Net income was the headline act. The company moved from a loss of approximately $57.2 million in Q2 to a profit of about $126 million in Q3.
Most of that came from a non-cash gain of around $197.3 million. That gain reflects the rising value of the company’s Bitcoin holdings, as the asset’s price climbed roughly 39% during the quarter.
Adjusted EBITDA told a similar story. It reached about $221 million, compared with a loss of $45 million in the prior quarter.
Under the hood, mining got harder
Strip away the price rally and the operational picture looks less festive. The company mined approximately 891 Bitcoin in Q3, down from 932 in Q2.
That quarter’s haul still represents about 21% of American Bitcoin’s total production since it launched in March 2025.
Costs moved the wrong way. Seasonal power costs pushed the expense of mining each Bitcoin to roughly $42,100, up from $36,500 in Q2.
Gross profit fell to approximately $25.8 million, with gross margin sliding to about 41% from roughly 49% in the prior quarter.
Sell some, stack some
American Bitcoin split its production almost down the middle. It sold around 465 $BTC to cover operational costs and added approximately 425 $BTC to its strategic reserve.
Total holdings reached about 8,427 $BTC as of September 30, 2026, an increase of roughly 5%. That figure includes 3,090 $BTC or assets pledged under agreements with Bitmain, the mining hardware maker.
The pledged portion matters. Coins tied up in agreements with a counterparty are not the same as coins sitting freely on the balance sheet, and investors sizing up the reserve should keep that distinction in mind.
Background: a miner that doubles as a treasury
American Bitcoin has only been operating since March 2025. In that short window, it has leaned into a dual identity: part industrial miner, part Bitcoin treasury company.
Q2 showed the downside of that exposure, with a loss of approximately $57.2 million. Q3 showed the upside. Same company, same strategy, very different scoreboard.
What this means
For investors, the key question is which number to focus on. Net income of about $126 million looks impressive, but the roughly $197.3 million non-cash gain did the heavy lifting.
The operational metrics may be the better read on the underlying business. Lower production, higher cost per coin and a thinner gross margin all point to a miner feeling pressure from rising expenses.
Seasonal power costs are the immediate culprit here.
The reserve strategy offers a counterweight. By adding approximately 425 $BTC while selling only what it needs to run, American Bitcoin is steadily growing its holdings.
Things to watch next: the cost to mine each Bitcoin, the gross margin trend, and how the pledged Bitmain holdings evolve as a share of the total reserve.
For now, American Bitcoin delivered a profitable quarter. The market just did most of the work.
