American Bitcoin Corp. posted strong third-quarter financial results, highlighted by booming revenue and expanded bitcoin reserves, even as its stock price faced pressure amid broader crypto market volatility.
Key Takeaways
- Q3 revenue surged to $64.2 million, up from $11.6 million year-over-year, with net income of $3.47 million after a prior-year loss.
- Over 3,000 BTC were added to reserves, bringing holdings to 4,090 BTC as of mid-November.
- Mining capacity doubled, reaching 25 exahash per second (EH/s) through major miner acquisitions.
- Despite the growth, shares dipped due to falling bitcoin prices and broader risk-off sentiment in the markets.
What Happened?
American Bitcoin, a mining company with ties to Donald Trump Jr. and Eric Trump, delivered a profitable third quarter following its debut as a standalone public company. While the firm’s financials were strong, its stock price briefly dropped in response to declining bitcoin prices, before recovering during early trading.
Strong Financial Results Despite Market Pullback
American Bitcoin reported net income of $3.47 million, a notable turnaround from a $576,000 loss in the same quarter last year. The company’s revenue surged fivefold to $64.2 million, largely driven by increased mining capacity and operational efficiency.
In a filing with the SEC, the firm also reported an adjusted EBITDA of $27.7 million, up from a negative $4.3 million in Q3 of the prior year, and gross margin growth of 7% quarter-over-quarter.
While these results were robust, shares dropped as much as 15.6% in pre-market trading, aligning with a broader sell-off in cryptocurrencies and equities. Bitcoin itself fell approximately 5% to around $95,000, contributing to sector-wide pressure. However, ABTC rebounded later in the session to trade at $4.80, slightly above its Thursday close.
BTC Reserves and Hashrate Expansion
One of the most significant updates from the quarter was American Bitcoin’s continued accumulation of bitcoin. The company added more than 3,000 BTC to its reserves, ending September with 3,418 BTC and reporting a total of 4,090 BTC as of November 13. These assets, worth roughly $391 million, include coins held in custody and those pledged under a purchase agreement with Bitmain.
- The reserve growth was achieved through a combination of self-mining operations and open-market purchases.
- The firm ranks 24th among public companies in bitcoin holdings, according to Bitcoin Treasuries data.
To support its mining efforts, the company exercised an option to acquire 17,280 Bitmain U3S21EXPH miners, adding about 15 EH/s to its fleet. As of September 30, it operated 77,944 machines with a total fleet capacity of 25 EH/s, of which 21.9 EH/s was energized, with an average efficiency of 16.3 joules per terahash.
In total, 563 BTC were mined during Q3, which is over half of the 1,006 BTC mined through the first nine months of 2025.
A New Public Player in Mining
American Bitcoin went public through a merger with Gryphon Digital Mining and a spin-out from Hut 8, which still holds an 80% stake. The firm officially debuted on Nasdaq in September with an 80% gain, experiencing multiple trading halts due to volatility.
CEO Michael Ho emphasized the company’s progress:
Eric Trump, co-founder and Chief Strategy Officer, added:
CoinLaw’s Takeaway
In my experience, it’s rare to see a newly public crypto company move this aggressively, both in scaling infrastructure and boosting bitcoin reserves. American Bitcoin is clearly positioning itself as a long-term accumulator rather than a short-term miner. Despite short-term volatility and a market dip, this company is doubling down on its bet that bitcoin’s value will rise over time. I found the Trump family’s involvement adds a unique political twist, but the real story here is about operational execution and strategic BTC accumulation. This could make American Bitcoin a standout in the mining sector if it maintains this momentum.
