American Bitcoin, the Bitcoin miner co-founded by Eric Trump, returned to profit in the third quarter of 2026, reporting $126 million in net income for the three months ended September 30. The result reversed the $57.2 million loss the company recorded in the second quarter, according to its quarterly filing with the U.S. Securities and Exchange Commission.

The swing was driven primarily by a $197.3 million gain on the company's digital assets, which reflected changes in Bitcoin's reported value rather than cash earned from mining operations — a dynamic that ties headline earnings to Bitcoin's reported value as much as to operational output, a pattern visible across this quarter's sector-wide results. The gain helped offset lower mining revenue and higher operating costs during the period. Adjusted EBITDA rose to $220.8 million, compared with a $45 million loss in the prior quarter. Beneath the headline improvement, the miner's core business produced fewer coins and generated less revenue than in the previous period.

Mining Revenue Falls as Production Costs Climb

American Bitcoin mined approximately 891 BTC during the quarter, down from 932 BTC in the previous period. That output represented about 21% of all Bitcoin the company has mined since launching operations in March 2025.

Mining revenue declined 5.4% to $63.4 million from $67 million, while revenue per coin slipped to $71,100. Production costs moved in the opposite direction: the average cost to mine one Bitcoin rose to $42,100 from $36,500 in the previous quarter, driven by more expensive electricity. That left a per-coin spread of $29,000, narrower than in the prior quarter — a gauge of how much of each coin's value survives direct production costs, with the cost-side pressure this quarter attributed to more expensive electricity.

The results came as peers across the sector reported their own quarterly figures. Strategy, for its part, reported $19.53 billion in quarterly profit, largely from Bitcoin valuation gains.

Bitcoin Reserve Grows to 8,427 BTC

The company ended September with 8,427 BTC in reserve, an increase of approximately 425 BTC from June. It sold some newly mined coins to cover operating expenses but did not purchase any Bitcoin during the quarter, meaning the reserve's growth came from mined coins the company retained rather than from open-market purchases.

The reserve included 3,090 BTC pledged under miner purchase agreements with Bitmain. Bitcoin held per share rose about 5%, and the company issued no shares through its stock sale program during the period. Its fleet contained 89,242 mining machines at the end of September.

Rival Miners Report Mixed Results

Riot Platforms generated $181.4 million in third-quarter revenue, including $116 million from Bitcoin mining. Riot's mining revenue declined even as the company expanded into data center leasing.

Hut 8, American Bitcoin's parent company, posted $189.5 million in net income and $413.8 million in digital asset gains. Its overall quarterly revenue fell to $71.1 million from $83.5 million a year earlier, echoing the same mix of valuation-driven profit and softer operating revenue reported by its subsidiary.

Shares Move Following Earnings

Elsewhere, MARA moved 1,650 BTC to Galaxy Digital, Copper, and other platforms, according to reported wallet tracking data. The transfers were worth approximately $132.8 million, and the company had not confirmed whether the Bitcoin were sold.

American Bitcoin shares fell 5.6% during Wednesday's regular session before rising 2.4% in after-hours trading following the earnings announcement.

Source: CoinCentral