American Bitcoin's third-quarter net profit reached $126 million.

American Bitcoin reported third-quarter net income of about $126 million, swinging from a net loss of roughly $57.2 million in the prior quarter, even as mining revenue slipped to about $63.4 million from $67 million. The company mined approximately 891 bitcoin in the quarter, down from 932, while its cost per mined coin rose to about $42,100 from $36,500, which it attributed mainly to seasonal increases in electricity costs. Adjusted EBITDA came in at about $221 million versus a $45 million loss in the second quarter. As of September 30, American Bitcoin held about 8,427 bitcoin, up roughly 425 from the end of June, with approximately 3,090 of those coins pledged to Bitmain under miner purchase agreements. The swing to profitability despite lower output and higher per-coin costs puts the focus on whether power expenses ease in coming quarters and how the Bitmain-collateralized holdings affect the company's balance-sheet flexibility.