American Bitcoin posted $126 million in third-quarter net income, ending three consecutive loss quarters as gains on digital assets lifted results at the Bitcoin miner co-founded by Eric Trump and Donald Trump Jr.
The company’s net income included $197 million in pretax gains on digital assets, a figure larger than its $63.4 million in quarterly revenue. Revenue was below the $67 million recorded in the second quarter. Bitcoin (BTC) climbed 43% during the third quarter, raising the value of the company’s digital asset holdings.
The company had a $57 million net loss in the previous quarter. The latest figures show a return to net income while revenue moved lower from the second quarter. The asset gain is a pretax figure; net income is the final profit measure.
American Bitcoin shares fell 5.6% on Nov. 4 to $6.24. The stock has lost more than 90% over the past year, a steep decline alongside the quarterly earnings reversal.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].
