American Bitcoin (ABTC) recorded a $126 million Q3 profit, supported by a $197.3 million Bitcoin gain. The filing puts operating income at $191.8 million, including the digital asset gain. Operations would have lost about $5.5 million excluding that gain. CEO Mike Ho said the gain was non-cash and reflected Bitcoin's roughly 39% increase during Q3.
American Bitcoin, which Eric Trump co-founded, published earnings after the US market closed on November 4. ABTC shares had fallen 5.6% from the previous close before the release.
Mining revenue declined from $67 million in Q2 to $63.4 million in Q3. Gross margin narrowed from 49% to 41%. American Bitcoin attributed part of the deterioration to higher seasonal power costs. Those costs also increased the expense of mining one BTC from $36,500 to $42,100. Bitcoin production fell from 932 BTC in Q2 to about 891 BTC.
American Bitcoin said during the earnings call that the company sold about 465 BTC to pay costs. The reserve consequently increased by about 425 BTC, reaching 8,427 BTC. Ho said the reserve expanded without at-the-market share sales or Bitcoin purchases during the quarter. Ho said American Bitcoin continued to mine below Bitcoin's spot price despite seasonal power cost pressures. Ho also said Satoshis Per Share increased by approximately 5%.
Adjusted earnings before interest, taxes, depreciation and amortization reached $220.8 million. The adjusted figure retains the digital asset gain and adds back a $64.3 million derivatives loss. A $71.2 million digital asset loss had driven American Bitcoin to a $57.2 million net loss in Q2.
Coinglass puts Bitcoin's Q4 opening price at $83,553.85 and the current price near $80,705, a decline of 3.41%. Bitcoin recovered above $80,000 this week. Current prices would imply a Q4 valuation loss of about $24 million. However, nearly 2 months remain before the quarter ends. American Bitcoin would recognize another gain if Bitcoin finishes December above $83,553.85. A fall to roughly $68,600 would erase the Q3 profit through valuation changes alone.
Coinglass data show a median Q4 Bitcoin return of 27.94% since 2010. However, Bitcoin fell 23.28% in Q4 2025. ABTC shares rose 0.48% in after-hours trading to $6.27 from a closing price of $6.24. However, ABTC shares have fallen 75.53% since the beginning of 2026. American Bitcoin's Q4 results will reveal whether Bitcoin's December 31 closing price reverses part of the Q3 gain.