American Bitcoin Q3 earnings showed $126 million in net income for the three months ended September 30, flipping a $57.2 million loss in Q2. A $197.3 million gain on digital assets did the heavy lifting. Mining revenue and margins went the other way.

Results landed after the U.S. market closed on November 4. Mining alone did not produce the profit. CEO Mike Ho called the bitcoin gain non-cash, and it tracks BTC▲$80,377.00’s roughly 39% rise during Q3.

$197.3 million in bitcoin gains drove the profit

American Bitcoin booked a $197.3 million gain on digital assets in Q3, against a $71.2 million loss on that line in Q2. Operating income came in at $191.8 million, and the filing shows the digital-asset gain sat at the center of the quarter’s result.

Strip the gain out and operations lost about $5.5 million, according to Bitcoin Magazine. The headline profit reflects a change in the value of bitcoin holdings, not stronger mining.

The same accounting cuts both ways. In Q2, a $71.2 million digital-asset loss fed into the company’s $57.2 million net loss. Other expense in Q3 included a $64.3 million derivatives loss, added back in the adjusted EBITDA calculation.

$63.4 million in mining revenue, down from Q2

Mining revenue slipped from $67 million in Q2 to $63.4 million in Q3. Gross profit fell from $33 million to $25.8 million, and gross margin narrowed from 49% to 41%.

Output eased too. American Bitcoin mined about 891 BTC, down from 932 BTC in the prior quarter. Revenue per bitcoin mined came to about $71,100, just under roughly $71,900 in Q2.

The Miami-based miner and treasury business is a majority-owned subsidiary of Hut 8. Its owned fleet stood at about 89,242 miners, with roughly 28.1 EH/s of capacity at quarter-end. Hut 8 reported Q3 results the same day and said it had sold bitcoin to fund share buybacks while shifting mining operations into American Bitcoin.

$42,100 was the cost to mine one bitcoin

Cost to mine one BTC rose to $42,100 from $36,500 in Q2. Management blamed higher seasonal power costs across its sites.

Adjusted EBITDA also carried the asset gain, per BeInCrypto. It reached $220.8 million, against an adjusted EBITDA loss of $45 million in Q2. The measure added back a $64.3 million derivatives loss as well.

Co-founder and chief strategy officer Eric Trump pointed to the net income and adjusted EBITDA alongside growth in the bitcoin reserve and bitcoin per share. Ho said the company kept mining at a “structural discount to spot” despite the seasonal power-cost pressure.

8,427 BTC in reserve at quarter-end

American Bitcoin held 8,427 BTC as of September 30, up about 425 BTC, or roughly 5%, during the quarter. It mined about 891 BTC and sold about 465 BTC to cover costs.

The reserve grew without bitcoin purchases or share sales through the at-the-market program, management said. Satoshis per share rose about 5% to 11,572 from 10,989 at the end of June. About 3,090 BTC were pledged for miner purchases under agreements with Bitmain.

The share count reflects a 1-for-15 reverse stock split effected on July 2.

Q4 price moves could reverse the paper gain

Bitcoin opened Q4 at $83,553.85 and traded near $80,705 at the time of reporting, after rebounding above $80,000 during the week. At that price the Q4 mark would imply a loss of about $24 million, with nearly two months still left in the quarter. A December close above the Q4 opening price would book another gain. A drop to roughly $68,600 would erase the Q3 profit through valuation marks alone.

American Bitcoin shares had fallen 5.6% from the prior close on November 4, then edged up 0.48% to $6.27 after hours from a $6.24 close. They were still down 75.53% since the start of 2026. The Q4 report will show how the December 31 bitcoin price moved the reserve’s reported value.

What to watch in the ABTC Q3 results and beyond

Two things will shape the next set of results: swings in the value of the bitcoin reserve, and how the mining business performs as power costs and production shift. Mining revenue, gross profit and production all sat below Q2 levels in Q3. Any recovery has to come from the operations side.

Whether bitcoin-price gains can keep outweighing higher power costs and thinner mining margins is the open question. The company had called its Q2 production its highest quarterly haul on record; Q3 came in lower, and the reserve’s reported value stays exposed to market prices.

FAQ

When did American Bitcoin release its Q3 results?

Earnings came out after the U.S. market closed on November 4. The results cover the quarter ended September 30.

How did the Q3 digital-asset gain compare with the Q2 result?

American Bitcoin recorded a $197.3 million gain in Q3, following a $71.2 million digital-asset loss in Q2. CEO Mike Ho described the Q3 gain as non-cash.

How many bitcoin did American Bitcoin mine in Q3?

About 891 BTC during the quarter, below its Q2 production of 932 BTC.

How many bitcoin did the company hold at the end of September?

Its reserve stood at 8,427 BTC on September 30. The company said it added about 425 BTC during Q3 while selling about 465 BTC to cover costs.

What drove the $126 million net profit?

A $197.3 million gain on digital assets, not mining, carried the quarter. Excluding that gain, operations lost about $5.5 million.

This article is for information only and is not financial advice.

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