American Bitcoin, a mining company majority-owned by Hut 8 and backed by the Trump family, reported net income of approximately $126 million in the third quarter, compared with a $57.2 million loss in the second quarter. Its adjusted EBITDA reached roughly $221 million, with a $197 million gain on digital assets driving much of the turnaround. The company increased its Bitcoin reserve by about 425 BTC, or 5%, to 8,427 BTC, without buying any Bitcoin or issuing shares. Its mining operations weakened, as output fell to 891 BTC, the cost to mine rose to about $42,100 per BTC and gross margin declined to 41%. The profit therefore relies heavily on the accounting effect of Bitcoin’s price rise, while the stock has remained under substantial pressure since its public listing.
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