American Bitcoin’s $126M Quarterly Profit Rests on $197.3M Bitcoin Treasury Gain

The headline profit is an accounting artifact, not an operating one. Strip out the treasury mark and the underlying mining business lost money, with output, revenue and margins all deteriorating sequentially. That distinction matters for anyone tracking miner earnings quality: a treasury-heavy balance sheet can flatter results in a rising bitcoin quarter and invert just as sharply in a falling one. The open question is whether the operating slide continues, and how much of the reported result stays dependent on the treasury line rather than the rigs.