Eric Trump’s American Bitcoin posts $126M Q3 profit, adds 425 BTC

American Bitcoin Corp. has reported a $126 million third-quarter profit after a $197.3 million gain in the value of its Bitcoin holdings outweighed weaker mining revenue and higher electricity costs. Summary American Bitcoin reported $126 million in third-quarter net income, reversing a $57.2 million second-quarter loss. A $197.3 million digital-asset valuation gain contributed to the profit, while a $64.3 million derivatives loss partly offset it. Mining revenue fell to $63.4 million, with Bitcoin production declining from 932 BTC to 891 BTC. Bitcoin holdings increased by 425 BTC to 8,427 BTC, including 3,090 BTC pledged under Bitmain equipment agreements. Mining costs climbed to $42,100 per Bitcoin as seasonal electricity expenses reduced the gross margin to 41%. The Eric Trump-backed miner said in its November 4 earnings release that net income for the three months ended September 30 compared with a $57.2 million loss in the second quarter. Its SEC filing shows the profit was driven primarily by changes in Bitcoin’s value, while quarterly mining production and gross profit declined. Bitcoin valuation gains lift American Bitcoin’s earnings The company’s digital-asset gain totaled...