciation in the company’s cryptocurrency reserves rather than operational mining income.
Based in Miami, the treasury and mining enterprise operates as a majority-owned subsidiary of Hut 8 Corp. and was established with backing from the Trump family. During the quarter, the firm produced roughly 891 bitcoin at an average cost of about $42,100 per coin, concluding September with a total balance of approximately 8,427 BTC.
Mining revenue generated approximately $63.4 million, marking a decrease from the roughly $67.0 million recorded in the second quarter. Gross profit reached about $25.8 million, representing a 41% margin, down from approximately $33.0 million and a 49% margin previously. This contraction resulted from seasonal increases in electricity expenses across the firm’s facilities.
According to the company’s financial release, Adjusted EBITDA reached roughly $221 million, contrasting sharply with the Adjusted EBITDA loss of approximately $45.0 million reported in the second quarter.
Eric Trump, who serves as co-founder and chief strategy officer of American Bitcoin, stated that the period yielded strong net income and Adjusted EBITDA figures while simultaneously expanding the company’s bitcoin reserves and metric per share. Chief Executive Mike Ho noted that the company maintained mining operations at a structural discount to spot prices, increasing satoshis per share by roughly 5% without executing open-market purchases or issuing shares through its at-the-market facility.
A paper gain carried American Bitcoin’s quarter
The financial statements clearly highlight the primary catalyst. American Bitcoin recorded a $197.3 million gain on digital assets during the third quarter, which followed a $71.2 million loss in that category during the second quarter. Operating income stood at approximately $191.8 million, while other expenses featured a $64.3 million loss stemming from derivatives.
Excluding the impact of mark-to-market accounting adjustments, the underlying operational performance appears more subdued. The company reported that revenue per mined bitcoin was roughly $71,100—down slightly from about $71,900 in the second quarter—while production expenses climbed from approximately $36,500 to about $42,100 per coin.
The production yield of roughly 891 bitcoin fell short of the previous quarter’s output of about 932 coins. The company had previously highlighted that second-quarter haul as its highest quarterly production record while reporting a $57.2 million loss alongside a reserve increase to approximately 8,002 BTC.
American Bitcoin explained that it liquidated a portion of its newly minted assets to defray operational expenses while continuing to bolster its strategic stockpile. Total holdings grew by about 425 bitcoin—a roughly 5% increase—reaching approximately 8,427 coins as of September 30. This aggregate figure incorporates roughly 3,090 bitcoin that have been committed as collateral for hardware acquisitions pursuant to agreements with Bitmain.
Reserve up, satoshis per share up
Management favors satoshis per share as a key performance indicator, a metric that climbed roughly 5% to approximately 11,572 compared to about 10,989 at the close of June. This share count accounts for a 1-for-15 reverse stock split executed earlier in the year on July 2.
At the conclusion of the quarter, the company’s proprietary fleet comprised roughly 89,242 bitcoin mining machines representing approximately 28.1 EH/s of operational capacity. American Bitcoin remains majority-owned by Hut 8, which published its own third-quarter financial results on the same day. Hut 8 confirmed that it utilized bitcoin sales to finance share buybacks while shifting mining operations into the American Bitcoin corporate structure.
Eric Trump and Donald Trump Jr. helped launch the enterprise alongside Hut 8 in 2025. Previous reporting by Bitcoin Magazine estimated the Trump family’s equity stake at approximately 20%, with Hut 8 retaining the remainder. Following its debut on Nasdaq, the company has steadily advanced within corporate treasury rankings as it accumulated digital assets.
The report leaves open the question of whether continued appreciation in the price of bitcoin can sustain paper profits in the face of rising power expenses and narrowing mining margins.
At the time of publication, the price of bitcoin exceeded $80,500, while shares of American Bitcoin experienced a decline of over 5.5% on the day.
Frequently Asked Questions
What was American Bitcoin’s net income for Q3?
American Bitcoin reported approximately $126 million in third-quarter net income.
What drove ABTC’s third-quarter profit?
The profit was largely driven by a $197.3 million gain on the company’s bitcoin holdings rather than operational mining revenue.
How many bitcoin does American Bitcoin hold?
The company ended September with approximately 8,427 BTC in its reserves.
Who owns American Bitcoin?
American Bitcoin is a majority-owned subsidiary of Hut 8 Corp. and was co-founded with backing from the Trump family.
