American Bitcoin’s $126M profit masks mining pressure as rivals turn to AI
Summary
American Bitcoin reported $126 million in quarterly net income, largely due to a $197.3 million noncash gain on its Bitcoin holdings. Mining revenue slipped 5.5% to $63.4 million, costs per BTC climbed 15% to $42,100, and gross mining profit fell to $25.8 million. Without the holdings gain, the company would have posted an operating loss of about $5.5 million; revenue also missed estimates. It mined 891 BTC and held 8,427 BTC at September’s end. The results sharpen questions about its strategy of mining and accumulating Bitcoin as Riot, MARA and Core Scientific expand into AI infrastructure, where energy assets may offer stronger returns. Higher power costs and mining difficulty could further pressure margins.
