Trump-Backed American Bitcoin Turns a Profit as Bitcoin Rise Lifts Books

Decrypt11-05 18:25

In brief American Bitcoin, the Trump-family-backed, Hut 8-majority-owned miner, swung to roughly $126 million in net income in Q3, from a $57.2 million loss in Q2, with adjusted EBITDA of about $221 ...

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Much of the swing came from a $197 million gain on its digital assets, as Bitcoin’s value rose during the period.The company grew its Bitcoin reserve to about 8,427 BTC, up roughly 425 coins, or 5%, from the end of June, and lifted its “satoshis per share,” a measure of how much Bitcoin backs each share, by about 5%. Notably, it did so without buying any Bitcoin or issuing new shares through its at-the-market program during the quarter, relying instead on its own mining output.BitcoinBTC · USD$76,158−5.83%24H7D1M1YYTDOct 29Oct 31Nov 2Nov 4Nov 5$80.8k$79.2k$77.6k$76.0k24h HighHigh$80,88224h LowLow$75,573VolVol$1.9BMarket projectionsOdds by MyriadTodayAbove $76,000Above $76k53% chanceThis weekAbove $76,000Above $76k53% chance→Buy Bitcoin with USDCPowered by Jupiter$50$100$500BuyPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →“These are significant results, particularly in a challenging digital asset market,” said Eric Trump, the company’s co-founder and chief strategy officer, touting the profit and the growth in Bitcoin per share. CEO Mike Ho credited “a disciplined, Bitcoin-denominated operating business,” saying the firm continued “mining Bitcoin at a structural discount to spot.”The mining operation itself had a tougher quarter. American Bitcoin mined about 891 BTC, down from 932 in the prior period, and its cost to mine rose to roughly $42,100 per Bitcoin from $36,500, which it attributed to higher seasonal power costs. Gross margin slipped to 41% from 49%. The company ended the quarter with a fleet of about 89,242 miners and 28.1 exahashes per second of capacity.The results cap a volatile stretch for the venture. American Bitcoin notched a record mining quarter earlier this year as it crossed 8,000 BTC, but its stock has struggled, hitting new lows and prompting a 1-for-15 reverse stock split in July. Shares have fallen well below their debut price since the company went public through a merger with Gryphon Digital Mining.The company’s profit, while striking, rests heavily on an accounting gain tied to Bitcoin’s price rather than core mining operations, meaning a downturn in Bitcoin could just as easily swing the figure back into the red.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more. Email addressJoin freeJoin 72,000+ readersCreate an account to save your articles.Add on GoogleAdd Decrypt as your preferred source to see more of our stories on Google.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2681600685","isCrawlerRequest":true}