Trump-Backed American Bitcoin Turns a Profit as Bitcoin Rise Lifts Books
Summary
American Bitcoin reported $126 million in third-quarter net income, reversing a $57.2 million loss in the prior quarter. Adjusted EBITDA reached $221 million, largely reflecting a $197 million gain from the rising book value of its Bitcoin holdings. Its reserve grew 5% to about 8,427 BTC, entirely through mining, while production fell to 891 BTC and mining costs rose to about $42,100 per coin, squeezing gross margin to 41%. The company operated 28.1 exahashes per second of capacity. Its profit depended heavily on Bitcoin’s price appreciation rather than mining performance, leaving results vulnerable to a downturn. Shares have struggled since the company went public and it completed a 1-for-15 reverse split in July.
