American Bitcoin’s Q3 results showed a return to profit and a larger Bitcoin reserve, even as higher seasonal power costs squeezed mining margins. In its November 4, 2026 earnings release, the company reported approximately $126 million in net income and a roughly 5% increase in Satoshis Per Share, without issuing shares through its ATM program or buying Bitcoin during the quarter.
Key takeaways
American Bitcoin added approximately 425 Bitcoin to its holdings in Q3 2026.
Mining revenue slipped to about $63.4 million as production declined.
Higher power costs helped push gross margin down to approximately 41%.
Adjusted EBITDA turned positive at approximately $221 million.
Bitcoin reserves and Satoshis Per Share rise
American Bitcoin ’s holdings increased to approximately 8,427 Bitcoin on September 30, 2026, from about 8,002 on June 30, 2026. That added roughly 425 Bitcoin to its strategic reserve, an increase of approximately 5%.
The reported holdings include approximately 3,090 Bitcoin pledged under agreements with BITMAIN for miner purchases.
Satoshis Per Share , the company’s measure of Bitcoin attributable to each outstanding common share, rose approximately 5%, from about 10,989 to 11,572 over the same period. The calculation multiplies Bitcoin holdings by 100,000,000 satoshis per Bitcoin and divides the result by outstanding common shares.
The share counts used in that metric reflect the company’s 1-for-15 reverse stock split , effective July 2, 2026.
American Bitcoin’s Q3 results show pressure on mining margins
Bitcoin mining revenue fell to approximately $63.4 million in Q3 2026 from about $67.0 million in Q2. Production also declined, with approximately 891 Bitcoin mined versus about 932 in the preceding quarter.
The third-quarter output represented approximately 21% of all Bitcoin the company had mined since its March 31, 2025 launch. Revenue per Bitcoin mined decreased to about $71,100 from approximately $71,900.
Gross profit fell to approximately $25.8 million from about $33.0 million, while gross margin narrowed to roughly 41% from approximately 49%. American Bitcoin attributed part of that pressure to higher seasonal power costs at its sites.
Those costs also primarily drove the increase in the cost to mine each Bitcoin: approximately $42,100 in Q3 , compared with about $36,500 in Q2.
At quarter-end, the company owned approximately 89,242 Bitcoin miners with about 28.1 EH/s of capacity.
Profit returns as capital management supports accumulation
American Bitcoin moved from a net loss of approximately $57.2 million in Q2 to net income of about $126 million in Q3. Adjusted EBITDA increased to approximately $221 million from a loss of about $45.0 million.
The unaudited statements show a $197.340 million gain on digital assets in Q3, compared with a $71.178 million loss in Q2. They also show a $64.276 million loss on derivatives, versus an $18.315 million gain in the preceding quarter.
Adjusted EBITDA is a non-GAAP measure. The company’s reconciliation adjusts net income for taxes, depreciation and amortization, derivatives, warrant-liability gains and stock-based compensation, among other specified items.
American Bitcoin sold part of its mining production to pay operating costs while continuing to expand its reserve. It reported no share issuance through its ATM program and no Bitcoin purchases during the quarter.
Leadership emphasizes Bitcoin-per-share growth
Chief Executive Officer Mike Ho presented American Bitcoin’s Q3 results as evidence of its focus on disciplined accumulation. He said the business continued mining Bitcoin below spot prices despite seasonal power-cost pressure, and emphasized operating flexibility and capital allocation that support long-term Bitcoin-per-share growth.
“Our third-quarter results demonstrate our commitment to building a disciplined, Bitcoin-denominated operating business,” Ho said.
Co-Founder and Chief Strategy Officer Eric Trump described the results as significant in a challenging digital asset market. He framed the company’s long-term strategy around Bitcoin and American energy, expressing his belief that its position connects those two industries.
The company expects to publish supplemental financial information and updates on its Bitcoin holdings and related metrics through its website and official social media channels.
Its third-quarter earnings conference call is scheduled for Wednesday, November 4, 2026, at 4:30 p.m. ET , with access by live webcast and telephone.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
