Q4 Puts American Bitcoin’s $126M Q3 Gain to the Test

American Bitcoin (ABTC) booked a $126 million profit for Q3, lifted by a $197.3 million gain on Bitcoin (BTC). Excluding that gain, the miner's operations were slightly loss-making.

Eric Trump helped found the company, which released its results after US markets closed on November 4. By then, its shares had already slipped 5.6% from the previous session's close.

A Bitcoin Rally Propped Up a Slim Mining Quarter

During the earnings call, CEO Mike Ho described the gain as a non-cash item tied to BTC's roughly 39% jump in Q3.

Operating income, as disclosed in the filing, was $191.8 million, a figure that includes the $197.3 million digital asset gain. With that gain removed, the operations showed a loss of roughly $5.5 million.

The mining operations, in turn, lost ground. Revenue came to $63.4 million, down from $67 million in Q2, while gross margin narrowed to 41% from 49%.

The firm said seasonal increases in power costs were a factor, and they also raised the cost of producing one BTC to $42,100 from $36,500.

About 891 BTC was mined by the company, versus 932 in Q2. On the call, it said about 465 BTC was sold to cover expenses, leaving the reserve at 8,427 BTC, about 425 BTC higher.

No at-the-market share offerings or BTC purchases were behind the reserve growth, Ho said.

“Despite seasonal power cost pressures, we continued mining Bitcoin at a structural discount to spot, grew our strategic reserve, and increased Satoshis Per Share by approximately 5%, all without issuing shares through our ATM program or purchasing Bitcoin during the quarter,” he said.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to $220.8 million. That total still includes the digital asset gain and also adds back a $64.3 million derivatives loss.

Q4 Begins With Bitcoin Beneath Its September Closing Price

The accounting principle also cuts the other way. A $71.2 million digital asset loss in Q2 drove American Bitcoin to a net loss of $57.2 million.

Bitcoin entered Q4 at $83,553.85 and is now hovering near $80,705, off 3.41%, Coinglass data show. Prices did move back above $80,000 this week.

Marking Q4 at current prices would result in a loss of about $24 million. Still, nearly 2 months remain before the quarter is over.

A December close for BTC above $83,553.85 would let American Bitcoin record another gain. If prices were to fall to roughly $68,600, the Q3 profit would be erased through marks alone.

The historical record is mixed. Since 2010, Q4 has posted a median return of 27.94%, according to Coinglass. Q4 2025, by contrast, finished 23.28% lower.

In extended trading, American Bitcoin shares rose 0.48% to $6.27 after ending the regular session at $6.24. Still, the stock has lost 75.53% since 2026 began.

Whether BTC's December 31 close trims some of that gain will become clear when American Bitcoin reports Q4.