American Bitcoin reported a net income of approximately $126 million for the third quarter ended September 30, marking a reversal from the $57.2 million net loss recorded in the second quarter.
The Nasdaq-listed company, which trades under the ticker ABTC and is majority-owned by miner Hut 8, said adjusted EBITDA reached roughly $221 million, compared with a $45 million loss in the prior period. Much of the financial swing resulted from a $197 million gain on its digital assets as Bitcoin’s value rose during the quarter.
Reserve Growth Without Dilution
The firm expanded its Bitcoin reserve to about 8,427 BTC, an increase of roughly 425 coins, or 5%, from the end of June. The company achieved this growth without purchasing external Bitcoin or issuing new shares through its at-the-market program during the quarter.
“These are significant results, particularly in a challenging digital asset market,” said Eric Trump, the company’s co-founder and chief strategy officer.
Mining Costs Increase
Core mining operations faced rising expenses despite the balance sheet gains. American Bitcoin mined about 891 BTC in the quarter, down from 932 BTC in the previous period. The cost to mine one Bitcoin rose to approximately $42,100 from $36,500, a change the company attributed to higher seasonal power costs.
Gross margin slipped to 41% from 49%. CEO Mike Ho credited the overall performance to a disciplined operating business, stating the firm continued mining Bitcoin at a structural discount to spot prices.
The company ended the quarter with a fleet of about 89,242 miners and 28.1 exahashes per second of capacity.
