In brief – American Bitcoin, the Trump-family-backed, Hut 8-majority-owned miner, swung to roughly $126 million in net income in Q3, from a $57.2 million loss in Q2, with adjusted EBITDA of about $221 million. – The turnaround leaned heavily on a $197 million gain on its digital…
sets as Bitcoin’s book value rose. – Mining got harder—output fell to 891 BTC and cost to mine rose to ~$42,100 on seasonal power costs. American Bitcoin, the Trump-family-backed mining venture, swung to a roughly $126 million profit in the third quarter, a sharp reversal from the loss it posted three months earlier, as a jump in Bitcoin’s book value and disciplined accumulation powered its best showing yet
The Nasdaq-listed company, which trades under the ticker ABTC and is majority-owned by miner Hut 8, reported net income of about $126 million for the quarter ended Sept. 30, compared with a $57.2 million net loss in the second quarter. Adjusted EBITDA came in at roughly $221 million, versus a $45 million loss the prior quarter. Much of the swing came from a $197 million gain on its digital assets, as Bitcoin’s value rose during the period.
The company grew its Bitcoin reserve to about 8,427 BTC, up roughly 425 coins, or 5%, from the end of June, and lifted its “satoshis per share,” a measure of how much Bitcoin backs each share, by about 5%. Notably, it did so without buying any Bitcoin or issuing new shares through its at-the-market program during the quarter, relying instead on its own mining output. “These are significant results, particularly in a challenging digital asset market,” said Eric Trump, the company’s co-founder and chief strategy officer, touting the profit and the growth in Bitcoin per share. CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business,” saying the firm continued “mining Bitcoin at a structural discount to spot.” The mining operation itself had a tougher quarter.