American Bitcoin, Backed by Trump Family, Swings to $126M Profit but Misses Q3 Revenue as Mining Costs Bite

American Bitcoin, a crypto mining venture with ties to the Trump family, reported a net profit of $126 million for the third quarter, a sharp turnaround from a loss a year earlier. The swing was driven by a significant gain in the fair value of its bitcoin holdings as the digital asset’s price surged. However, revenue fell to $63.4 million, missing Wall Street forecasts, as production declined and operational costs climbed. The company cited higher summer electricity prices, which squeezed mining margins, and a drop in the number of bitcoins mined compared to the previous quarter. The results highlight the volatile economics of bitcoin mining, where profitability hinges on energy costs and cryptocurrency prices. Investors are watching whether American Bitcoin can scale its operations and improve efficiency to meet revenue expectations in the coming quarters. The company’s ability to manage power expenses will be key to sustaining profitability.