Mining revenue dropped to $62.1 million from $78.3 million in the previous quarter, while operating expenses reached $150.7 million. Despite the loss, the company mined a record 817 BTC, purchased 803 BTC for its treasury, and increased its total holdings to 7,021 BTC. 

American Bitcoin Posts Heavy Loss

ABTC, the bitcoin mining and treasury company that was co-founded by Eric Trump, reported an $81.8 million net loss for the first quarter of 2026. This added to the $59.5 million loss that was  recorded in the previous quarter. 

The company generated $62.1 million in mining revenue during the period, down from $78.3 million in Q4 of 2025, as declining Bitcoin prices weighed heavily on its financial performance.

BTC’s price action over the past 3 months (Source: CoinCodex)

A major contributor to the quarterly loss was a $117.2 million hit tied to the falling value of the company’s digital asset holdings. Bitcoin declined roughly 22% during the quarter, which reduced the valuation of American Bitcoin’s reserves. Total operating expenses for the quarter reached $150.7 million.

Despite the loss, CEO Mike Ho explained that the underlying business remained profitable when excluding the non-cash mark-to-market accounting adjustments required under FASB rules. He also pointed out that the company did not sell any Bitcoin during the quarter.

American Bitcoin achieved record production levels in Q1 after mining 817 BTC and purchasing an additional 803 BTC for its treasury strategy. This brought the firm’s total Bitcoin holdings to 7,021 BTC by the end of March. 

The company also said its mining platform maintained a gross margin above 50% despite adverse market conditions.

In addition to this, American Bitcoin improved its mining efficiency by reducing the average cost to mine one Bitcoin to $36,200 from $46,900 in the previous quarter. According to the firm, the improvement came from higher production volumes spread across a relatively stable cost base, combined with effective energy pricing strategies.

Eric Trump described the quarter as evidence of the company’s ability to efficiently accumulate Bitcoin at scale. He stated that the company mined Bitcoin at a 47% discount to spot prices while continuing to expand its strategic reserve. He also pointed out that American Bitcoin had become the world’s 16th-largest corporate Bitcoin holder within just eight months of becoming a public company.

ABTC’s price over the past month (Source: Google Finance)

Shares of ABTC rose 1.63% on Wednesday to close at $1.25. The stock has jumped more than 40% over the past month, although it is still down more than 72% over the past six months.