American Bitcoin reported quarterly net income of $126 million, driven by a $197.3 million noncash gain on its Bitcoin holdings. Excluding those gains, its financial statements indicate an operating loss of about $5.5 million; it also recorded a separate $64.3 million derivatives loss.
Mining revenue fell 5.5% from the previous quarter to $63.4 million, while the cost to mine one Bitcoin rose about 15% to $42,100. The company said higher electricity prices were the main reason for the cost increase. Its mining margin fell to 41% from 49%, even as it continued to mine and build Bitcoin reserves while several rivals expanded into AI.
