American Bitcoin, the Trump-family-backed Bitcoin miner majority-owned by Hut 8, reported about $126 million in net income for the quarter ended September 30, reversing a $57.2 million loss in the preceding quarter. A $197 million gain on its digital assets accounted for much of the improvement, even as mining output fell and production costs rose.
The results were covered by Decrypt in an article published on November 6, 2026, at 02:25:31 UTC+8.
Bitcoin holdings grew without purchases
The Nasdaq-listed company, which trades under the ticker ABTC, reported adjusted EBITDA of roughly $221 million, compared with a $45 million loss in the second quarter.
Its Bitcoin reserve reached 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 rose about 5%.
American Bitcoin said it neither purchased Bitcoin nor issued shares through its at-the-market program during the quarter, relying instead on mining output to expand its holdings.
Co-founder and chief strategy officer Eric Trump described the results as significant “particularly in a challenging digital asset market.” CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business” and said the company continued “mining Bitcoin at a structural discount to spot.”
Mining costs increased as output declined
The operating figures were weaker than the headline profit:
- Bitcoin mined: About 891 BTC, down from 932 BTC in the preceding 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%.
The company ended the quarter with about 89,242 miners and 28.1 exahashes per second of capacity.
Accounting gains and operating performance diverged
The earnings followed a volatile stretch for American Bitcoin. Earlier in the year, it recorded a record mining quarter and surpassed 8,000 BTC in holdings. Its shares nevertheless struggled, reaching new lows and prompting a 1-for-15 reverse stock split in July. The stock had fallen well below its debut price following the company’s public listing through a merger with Gryphon Digital Mining.
The central distinction in the quarterly results is between the gain in Bitcoin’s book value and the performance of the mining business. Much of the reported profit came from the former, rather than core mining operations. A decline in Bitcoin’s value could reverse those accounting gains and push reported earnings back into a loss.