- Profit after three losing quarters. American Bitcoin Corp., co-founded by Eric Trump and Donald Trump Jr., reported third-quarter net income of $126 million after a $57 million loss in the prior quarter, Bloomberg reported, including a $197 million pre-tax gain on digital assets.
- Revenue still slipped. Revenue was $63.4 million versus $67 million in the second quarter even as bitcoin rose 43% in the third quarter from the October 2025 peak washout.
- Equity ignored the print. Shares fell 5.6% to $6.24 on Wednesday and remain down more than 90% over the past year as investors priced Democratic oversight risk for Trump-linked firms.
- Strategy stayed pure-play. Unlike miners pivoting to AI hosting, American Bitcoin has stayed focused on bitcoin mining — a choice that now collides with political scrutiny after Republicans lost Congress.
What Happened?
The earnings beat is almost entirely mark-to-market crypto accounting, not a step-change in mining cash costs, which is why the stock sold off with other Trump-linked names on the blue wave. Oversight risk can dominate operating metrics when the brand is the trade.
Why It Matters?
For the miner complex, the print is a reminder that bitcoin beta plus political exposure is a different risk bucket than AI-power leases. A Democratic Congress raises investigation odds that may keep a discount on family-linked equities even when BTC recovers.
What’s Next?
Watch Q4 mining hashrate and cash costs without digital-asset gains, any congressional inquiry headlines, and whether the stock can stabilize above the post-election lows if bitcoin holds $80,000.
Affected Tickers and Coins: BTC, MARA, RIOT, CLSK
Source: Bloomberg
