Key Highlights

  • American Bitcoin (NASDAQ:ABTC) swung to third-quarter Net Income of USD 126.0 million, or USD 1.73 per diluted share, from USD 3.5 million, or USD 0.06, a year earlier, figures restated for the 1-for-15 reverse split.
  • A gain on digital Assets of USD 197.3 million did most of the work, as Bitcoin's quarter-end Fair Value of about USD 83,415 rose from roughly USD 59,847 at the start of the period.
  • Revenue dipped to USD 63.4 million from USD 64.2 million because average Revenue per Bitcoin mined slid to about USD 71,087 from USD 114,097, even though output grew to 891 Bitcoin.
  • The reserve held 8,427 Bitcoin worth about USD 702.9 million on September 30, 2026, and 3,090 of those coins were pledged for miner purchases.

Revaluation Gain of USD 197.3 Million Drives the Swing

American Bitcoin (NASDAQ:ABTC) lodged its Quarterly Report on November 4, 2026, covering the three months to September 30. Operating Income reached USD 191.8 million against USD 7.2 million a year earlier, and the filing credits a USD 197.3 million gain on digital assets for most of that jump. Remove the gain and the company would have posted an operating loss of about USD 5.5 million (calculated). A USD 64.3 million Derivatives loss, linked to the Bitcoin Redemption and put options inside its Bitmain purchase agreements, pulled pretax income down to USD 127.6 million. Company-defined adjusted EBITDA of USD 220.8 million, compared with USD 27.7 million, still contains that digital asset gain.

Mined Output Climbs While Revenue Per Coin Falls

Mined Volume rose to roughly 891 Bitcoin from 563, supported by a full quarter at the Vega site fleet and by Drumheller deployments made in March and April 2026. Lower realized prices per coin outweighed that extra volume, leaving revenue down USD 0.9 million at USD 63.4 million. Cost of revenue increased to USD 37.5 million from USD 28.3 million on heavier energy use and power costs, while Depreciation climbed to USD 28.6 million from USD 15.2 million as the fleet expanded. General and administrative spending dropped to USD 2.8 million from USD 8.1 million, since the prior year carried USD 5.2 million of Merger costs. Nine-month net loss narrowed to USD 13.0 million from USD 93.7 million on revenue of USD 192.5 million.

Coin Sales, Share Issuance and Exposure to Derivative Marks

At quarter end the company owned 8,427 Bitcoin, and during the period it sold about 465 Bitcoin for USD 36.3 million to cover operating expenses. Over nine months operations consumed USD 72.4 million of cash, which was offset by USD 144.1 million from its at-the-market share program, where 12,121,321 Class A shares brought in USD 385.2 million gross under a USD 2.1 billion capacity. Selling shares this way enlarges the share count. The filing also offers a sensitivity estimate: a 10% fall in Bitcoin would raise the Bitmain derivative assets, valued at USD 115.7 million, by roughly USD 19.9 million, while a 10% rise would reduce them by about USD 17.7 million. Reported results therefore track Bitcoin's price and the fair-value marks.

Where Things Stand

Largely yes. The USD 126.0 million profit reflects a Revaluation rather than stronger operations, since American Bitcoin (NASDAQ:ABTC) moved from USD 3.5 million of net income to that level mainly because Bitcoin rose over the quarter and the reserve grew. Revenue slipped and Operating Cash Flow stayed negative in the same period. Because Bitcoin's price drives the outcome, a Reversal could make the next report look very different. Watch the pace of coin sales used to fund costs, further share issuance, the pledged coins and the derivative marks.