American Bitcoin Corp., the Nasdaq-listed mining and bitcoin accumulation company co-founded by Eric Trump and Donald Trump Jr., delivered a volatile start to Friday trading but ultimately posted encouraging financial results for the third quarter.
The stock initially tumbled more than 15% in pre-market trading, reflecting a broader pullback across crypto and equity markets. Bitcoin itself slipped roughly 5% to around $95,000 at the time, pressuring mining stocks and driving the industry’s hashprice under $40 per petahash per day. Despite the rocky open, American Bitcoin’s share price rebounded to above $5 before stabilizing near $4.80 early in the session — still slightly higher than Thursday’s close.
Behind the price action, the company reported a sharp jump in quarterly performance. Revenue climbed to $64.2 million, up from $11.6 million a year earlier, while net income swung to $3.5 million from a $0.6 million loss. Adjusted EBITDA also saw a dramatic turnaround, rising to $27.7 million after recording a negative $4.3 million figure in the same period last year. Losses on digital assets widened year-over-year, though they remained manageable relative to overall gains.
“We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter,” CEO Michael Ho said in the company’s statement.
American Bitcoin Corp.
Alongside stronger financials, American Bitcoin continued to build its BTC treasury. The firm added more than 3,000 bitcoin during the quarter through mining and strategic purchases, ending September with 3,418 BTC. As of Nov. 13, its reserve had grown to roughly 4,090 BTC — about $391 million in value — placing it among the top public companies holding bitcoin.
Operational capacity also expanded following the company’s spin-out from Hut 8 and its merger with Gryphon Digital Mining. By Sept. 30, the firm operated nearly 78,000 miners delivering around 25 exahash per second of total fleet capacity. The company mined 563 BTC in Q3 alone, supported by a major August equipment purchase that boosted its realized hashrate by nearly 15 EH/s.
Co-founder and Chief Strategy Officer Eric Trump said the results reinforce the company’s long-term strategy.
“While others paid spot, we generated bitcoin below market through scalable, asset-light mining operations,” he noted, adding that this model is designed to drive shareholder value through efficient BTC accumulation.
American Bitcoin’s third-quarter report paints a picture of a company growing fast even as market volatility keeps investors on edge. With rising reserves, expanding infrastructure, and improved profitability, the firm is positioning itself as a significant player in large-scale bitcoin accumulation — though continued market swings may keep its stock on a bumpy path.
