American Bitcoin posts $81.8M Q1 loss as BTC's 22% drop overwhelms record mining output

Eric Trump's American Bitcoin logged an $81.8 million net loss in Q1 2026, widening from a $59.5 million loss the prior quarter. The primary culprit was a $117.2 million loss on digital assets as bitcoin fell 22% over the period, swamping $62.1 million in mining revenue and pushing total operating expenses to $150.7 million.

Strip out the non-cash FASB mark-to-market hit, however, and CEO Mike Ho says the underlying business was profitable — and the firm didn't sell a single coin. American Bitcoin mined 817 BTC at a cost of $36,200 per coin, a 23% improvement from Q4's $46,900, while gross margins on the mining platform held above 50%.

The firm also purchased 803 BTC for its treasury and acquired 11,298 Bitmain miners in March, adding 3.05 EH/s to reach 28.1 EH/s total capacity. Total holdings now stand at 7,021 BTC — enough to rank American Bitcoin as the 16th largest bitcoin holder…