American Bitcoin, the bitcoin miner co-founded by Eric Trump, reported third-quarter net income of $126 million, compared with a $57.2 million loss in the second quarter, The Block reported. The swing came from a $197.34 million gain on digital assets, after a $71.2 million digital asset loss in the prior quarter. Adjusted EBITDA reached $220.8 million, up from a $45 million loss.
The core mining business weakened. Mining revenue fell 5.4% to $63.4 million and bitcoin production dropped 4.4% to about 891 BTC. Production cost per bitcoin rose 15.3% to about $42,100, which pushed gross margin down to 41% from 49% and gross profit to $25.8 million from $33 million.
Holdings climbed to 8,427 BTC after the company added about 425 BTC without making any purchases. Shares closed down 5.6% on Wednesday, rose 2.4% in extended trading and are down 76% year to date. Fellow miner Hut 8 reported $189.5 million in third-quarter net income.
Eric Trump said: “These are significant results, particularly in a challenging digital asset market.”
The numbers illustrate how much miner earnings depend on the value of coins held rather than on mining itself. With production costs near $42,100 per bitcoin and the price around $80,000, margins remain positive but are narrowing, a pattern that has pushed several miners toward AI and data-center projects.
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