TheBlock
American Bitcoin, the mining and treasury firm co-founded by Eric Trump, reported an $81.8 million net loss in the first quarter, driven primarily by a $117.2 million mark-to-market loss on its bitcoin holdings as BTC fell 22% over the period. Mining revenue came in at $62.1 million, down from $78.3 million in Q4 2025, against $150.7 million in operating expenses. CEO Mike Ho framed the headline loss as almost entirely a non-cash FASB adjustment, arguing the underlying mining business was profitable and that the company sold no coins during the quarter.
Why it matters
The filing is the first public read on how a leveraged bitcoin-treasury miner absorbs a one-quarter 22% drawdown — and the answer is: mechanically, the size of the loss is set by the mark on the stack, not the cost of mining. Stripping the $117.2 million digital-asset impairment, the operating loss narrows sharply. The company also reported its strongest production quarter on record, mining 817 BTC at a cost of $36,200 per coin, a 23% improvement from $46,900 in Q4 2025, while buying an additional 803 BTC for treasury. Total holdings reached 7,021 BTC, lifting Satoshi-per-share 20%.
Market impact
The release leans hard into the production story — 1,620 BTC added in a single quarter, gross margin above 50%, and 3.05 EH/s of new capacity from an 11,298-unit Bitmain purchase — but the headline loss will dominate tape reads. American Bitcoin shares rose 1.63% to $1.25 on the day, still down 72.5% over six months. With the company now the 16th-largest BTC holder globally and 28.1 EH/s deployed, the next quarter's framing will turn on whether BTC holds a level that lets the mark-to-market swing back to a tailwind.
Frequently asked questions
-
Why did American Bitcoin report an $81.8 million loss if its mining platform was profitable?
The $81.8M net loss was driven primarily by a $117.2M mark-to-market loss on its bitcoin holdings as BTC fell 22% in Q1. CEO Mike Ho said stripping the non-cash FASB adjustment shows the underlying mining business was profitable and that the company sold no coins.
-
How much bitcoin did American Bitcoin mine in Q1 2026?
American Bitcoin mined 817 BTC in Q1 2026, its highest quarterly production on record, at a cost of $36,200 per coin — a 23% improvement from $46,900 per coin in Q4 2025.
-
How many bitcoins does American Bitcoin hold as of March 31?
American Bitcoin held 7,021 BTC as of March 31, 2026, after mining 817 BTC and buying an additional 803 BTC for its treasury during the quarter. The 1,620 BTC increase lifted Satoshi-per-share 20%.
-
What is American Bitcoin's total mining capacity after the Bitmain purchase?
American Bitcoin owned 89,242 miners with a combined capacity of 28.1 EH/s as of the end of Q1, after purchasing 11,298 Bitmain miners in early March that added 3.05 EH/s.
-
How did ABTC shares react to the Q1 earnings report?
ABTC shares rose 1.63% to close at $1.25 on the day of the filing. The stock was up 40.5% over the prior month but down 72.5% over a six-month period.
CoinDesk
Crypto Rank News
WuBlockchain
CoinTelegraph
Crypto News