Trump brothers' American Bitcoin whipsaws amid Q3 results and BTC reserve boost

Shares in American Bitcoin Corp., a Nasdaq-listed bitcoin mining and accumulation firm co-founded by Eric and Donald Trump Jr., reported strong third-quarter revenue and expanding BTC reserves on Friday, with its stock rebounding after a sharp initial fall in pre-market trading.

ABTC dropped 15.6% at one point pre-market from its Thursday closing price of $4.74, with the company's shares down 18% over the past month but 138% up year-to-date, according to The Block's ABTC price page .

The decline tracked a broad risk-off move across crypto and equities, with bitcoin itself sliding around 5% to the $95,000 level. The drop also pushed the mining hashprice below $40 PH/s per day, adding pressure across the mining sector.

However, ABTC subsequently rebounded to $5.09 and is currently trading up slightly at $4.80 in early Friday trading post-open, with bitcoin also recovering back over $96,000.

In a 10-Q filing with the U.S. Securities and Exchange Commission on Friday, the company said third-quarter revenue rose to $64.2 million from $11.6 million year-over-year, with net income reaching $3.5 million compared to a $0.6 million net loss a year earlier. This included a $5.5 million loss on digital assets, compared with a $1.6 million loss in the same quarter in 2024. Adjusted EBITDA came in at $27.7 million, a reversal from negative $4.3 million in the prior-year's third quarter. 

"We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter," American Bitcoin CEO Michael Ho said in a release .

Expanding bitcoin reserves

American Bitcoin added more than 3,000 BTC to its strategic reserve during the quarter through both its mining operations and at-market purchases, ending September with 3,418 BTC, equivalent to 371 satoshis per share.

As of Nov. 13, the company said it has roughly 4,090 BTC ($391 million) in its reserve — including coins held in custody or pledged for miner purchases — up 86 BTC from its last disclosure. The firm's holdings rank it 24th among the top public treasury companies, according to Bitcoin Treasuries data .

Operational capacity also continued to scale following the company’s spin-out from Hut 8 earlier this year and its September stock-for-stock merger with Gryphon Digital Mining. As of Sept. 30, American Bitcoin said it operated 77,944 miners with a total fleet capacity of about 25 EH/s, including 21.9 EH/s energized, at a weighted average fleet efficiency of 16.3 J/TH.

The firm mined 563 BTC in Q3, according to the filing, more than half of its total 1,006 BTC mining haul for the first three quarters of 2025 — boosted by exercising an option to purchase 17,280 Bitmain Antiminer U3S21EXPH miners in August, which raised its realized hashrate by nearly 15 EH/s.

"The third quarter validated the thesis behind American Bitcoin," co-founder and Chief Strategy Officer Eric Trump said in the release. "While others paid spot, we generated bitcoin below market through scalable, asset-light mining operations. This dual strategy is how we intend to compound value for our shareholders and solidify our position as a capital-efficient platform for long-term bitcoin accumulation."