American Bitcoin, co-founded by Eric Trump, reported a $126 million profit for Q3, bouncing back from a $57.2 million loss, driven by Bitcoin's price surge.
American Bitcoin, co-founded by Eric Trump, announced a net profit of $126 million for the third quarter, a significant rebound from a loss of $57.2 million in the previous quarter. This turnaround was largely driven by a positive revaluation of digital assets totaling $197.3 million, compared to a loss of $71.2 million in the second quarter.
The company reported to the SEC that Bitcoin’s price surged approximately 39% from $59,847 to $83,415 during July to September, boosting the balance sheet value of American Bitcoin's reserves. This price increase partially offset a $64.3 million loss from financial derivatives.
Adjusted EBITDA reached $220.8 million, a stark improvement from a negative $45 million in the second quarter.
Mining Revenue Declines
Despite the surge in net profit, operational metrics for American Bitcoin showed deterioration. Mining revenue fell by 5.4% from $67 million to $63.4 million compared to the prior quarter. The company mined 891 BTC during this period, down from 932 BTC in the second quarter, with average revenue per mined Bitcoin dropping from $71,900 to $71,100.
American Bitcoin reported a 15.3% increase in production costs per Bitcoin, from $36,500 to $42,100, primarily due to seasonal spikes in electricity prices at mining sites. Consequently, gross profit decreased from $33 million to $25.8 million, and profitability fell from 49% to 41%.
As of the end of September, American Bitcoin operated a fleet of 89,242 mining devices with a total computing power of 28.1 EH/s.
Bitcoin Reserves Grow to 8,427 BTC
During the quarter, American Bitcoin increased its reserves by 425 BTC, or about 5%, bringing the total to 8,427 BTC. Approximately 3,090 BTC of this total was pledged under agreements with mining equipment manufacturer Bitmain.
CEO Mike Ho stated that the company continued to accumulate cryptocurrency through its mining operations, with no Bitcoin purchases or stock issuance through market placement programs during the quarter. Some mined coins were sold to cover operational expenses.
The number of satoshis per share rose approximately 5%, from 10,989 to 11,572. On November 4, American Bitcoin's shares closed down 5.6% at $6.24 but gained 1.76% in pre-market trading, reaching $6.35.
Notably, Forbes reported in April that retail investors in American Bitcoin had lost around $500 million since the company went public on Nasdaq in September 2025, with stock prices plummeting 92% over that period. Meanwhile, Eric Trump's net worth reportedly increased from $190 million to $280 million during the same timeframe.
