American Bitcoin Corp. reported $126 million in third-quarter net income on Wednesday, swinging from a $57.2 million loss in Q2. The Miami-based miner and treasury company, majority-owned by Hut 8 Corp. and co-founded with Trump family backing, booked a $197.3 million gain on its bitcoin holdings rather than mining revenue alone.
American Bitcoin mined about 891 bitcoin in the quarter at a cost of roughly $42,100 each and held approximately 8,427 BTC at quarter-end. Mining revenue totaled about $63.4 million, down from $67.0 million in Q2, while gross profit fell to $25.8 million with a 41% margin compared with $33.0 million and 49% a quarter earlier as seasonal power costs rose.
The company's Adjusted EBITDA came in at about $221 million versus an Adjusted EBITDA loss of about $45.0 million in Q2. CEO Mike Ho said the company mined at a structural discount to spot price and raised satoshis per share by about 5% without issuing new shares or buying bitcoin on the open market.
The income statement reveals the Q3 results hinged on mark-to-market gains. American Bitcoin booked a $197.3 million gain on digital assets after a $71.2 million loss in Q2. Operating income hit about $191.8 million, though other expenses included a $64.3 million loss on derivatives. Revenue per bitcoin mined was about $71,100, down slightly from $71,900 in Q2, while mining costs rose to $42,100 from $36,500.
Holdings rose by about 425 bitcoin to roughly 8,427 as of September 30, with about 3,090 bitcoin pledged for miner purchases under Bitmain agreements. The owned fleet stood at about 89,242 bitcoin miners with roughly 28.1 EH/s of capacity.
Eric Trump, co-founder and chief strategy officer, said the quarter delivered net income and Adjusted EBITDA gains while growing the bitcoin reserve and bitcoin per share. The company remains majority-owned by Hut 8, with the Trump family holding a reported stake near 20%.
At the time of writing, bitcoin traded above $80,500 and American Bitcoin shares were down over 5.5%.