American Bitcoin reports $126M Q3 profit as holdings rise to 8,427 BTC

The company’s November 4 earnings release and SEC filing show that the valuation gain more than offset weaker mining results and a separate $64.3 million loss on derivatives, primarily tied to Bitcoin redemption and put options connected to equipment supplier Bitmain. American Bitcoin records its digital assets at fair value, so changes in Bitcoin’s market price affect reported earnings even when coins are not sold. Bitcoin rose from about $59,847 on June 30 to $83,415 on September 30, according to the filing. Adjusted EBITDA was $220.8 million, compared with a $45 million loss in the prior quarter.

Mining revenue declined to $63.4 million from $67 million, while production slipped to 891 BTC from 932 BTC. Average revenue per Bitcoin mined fell to $71,100 from $71,900. The average cost to mine one Bitcoin rose to $42,100 from $36,500, which the company attributed mainly to seasonal electricity expenses. Gross profit fell from $33 million to $25.8 million, and gross margin narrowed from 49% to 41%. CEO Mike Ho said the company continued mining “at a structural discount to spot” despite seasonal power costs.

American Bitcoin’s reserve increased by about 425 BTC during the quarter, from roughly 8,002 BTC to 8,427 BTC. The company said it made no Bitcoin purchases and issued no shares through its at-the-market program during the period; the reserve growth came from mining. Of the total, 3,090 BTC was pledged under Bitmain equipment agreements—2,385 BTC classified as current assets and 705 BTC as noncurrent assets—while 5,337 BTC was held in custody. The reserve was valued at $702.9 million at quarter-end, up from $478.9 million in June.

The filing also shows that American Bitcoin sold 7.76 million Class A shares through its at-the-market program in the first nine months of 2026, raising $144.7 million before issuance costs. It reported $72.4 million in net cash used by operating activities over that period, compared with $43.1 million in the same period of 2025, and separately recorded $65.3 million in digital-asset purchases during the nine months.