American Bitcoin reported approximately $126 million in third-quarter net income and about $221 million in adjusted EBITDA, saying its Bitcoin reserve grew through mining rather than new spot purchases during the period. The company also highlighted a roughly 5% increase in satoshis per share and said it did not issue shares through its at-the-market program or buy Bitcoin in the third quarter.
The results arrive amid broader data showing heavy Bitcoin selling by public companies. Blockchain analytics firm Lookonchain reported that 14 publicly listed companies sold a combined 108,247 BTC worth approximately $8.08 billion in 2026. MARA Holdings led with 40,581 BTC sold for about $3.03 billion, followed by Riot Platforms with 20,264 BTC worth roughly $1.51 billion and Bitdeer Technologies with 10,553 BTC valued at $787 million.
Lookonchain estimated average sale prices of $74,446 for MARA and $73,231 for Riot. The two miners accounted for about 56% of the Bitcoin sold by the companies analyzed. Other large sellers included Cango, CleanSpark, Core Scientific, Empery Digital, Keel, Hut 8 Mining, HIVE Digital, IREN, Cipher Digital, Sequans and KULR.
MARA's third-quarter shareholder letter said it sold approximately 26,984 BTC for $1.9 billion in the first nine months of 2026, then sold another 13,597 BTC after September at an average price of about $81,039. The company used $750 million to repay Bitcoin-backed loans, releasing 17,477 BTC previously pledged as collateral, and reduced total debt by $1.4 billion, or 37%, since the start of 2026.
Riot Platforms sold 20,264 BTC in the first nine months of 2026 for about $1.5 billion, primarily to fund data center development. It ended September with 2,418 BTC and about $748.2 million in cash, including restricted funds. The company has highlighted data center agreements at Rockdale and Corsicana in Texas and reported approximately $38 billion in expected revenue from contracted data center agreements over their initial terms.
The combined disclosures illustrate a key trend among public Bitcoin miners: many are monetizing mined coins or balance-sheet holdings to finance AI and data center infrastructure. American Bitcoin, by contrast, is emphasizing accumulation of coins and growth in sats per share, providing a different corporate treasury model for investors to evaluate.
