Trump-Linked American Bitcoin Swings to $126 Million Profit as Mining Revenue Falls

American Bitcoin (Nasdaq: ABTC), the Bitcoin miner majority-owned by Hut 8, reported about $126 million of net income for the third quarter of 2026, against a net loss of about $57.2 million in the second quarter, per its results. Adjusted EBITDA, earnings before interest, taxes, depreciation and amortization, was about $221 million, against a loss of about $45.0 million in Q2.

The profit did not come from stronger mining. Mining revenue fell to about $63.4 million from about $67.0 million, and the company mined about 891 Bitcoin, down from about 932. That output was about 21% of every coin it has mined since its March 31, 2025 launch.

Reports attribute the swing to a gain on the company's digital asset holdings, put near $197.3 million. That figure is not one this account could confirm from the company's own release, which leads on net income, Adjusted EBITDA and the growth of its Bitcoin reserve.

Key Facts

• Net income of about $126 million in Q3 2026, from a net loss of about $57.2 million in Q2 2026.
• Mining revenue of about $63.4 million, down from about $67.0 million; about 891 Bitcoin mined, from about 932.
• Cost to mine of about $42,100 per Bitcoin, up from about $36,500.
• Bitcoin holdings of about 8,427 as of Sept. 30, 2026, from about 8,002 as of June 30, 2026.
• Owned fleet of about 89,242 miners and about 28.1 EH/s of capacity at quarter-end.

Mining Margins Compressed on Seasonal Power

Gross profit was about $25.8 million, a gross margin of about 41%, down from about $33.0 million and about 49% in Q2. The company tied the decline to higher seasonal power costs at its sites.

Cost to mine rose to about $42,100 per Bitcoin from about $36,500, mainly for the same reason. Revenue per Bitcoin mined was about $71,100, nearly unchanged from about $71,900, so the squeeze came from cost, not from a lower price per coin.

Chief executive Mike Ho said the company "continued mining Bitcoin at a structural discount to spot" despite the power pressure, in the release.

The Reserve Grew to 8,427 Bitcoin

Bitcoin holdings rose to about 8,427 as of Sept. 30 from about 8,002 as of June 30, an increase of roughly 425 coins. American Bitcoin sold part of its production to cover operating costs while it kept adding to what it calls its strategic Bitcoin reserve.

Of the quarter-end holdings, about 3,090 Bitcoin were pledged for miner purchases under agreements with BITMAIN.

Satoshis Per Share, the company's measure of Bitcoin held per share, rose about 5%, from about 10,989 on June 30 to about 11,572 on Sept. 30. Ho said the gain came "without issuing shares through our ATM program or purchasing Bitcoin during the quarter."

The owned fleet was about 89,242 miners with about 28.1 EH/s of capacity. Share counts reflect a 1-for-15 reverse stock split on July 2, 2026.

What to Watch

Eric Trump, co-founder and chief strategy officer, said the quarter delivered about $126 million in net income and $221 million in Adjusted EBITDA while the company grew its reserve and Bitcoin per share.

The results landed the same day as Hut 8's own third-quarter report. Hut 8, which majority-owns American Bitcoin, confirmed it sold Bitcoin to fund share buybacks while shifting mining into the American Bitcoin vehicle.

Two details stay unconfirmed. The same-day share move, reported as a fall of more than 5.5% with bitcoin above $80,500, could not be checked against a primary market data page. And the exact composition of the gain behind the profit, reported near $197.3 million, is not broken out in what could be verified.

For the quarter, the operating line and the headline number point different ways: mining revenue, production and gross margin fell while net income jumped. If power costs and mining economics stay pressured, the reported profit keeps leaning on the value of the coins already held rather than the cost of mining new ones.