American Bitcoin Swings to Profit on Digital-Asset Gain

The Tip Desk · November 11, 2026 · 3 min read

Net income was about $126 million in the third quarter, reversing a $57.2 million loss, as Satoshis per share rose to about 11,572.

American Bitcoin Corp. (ABTC) reported net income of about $126 million for the third quarter of 2026, reversing a net loss of about $57.2 million in the second quarter, as a $197.3 million gain on digital assets replaced a $71.2 million loss.

The Bitcoin accumulation platform said the swing produced operating income of $191.8 million versus an operating loss of $74.1 million, and Adjusted EBITDA of about $221 million versus an Adjusted EBITDA loss of about $45.0 million.

Mining, the company’s operating engine, moved the other way. Revenue fell to about $63.4 million from about $67.0 million in the second quarter, reversing an 8% sequential increase from $62.1 million in the first quarter. Production declined to about 891 Bitcoin from a record about 932 in the second quarter, after output had risen from about 817 in the first quarter. Revenue per Bitcoin mined slipped to about $71,100 from about $71,900. Third-quarter production represented about 21% of the company’s total Bitcoin mined since its March 31, 2025 launch.

Gross profit compressed to about $25.8 million and gross margin to about 41%, from about $33.0 million and about 49% in the second quarter. The company said higher seasonal power costs at its sites contributed to the margin pressure. Cost to mine rose to about $42,100 per Bitcoin from about $36,500, primarily reflecting those higher seasonal power costs. General and administrative expense fell to $2.8 million from $7.7 million.

The company sold a portion of Bitcoin production to cover operating costs while continuing to build its strategic reserve. Chief Executive Officer Mike Ho said the company continued mining Bitcoin at a structural discount to spot, grew the reserve, and increased Satoshis per share by approximately 5% without issuing shares through its ATM program or purchasing Bitcoin during the quarter.

Bitcoin holdings grew only about 425 coins, or about 5%, to about 8,427 as of September 30, 2026, from about 8,002 at June 30. That pace slowed from a 14% increase in the second quarter and a 30% increase in the first quarter. Holdings include about 3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN. Satoshis per share rose about 5% to about 11,572 from about 10,989, after an 11% increase in the second quarter and about 20% in the first quarter. The company said common shares outstanding reflect a 1-for-15 reverse stock split effected on July 2, 2026.

The owned fleet remained about 89,242 Bitcoin miners with about 28.1 EH/s of capacity as of quarter-end. No new energization was disclosed in the third quarter after April’s addition of about 11,298 next-generation miners, or about 3.05 EH/s, at Hut 8’s Drumheller site.

American Bitcoin is a majority-owned subsidiary of Hut 8 Corp. Co-Founder and Chief Strategy Officer Eric Trump said the company delivered about $126 million in net income and $221 million in Adjusted EBITDA while growing the Bitcoin reserve and increasing Bitcoin per share.