American Bitcoin swings to $126M Q3 profit on $197.3M non-cash Bitcoin gain
In brief
- American Bitcoin's Q3 2026 net income was about $126 million, versus a $57.2 million Q2 loss.
- A $197.3 million non-cash gain on Bitcoin's price drove the result.
- Bitcoin output fell to about 891 BTC from 932 BTC despite 28.1 EH/s of capacity.
- Per-coin mining cost rose to roughly $42,100 from about $36,500.
- Bitcoin holdings reached about 8,427 BTC on September 30, up roughly 425 BTC.
A gain on paper
The headline profit didn't come from selling coins. Under current accounting rules, companies holding Bitcoin record changes in its market value through their income statements, Crypto Briefing noted, so a rising price can produce a profit without a single coin leaving the treasury. American Bitcoin's $197.3 million non-cash gain during the quarter is exactly that kind of entry.
Adjusted EBITDA came in at approximately $221 million, per the reported results.
The mining numbers moved the other way.
Mining output slipped
American Bitcoin mined around 891 BTC in Q3, down from approximately 932 BTC in Q2, even as its mining capacity reached approximately 28.1 EH/s. Mining revenue was approximately $63.4 million (down about 5% from the previous quarter). It's the cost side that stands out: the company's cost to mine each Bitcoin rose to roughly $42,100, from about $36,500 in Q2. Gross margin declined to 41%, which the company attributed to seasonal power costs.
So more capacity, fewer coins, and a higher bill per coin. That's the operating picture behind the profit.
Treasury kept less than half
How much of that production stayed on the books? American Bitcoin reported holdings of approximately 8,427 BTC as of September 30, 2026, compared with roughly 8,002 BTC at June 30. That's a net gain of about 425 BTC over the quarter, against 891 BTC mined, meaning the balance sheet retained less than half of what the company produced, according to Crypto Briefing.
ABTC shares closed down 5.6% in the regular session and then rose 2.4% in extended trading, Crypto Briefing reported.
Frequently asked questions
Why did American Bitcoin report a profit while mining fewer coins?
American Bitcoin's Q3 2026 profit of about $126 million was driven by a $197.3 million non-cash gain tied to Bitcoin's price appreciation. Under current accounting, companies holding Bitcoin record changes in its market value through their income statements, so a rising price can produce a profit without coins being sold. Mined output actually fell to about 891 BTC from 932 BTC.
How much Bitcoin does American Bitcoin hold?
American Bitcoin reported holdings of approximately 8,427 BTC as of September 30, 2026, up from roughly 8,002 BTC at June 30. That's a net gain of about 425 BTC in the quarter, less than half of the 891 BTC the company mined.
