American Bitcoin Swings to $126M Net Income in Q3 as Reserve Hits 8,427 BTC

American Bitcoin Corp. reported $126 million in net income for the third quarter of 2026, rebounding from a net loss of $57.2 million in the prior quarter, according to an earnings release published on Nov. 4 ¹. The company, which trades on Nasdaq under the ticker ABTC, also booked $221 million in adjusted EBITDA, reversing an adjusted EBITDA loss of $45 million in the second quarter ¹. At the time of writing, $BTC traded at $80,116, gaining 2.9% over the past 24 hours.

The majority-owned subsidiary of Hut 8 Corp. expanded its total treasury to approximately 8,427 Bitcoin as of Sept. 30, up about 5% from 8,002 Bitcoin on June 30 ¹. That balance includes roughly 3,090 Bitcoin pledged for hardware purchases under contracts with Bitmain ¹. Chief Executive Officer Mike Ho stated that the firm accumulated the 425 additional tokens purely through mining operations, avoiding both direct market purchases and common stock issuances under its at-the-market program ¹. The expansion lifted the company's metric of Satoshis Per Share by roughly 5%, moving from 10,989 to 11,572 ¹.

Power Costs Squeeze Mining Margins

Operational margins faced headwinds from higher summertime energy expenses ¹. American Bitcoin produced approximately 891 Bitcoin during the quarter, down from 932 Bitcoin in the second quarter of 2026 ¹. Mining revenue slipped to about $63.4 million compared with $67 million in the previous period, with revenue per mined Bitcoin softening slightly from roughly $71,900 to $71,100 ¹.

Direct production costs climbed from roughly $36,500 per Bitcoin in the second quarter to $42,100 per Bitcoin in the third quarter, driven by higher seasonal power rates across operating facilities ¹. Consequently, gross profit dropped to $25.8 million, yielding a gross margin of 41% compared to 49% in the prior quarter ¹. The company noted it sold a portion of its mined output to settle operating expenses while directing the remainder to its strategic reserve ¹.

As of Sept. 30, American Bitcoin operated an owned fleet of approximately 89,242 mining rigs delivering 28.1 exahashes per second (EH/s) of computing capacity ¹. Third-quarter output represented roughly 21% of the total Bitcoin the platform has mined since commencing operations on March 31, 2025 ¹. The results come as the broader market debates reserve accumulation models and mining resilience amid shifting structural conditions, detailed in recent discussions on how the Bitcoin Midterm Bottom Pattern Tested as 2026 Cycle Diverges From History.