American Bitcoin swings to $126M Q3 2026 profit
Bitcoin holdings increased approximately 425 Bitcoin to approximately 8,427 as of September 30, 2026, while Satoshis Per Share rose approximately 5%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
American Bitcoin Corp. reported Q3 2026 net income of $125.987 million, versus a $57.151 million net loss in Q2, and Adjusted EBITDA of $220.797 million versus a $45.032 million loss. Revenue was $63.355 million, compared with $67.015 million; gross profit was approximately $25.8 million and gross margin approximately 41%, versus approximately $33.0 million and approximately 49%. Results included a $197.340 million gain on digital assets and a $64.276 million loss on derivatives. The company attributed margin pressure partly to higher seasonal power costs.
Bitcoin holdings increased approximately 425 Bitcoin to approximately 8,427 Bitcoin as of September 30, 2026, from approximately 8,002 Bitcoin as of June 30, 2026; Satoshis Per Share increased approximately 5% to approximately 11,572. Mining output was approximately 891 Bitcoin, compared with approximately 932 Bitcoin in Q2, while cost to mine rose to approximately $42,100 per Bitcoin from approximately $36,500. American Bitcoin said it sold part of production to cover operating costs and continued to build its reserve without issuing shares through its ATM program or purchasing Bitcoin during the quarter.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Major pointNet income: $125.987 million in Q3, versus a $57.151 million Q2 loss.
- Major pointAdjusted EBITDA: $220.797 million in Q3, versus a $45.032 million Q2 loss.
Negative
- Moderate pointRevenue: $63.355 million in Q3, down from $67.015 million in Q2.
- Moderate pointGross margin: approximately 41% in Q3, versus approximately 49% in Q2.
Filing Explained
This 8-K furnishes Q3 results; the company’s approximately 8,427 Bitcoin holdings include approximately 3,090 Bitcoin pledged for miner purchases under BITMAIN agreements, so the reported total is not wholly unpledged.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
non-GAAP financial measure financial
hashrate technical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were ABTC's Q3 2026 net income and Adjusted EBITDA?
How much Bitcoin did ABTC hold at September 30, 2026?
How does ABTC define Adjusted EBITDA?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, American Bitcoin Corp. issued a press release announcing its financial results for the period ended September 30, 2026. A copy of such press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 2.02 and Exhibit 99.1 attached hereto is being furnished to the U.S. Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press Release, dated November 4, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMERICAN BITCOIN CORP. |
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November 4, 2026 |
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/s/ Paul Sacks |
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Name: Paul Sacks |
American Bitcoin Reports Third Quarter 2026 Results
Grows Bitcoin Reserve Through Mining Operations, Increases Satoshis Per Share by Approximately 5%
MIAMI, FL, November 4, 2026 – American Bitcoin Corp. (Nasdaq: ABTC) (“American Bitcoin” or the “Company”), a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure backbone, today reported its financial results for the third quarter of 2026.
Mike Ho, Chief Executive Officer of American Bitcoin, said: “Our third-quarter results demonstrate our commitment to building a disciplined, Bitcoin-denominated operating business. Despite seasonal power cost pressures, we continued mining Bitcoin at a structural discount to spot, grew our strategic reserve, and increased Satoshis Per Share by approximately 5%, all without issuing shares through our ATM program or purchasing Bitcoin during the quarter. 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.”
Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, said: “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. This quarter, we delivered approximately $126 million in net income and $221 million in Adjusted EBITDA, while growing our Bitcoin reserve and increasing Bitcoin per share. These are significant results, particularly in a challenging digital asset market, and they reflect the discipline and long-term conviction behind this business. But our opportunity extends beyond any single quarter. As demand for energy and critical infrastructure accelerates across America, I believe we're particularly well-positioned at the intersection of two industries that will help define the future of our economy. We’re building American Bitcoin for the long term, and I’m excited about what lies ahead.”
Strategic Reserve Growth
Mining Platform Performance
1. Represents the amount of Bitcoin attributable to each outstanding share of the Company’s common stock. SPS is calculated by multiplying the Company’s total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then dividing that total by the number of shares of the Company’s common stock outstanding as of the measurement date. Number of common shares issued and outstanding reflect a 1-for-15 reverse stock split effected on July 2, 2026.
2. Includes ~3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN.
Conference Call
The Company’s Third Quarter 2026 Earnings Conference Call will be held today, Wednesday, November 4, 2026, at 4:30 p.m. ET. Investors can join the live webcast at https://app.webinar.net/pymQJ5mJ37e. To join by telephone, dial 1 (888) 880-3330 ten minutes prior to the start time to allow time for registration. International callers may dial 1 (646) 357-8766.
