Eric Trump’s American Bitcoin Banks $126M Profit—But ABTC Shares Dive

American Bitcoin Corp. (Nasdaq: ABTC) reported approximately $126 million in third-quarter net income and $221 million in adjusted EBITDA on Wednesday, Nov. 4, 2026, while mining costs rose 15.3% and its bitcoin (BTC) treasury reached 8,427 coins.

American Bitcoin Q3 2026 Earnings Reveal $221M in Adjusted EBITDA

The company’s third-quarter earnings release revealed a dramatic financial reversal, with net income reaching approximately $126 million compared with a $57.2 million loss in the second quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached approximately $221 million, reversing a $45 million adjusted EBITDA loss in the preceding quarter.

Yet the headline figures tell only part of the story. Mining revenue declined from approximately $67 million to $63.4 million, while gross profit slipped from $33 million to $25.8 million. Gross margins contracted from 49% to 41%, reflecting higher seasonal electricity expenses.

Eric Trump, American Bitcoin’s co-founder and chief strategy officer, celebrated the company’s financial performance in the Nov. 4 announcement. Trump stated:

“We’re building American Bitcoin with the conviction that bitcoin and American energy will play an increasingly important role in the future of our economy.”

The executive also emphasized the company’s growing cryptocurrency reserves and bitcoin-per-share performance as central elements of its accumulation strategy.

How Much Bitcoin Does American Bitcoin Hold?

American Bitcoin’s treasury expanded from approximately 8,002 BTC on June 30 to 8,427 BTC on Sept. 30, an increase of roughly 425 BTC, or 5.3%. According to BitcoinTreasuries.net, the company ranks 13th among publicly traded corporate bitcoin holders, ahead of GD Culture Group, a publicly traded company pursuing a digital asset treasury strategy, and Galaxy Digital Holdings, a digital asset financial services company.

Its satoshis per share metric increased approximately 5%, from 10,989 to 11,572. The measure represents the amount of bitcoin attributable to each outstanding share of the company’s common stock. American Bitcoin CEO Mike Ho emphasized that the company accomplished this without issuing shares through its at-the-market offering program or purchasing bitcoin during the quarter.

The American Bitcoin executive said:

“That is an important distinction in today’s market. Our focus remains on efficiently accumulating bitcoin, maintaining flexibility in our operations, and allocating capital in ways that support long-term bitcoin-per-share growth. We believe that discipline positions American Bitcoin to create lasting value for shareholders across market cycles.”

The earnings release also disclosed that approximately 3,090 BTC were pledged for miner purchases under agreements with mining hardware manufacturer Bitmain. The distinction matters for ABTC stock investors because expanding bitcoin holdings does not necessarily increase each shareholder’s exposure if additional stock issuance dilutes existing ownership.

American Bitcoin Mining Costs Rise 15.3% as Electricity Prices Climb

The company’s cost to produce one bitcoin increased from approximately $36,500 in the second quarter to $42,100 in the third, a 15.3% quarterly increase. Meanwhile, bitcoin production declined from approximately 932 BTC to 891 BTC, representing a 4.4% reduction. The company’s reported revenue per bitcoin mined averaged approximately $71,100 during the third quarter, compared with a production cost of $42,100.

That leaves a difference of roughly $29,000 per bitcoin before considering the broader accounting and financial expenses associated with the business. The calculation provides another perspective on the company’s mining economics. Production remained profitable on the reported cost basis, but the cushion narrowed as electricity expenses climbed.

American Bitcoin’s owned mining fleet consisted of approximately 89,242 machines, representing 28.1 exahash per second (EH/s) of capacity at quarter-end. The company sold a portion of its mined bitcoin to cover operating expenses while retaining enough production to expand its cryptocurrency reserves. Despite declining production and higher mining costs, the company maintained a positive gross margin of approximately 41%.

Eric Trump’s Bitcoin Mining Venture Faces a Changing Political Climate

American Bitcoin is majority-owned by Hut 8 Corp., a publicly traded energy infrastructure and bitcoin mining company. The company’s financial results arrive as Trump family cryptocurrency ventures face heightened political scrutiny following Democrats’ victories in the Nov. 3 midterm elections.

For investors, the more immediate concern involves whether the company’s bitcoin-per-share accumulation strategy can withstand rising energy costs, mining competition, and the capital commitments required to sustain its operations. The company’s financial performance illustrates a distinction between reported earnings and the economics of producing bitcoin. Net income and adjusted EBITDA improved dramatically even as mining revenue, output, and gross margins declined.

American Bitcoin delivered a substantial accounting turnaround, but the underlying mining figures reveal a business facing increasingly expensive production.

ABTC shares are deep in the red so far Thursday, falling nearly 17% to a recent price of $5.18 amid a broader tech sell-off that has rocked other publicly traded miners. American Bitcoin shares are now down more than 40% over the last month.

Former bitcoin mining company Keel Infrastructure sold its entire BTC treasury during the third quarter, generating $192 million in proceeds…