American Bitcoin has released its financial results for 2025, reporting a revenue of $185.2 million, significantly up from $71.5 million in 2024. This remarkable growth can be attributed to a surge in bitcoin production and better average revenue per bitcoin. Despite these gains, the company faced challenges, including notable fair value losses on digital assets and an increase in depreciation, leading to a net loss of $(153.2) million for the year.
In terms of operating performance, American Bitcoin reported an operating loss of $(228.0) million, which reflects a decline of $712.1 million compared to the previous year. This steep loss was mainly influenced by substantial losses on digital assets and escalating depreciation costs. The net loss per share was reported at $(0.17) for both basic and diluted shares from continuing operations.
From a gross profit perspective, the company achieved $93.2 million, overshadowed by the losses stemming from asset revaluations. Management underscored its commitment to growth in bitcoin mining and strategic accumulation of the cryptocurrency as fundamental objectives.
The robust revenue growth was largely driven by two key factors: increased bitcoin production and enhanced realizations per BTC. The company’s mining fleet was expanded significantly, now boasting approximately 89,000 miners with expected total capacity of about 28.1 EH/s. This expansion included notable equipment purchases and upgrades at operations in Medicine Hat and Salt Creek, enhancing uptime and efficiency, which directly contributed to the mining of 1,789 BTC in 2025.
Further diversifying its operations, American Bitcoin expanded its hosted operations by adding new sites at Hut 8 and recommencing the deployment at Drumheller following the site’s reenergization.
In a display of strategic foresight, the company has built a bitcoin reserve of approximately 5,401 BTC as of December 31, 2025. This reserve has since grown to approximately 6,963 BTC by March 25, 2026, highlighting the company’s strategic emphasis on accumulating bitcoin holdings amid market fluctuations.
Despite facing losses, American Bitcoin appears poised for future growth, with its focus firmly set on mining expansion and bitcoin acquisition—critical components of its long-term strategy.
