Net profit of $126 million: Trump is a mining company that reverses losses and reserves 8,427 BTC

According to Woofun AI, the Bitcoin mining and accumulation platform American Bitcoin (ABTC.US), where Eric Trump is the co-founder and chief strategic officer, announced the financial report for July to September 2026 on the 4th, achieving a significant financial reversal. Net profit reached US$126 million, completely reversing the previous quarter's loss situation of $57.2 million. The company is a majority holding subsidiary of mining company Hut 8 (HUT.US). It landed on the NASDAQ through the merger of Gryphon Digital Mining in 2025, and implemented a 1:15 reverse stock split in July of this year.

This performance not only marks the maturity of the company's operating model, but also reflects the successful adjustment of its digital asset management strategy, particularly in the face of seasonal upward pressure on electricity costs, and its ability to maintain profitability resilience.

Looking at core financial metrics, adjusted EBITDA jumped sharply from a loss of $45 million in April to June to a profit of $2208 million. This shift was mainly due to digital asset-related revenue of about US$197.3 million, including valuation gains, etc., while the company suffered a loss of US$71.2 million in digital assets in the previous quarter; another derivatives loss of about US$64.28 million during the same period constituted the biggest deduction of the quarter, and was also the direct reason that net profit was significantly lower than adjusted EBITDA. It should be clarified that the company's EBITDA statement added back derivatives losses, depreciation, taxes, and equity incentives, but did not exclude digital asset earnings, so a higher indicator than net profit did not indicate the same level of improvement at the operating level.

Although mining business revenue was $63.4 million, down 5.4% from the previous quarter, and Bitcoin output fell 4.4% to about 891 units, the company's BTC holdings rose to 8,427 (of which approximately 3,090 have been pledged under a mining rig purchase agreement with Bitmain and are not freely disposed of). CEO Mike Ho (Mike Ho) pointed out that although the cost of mining each BTC rose 15.3% from $36,500 to about $42,100 in summer, the company was still able to mine at an actual cost below the market price and pay operating expenses by selling part of the mining proceeds, while accumulating about 425 BTC as reserves, with no new purchases during the period.

According to data compiled by Woofun AI, this model, which can achieve an increase in BTC holdings of about 5% per share without stock sales or additional purchases, forms an important competitive advantage in the current market environment, reflecting the company's outstanding performance in terms of capital efficiency and operational flexibility.

Notably, another company linked to the Trump family — Trump Media and Technology Group (DJT.US) — also attracted market attention on the same day. Blockchain analysis service platform Lookonchain detected that the company transferred about 4,259 BTC (worth about US$344 million at the time price) to the Crypto.com exchange on the 5th. These BTCs came from wallets marked “Guaranteed Convertible Bonds Due 2028,” respectively, and were transferred in two installments, in amounts of 2,140.03 and 2,119.31, respectively. This is basically in line with the 4,260.73 that the company has pledged as guarantee of convertible bonds as of June 30, only 1.38. Holders of this batch of bonds have the right to claim redemption in cash on November 30. At that time, the company may need to raise about $1 billion, and as of June 30, its cash and short-term investments were only about US$425 million, with a gap of about US$575 million; in addition, the bond-to-share price was about US$34.72 per share, and the company's stock price was already around $4, making stock conversion almost impossible, and cash redemption was almost the only option for holders. Therefore, the market generally speculates that these transfers may involve sales intentions to cope with upcoming debt repayment pressure.

However, it is currently impossible to confirm whether these transfers are actually sales operations or just regular adjustments to asset management. This is the third large-scale transfer of the company's holdings to the same platform: it transferred about 2,650 units (worth about US$205 million at the time) in May, and about 2,628 units (approximately US$165 million) in early August. Both companies explained as part of escrow management or trading strategies, and clearly denied the sale.

This series of developments revealed the deep layout of Trump companies in the cryptocurrency sector and their potential impact on market liquidity. American Bitcoin's profitability and BTC reserve growth have demonstrated its dual strengths in mining and asset management, while Trump's media and tech group's BTC transfers have raised concerns in the market about the possibility of large-scale asset disposal. As the redemption date of November 30 approaches, the market will keep a close eye on these two companies' subsequent actions and their impact on the BTC price and overall cryptocurrency market stability. Following the entry of many traditional financial institutions into cryptocurrencies, politician-related companies have once again become the focus of the market, and this trend may further increase market volatility and uncertainty.