American Bitcoin swings to $126M profit in Q3 2026 on Bitcoin gains

The Nasdaq-listed miner keeps stacking Bitcoin even as its per-coin mining costs climb

Thu 5 Nov 2026 · 06:13 EST · 3 min read

In Technology

American Bitcoin Corp. has added another 127 BTC to its balance sheet, bringing total holdings to 8,427 BTC.

The more interesting story sits underneath the headline number: how the miner is paying for its pile, and what that pile is doing to its earnings.

The numbers behind the stack

The Nasdaq-listed company, which trades under the ticker ABTC, reported that its Bitcoin holdings reached approximately 8,427 BTC as of September 30, 2026.

That compares with roughly 8,002 BTC at June 30, 2026. The result is a net gain of about 425 BTC over the third quarter.

On the production side, American Bitcoin mined around 891 BTC in Q3 2026. That was down from approximately 932 BTC in the prior quarter.

Put those figures side by side and a pattern appears. The company mined 891 coins but grew its treasury by only about 425. In other words, the balance sheet kept less than half of what the machines produced during the quarter.

The headline earnings figure is where things get eye-catching. American Bitcoin posted net income of approximately $126 million for Q3 2026.

One quarter earlier, it recorded a $57.2 million loss.

The driver was a $197.3 million non-cash gain tied to Bitcoin’s price appreciation during the quarter. Under current accounting, companies holding Bitcoin record changes in its market value through their income statements, so a rising price can turn a loss into a profit without a single coin being sold.

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Adjusted EBITDA came in at approximately $221 million.

Mining got more expensive

Strip away the treasury gains and the operating picture looks less festive.

Mining revenue was approximately $63.4 million in the quarter, down about 5% from the previous quarter.

The cost to mine each Bitcoin rose to roughly $42,100. In Q2, that figure was about $36,500.

Gross margin declined to 41%, which the company attributed to seasonal power costs.

Meanwhile, the company’s mining capacity reached approximately 28.1 EH/s. Yet output still fell from 932 BTC to 891 BTC quarter over quarter.

How the market reacted

ABTC shares closed down 5.6% during the regular session. They then rose 2.4% in extended trading.

That split reaction makes sense given the two stories the quarter told at once. One story is a swelling Bitcoin treasury that boosted reported profits. The other is a core mining operation producing fewer coins at a higher cost per coin.

What this means

For shareholders, the takeaway is that reported net income is increasingly a Bitcoin price story.

The $197.3 million gain that powered Q3 profit can reverse just as easily. The Q2 loss of $57.2 million is a recent reminder of how quickly the numbers can flip.

Mining revenue slipped about 5%, cost per coin climbed to roughly $42,100, and gross margin fell to 41.

The company has framed the margin squeeze as seasonal.

With capacity at approximately 28.1 EH/s, the company has meaningful firepower. But coins mined declined quarter over quarter, and the treasury grew by only about 425 BTC against 891 mined.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.