Bitcoin
American Bitcoin (ABTC) Posts $126 Million Profit as Holdings Gain $197 Million
American Bitcoin Corp. (Nasdaq: ABTC) reported about $126 million in third-quarter net income on Wednesday, a swing from a $57.2 million loss in the prior quarter that rested largely on a $197.3 million gain on the company’s bitcoin holdings rather than on mining revenue. The Miami-based miner and treasury company, a majority-owned subsidiary of Hut 8 Corp. and co-founded with Trump family backing, mined about 891 bitcoin in the quarter at a cost of roughly $42,100 each and ended September with about 8,427 BTC. Mining revenue was about $63.4 million, down from about $67.0 million in the second quarter. Gross...
Bitcoin Magazine7 min read
