American Bitcoin's Q3 2026 financial results showed a return to profitability and an increase in Bitcoin reserves, despite seasonal increases in electricity costs compressing mining margins. In its earnings report released on November 4, the company reported a net profit of approximately $126 million and a roughly 5% increase in Satoshis per share. The company stated that it did not issue shares through its ATM program during the quarter and did not purchase any Bitcoin during the period.
Key points
- American Bitcoin added approximately 425 BTC in Q3 2026.
- Due to reduced output, mining revenue decreased to approximately $63.4 million.
- Rising electricity costs pushed the gross profit margin down to approximately 41%.
- Adjusted EBITDA turned positive, reaching approximately $221 million.
As of September 30, 2026, American Bitcoin’s Bitcoin holdings increased to approximately 8,427 BTC, up from approximately 8,002 BTC on June 30. This represents an addition of about 425 BTC to the company’s strategic reserve, a growth of approximately 5%.
The company's disclosed holdings include approximately 3,090 bitcoins, which have been pledged as collateral for mining equipment purchases under an agreement with BITMAIN.
American Bitcoin's Q3 earnings show pressure on mining profit margins.
In the third quarter of 2026, Bitcoin mining revenue declined from approximately $67 million in the second quarter to about $63.4 million. The yield also decreased, with approximately 891 Bitcoins mined in the third quarter, down from around 932 in the previous quarter.
The third-quarter production accounted for approximately 21% of the total Bitcoin mined by the company since its launch on March 31, 2025. The revenue per mined Bitcoin decreased from approximately $71,900 to approximately $71,100.
Gross profit decreased from approximately $33 million to approximately $25.8 million, and the gross margin narrowed from approximately 49% to approximately 41%. American Bitcoin stated that part of the pressure stemmed from seasonal increases in electricity costs at its sites.
These costs have also primarily driven up the mining cost per bitcoin, rising to approximately $42,100 in the third quarter from approximately $36,500 in the second quarter.
As of the end of the quarter, the company held approximately 89,242 Bitcoin mining machines with a hash rate of about 28.1 EH/s.
Capital management supports accumulation and profit recovery.
American Bitcoin's net profit shifted from a net loss of approximately $57.2 million in the second quarter to a net profit of approximately $126 million in the third quarter. Adjusted EBITDA improved from a loss of approximately $45 million to approximately $221 million.
Unaudited financial statements show that digital asset income for the third quarter was $197.34 million, compared to a loss of $71.178 million in the second quarter. The statements also reveal a derivatives loss of $64.276 million, compared to a gain of $18.315 million in the prior quarter.
Adjusted EBITDA is a non-GAAP metric. The company adjusts net income for items such as taxes, depreciation and amortization, derivatives, warrant liability gains, and stock-based compensation in its reconciliation.
CEO Mike Ho described American Bitcoin’s third-quarter performance as evidence of the company’s focus on disciplined accumulation. He noted that, despite seasonal pressures on electricity costs, the company continued to mine at costs below spot prices, emphasizing that operational flexibility and capital allocation have helped drive long-term “bitcoin per share” growth.
Ho said: "Our third-quarter performance demonstrates our commitment to building a disciplined, bitcoin-denominated business."
Co-founder and Chief Strategy Officer Eric Trump said these achievements are significant in a challenging digital assets market. He described the company’s long-term strategy as centered around Bitcoin and U.S. energy, and stated that he believes the company’s positioning connects these two industries.
The company's third-quarter earnings conference call will be held on Wednesday, November 4, 2026, at 4:30 p.m. Eastern Time, and will be available via webcast and telephone.
This article was generated with the assistance of artificial intelligence and reviewed by the editorial team.