American Bitcoin reported a net profit of $126 million in the third quarter, after a $57.2 million loss in the preceding quarter. The return to profitability was driven mainly by $197.3 million in gains on its digital assets, largely resulting from the revaluation of its bitcoin holdings at their closing price. Its mining operations weakened, with revenue falling 5.4% to $63.4 million and production declining 4.4% to 891 bitcoins. The company added 425 bitcoins to its reserves to cover expenses, bringing its holdings to 8,427 units, but its shares have lost 76% since the beginning of the year.
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