Supplemental Materials and Upcoming Communications
The Company expects to make available on its website and/or official social media channels certain materials and updates designed to accompany the discussion of its results, along with certain supplemental financial information and other data, including regarding its Bitcoin holdings and related performance metrics. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, abtc.com/investors, and its social media accounts, including on X, Instagram, and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.
About American Bitcoin
American Bitcoin Corp., a majority-owned subsidiary of Hut 8 Corp., is a Bitcoin accumulation platform focused on building America’s Bitcoin infrastructure. The Company delivers institutional-grade exposure to Bitcoin through an industry-first business model that integrates scaled self-mining operations with disciplined accumulation strategies. For more information, visit abtc.com and follow the Company on X at @ABTC.
Cautionary Note Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements relating to the Company’s ability to efficiently accumulate Bitcoin and continue to grow its strategic Bitcoin reserve; the Company’s ability to mine Bitcoin at a discount to the prevailing Bitcoin price; the Company’s ability to grow its Bitcoin holdings and Satoshis Per Share over time; the Company’s ability to maintain flexibility in its operations; the Company’s ability to allocate capital in a manner that supports long-term Bitcoin-per-share growth; the Company’s ability to create lasting value for shareholders across market cycles; the effect of seasonal power costs on the Company’s margins and cost to mine; the expected role of Bitcoin and energy infrastructure in the future of the economy and the Company’s positioning in its industry; and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally.
Forward-looking statements are not statements of historical fact, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking
statements, including, but not limited to: the price of Bitcoin and concentration of Bitcoin holdings; failure to grow hashrate; the purchase of miners; competition from other methods of investing in Bitcoin; uncertainty in the development and acceptance of the Bitcoin network; reliance on third-party mining pool service providers; hedging transactions; Bitcoin halving events; failure to realize the anticipated benefits of the merger transactions; dependence on Hut 8; liquidity constraints and failure to raise additional capital; failure of critical systems; competition from current and future competitors; changes in leasing arrangements; hazards and operational risks; electrical power requirements; geopolitical, social, economic, and other events and circumstances; cybersecurity threats and breaches; Internet-related disruptions; dependence on key personnel; having a limited operating history; rapidly changing technology; predicting facility requirements; acquisitions, strategic alliances or joint ventures; operating and expanding internationally; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; stock price volatility; the Company’s multi-class capital structure and status as a controlled company; and other factors that may affect the future business, results, financial position and prospects of the Company. Additional factors that could cause results to differ materially from those described above can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and in other documents filed by the Company from time to time with the SEC.
Adjusted EBITDA
In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss), adjusted for impacts of income tax provision, depreciation and amortization, loss (gain) on derivatives, gain on warrant liability, the removal of non-recurring transactions, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons that our Board and management team consider them appropriate for supplemental analysis.
Our Board and management team use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions) that impact the comparability of financial results from period to period.
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in such presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that we will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in our industry, its definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.
American Bitcoin Corp.
Unaudited Condensed Consolidated and Combined Statements of Operations
(in USD thousands)
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Three Months Ended |
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September 30, 2026 |
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June 30, 2026 |
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Revenue |
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$ |
63,355 |
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$ |
67,015 |
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Cost of revenue (exclusive of depreciation and amortization shown below) |
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37,524 |
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34,009 |
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Operating expenses (income): |
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Depreciation and amortization |
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28,579 |
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28,237 |
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General and administrative expenses |
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2,758 |
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7,672 |
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(Gain) loss on digital assets |
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(197,340 |
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71,178 |
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Total operating (income) expenses |
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(166,003 |
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107,087 |
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Operating income (loss) |
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191,834 |
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(74,081 |
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Other (expense) income: |
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(Loss) gain on derivatives |
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(64,276 |
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18,315 |
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Gain on warrant liability |
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6 |
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22 |
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Other (expense) income |
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(64,270 |
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18,337 |
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Income (loss) before income taxes |
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127,564 |
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(55,744 |
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Income tax provision |
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(1,577 |
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(1,407 |
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Net income (loss) |
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$ |
125,987 |
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$ |
(57,151 |
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Adjusted EBITDA Reconciliation
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Three Months Ended |
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September 30, 2026 |
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June 30, 2026 |
Net income (loss) |
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$ 125,987 |
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$ (57,151) |
Income tax provision |
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1,577 |
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1,407 |
Depreciation and amortization |
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28,579 |
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28,237 |
Loss (gain) on derivatives |
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64,276 |
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(18,315) |
Gain on warrant liability |
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(6) |
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(22) |
Non-recurring transactions (1) |
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— |
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Stock-based compensation expense |
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384 |
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812 |
Adjusted EBITDA |
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$ 220,797 |
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$ (45,032) |
(1) There were no non-recurring transactions for the three months ended September 30, 2026 and June 30, 2026.
Contacts
American Bitcoin Investor Relations
ir@abtc.com
American Bitcoin Public Relations
media@abtc.com