Bitcoin: American Bitcoin (Eric Trump) signs $126 million in profit

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The answer is firstly accounting. American rules require bitcoins held to be recorded at fair value, their closing price. Each price variation, realized or not, inflates or deepens the result.

Over the quarter ended at the end of September, this rule brought in $197.3 million in capital gains on the miner's digital assets. In the second quarter, this same line lost 71.2 million. This turnaround, and not a surge in sales, puts ABTC back in the green.

A bit like an owner whose house increases in value and who finds himself richer on paper, without having collected anything. The mining result today follows the price of bitcoin more closely than the purring of its machines.

However, the market does not offer a triumphant setting. Bitcoin has just returned above $80,000, after several weeks of decline.

The day before the publication, almost 200 million dollars left spot ETFs in a single session.

In the press release that accompanies these accounts, the co-founder wanted to look further. He declared:

**“These are significant results, especially in a challenging digital asset market, and they reflect the discipline and long-term conviction behind this company. But our opportunity goes beyond a single quarter. »

Mining activity does not follow the same slope. Its turnover fell 5.4% over one quarter, to $63.4 million.

Production also fell, to 891 bitcoins over the quarter, or 4.4% less.

The unit bill is climbing, since mining a bitcoin cost around $42,100 over the period, or 15.3% more than in the previous quarter. Direct pressure on the profitability of installations.

American Bitcoin nevertheless continued to build up its reserve. The company sold part of its production to cover its costs. She added 425 bitcoins to her stock, without buying back a single unit on the market.

The result was 8,427 bitcoins held at the end of September, including around 3,090 given as collateral to Bitmain for the purchase of machines. Over the quarter, all this contribution comes from production.

The press release also highlights its satoshis per share, the bitcoins held compared to the number of shares. This measure increased by around 5% over the quarter, without issuing shares.

Machine-translated from French