American Bitcoin (ABTC), a publicly traded Bitcoin mining company co-founded by Eric Trump, has reported significant financial challenges in the first quarter of 2026, with net losses nearing $82 million. This figure represents a sharp increase from the $59.4 million in losses recorded during the previous quarter. The company’s quarterly mining revenue has also suffered a considerable decline of approximately 20%.
Despite the financial setbacks, American Bitcoin has managed to bolster its Bitcoin holdings, acquiring more than 1,600 BTC over the quarter. This brings the total amount of Bitcoin held by the firm to more than 7,300 BTC, valued at approximately $583 million. In an effort to improve efficiencies, the company has reduced its cost of mining to about $36,200 per Bitcoin, down from $46,900 in Q4 2025.
CEO Mike Ho addressed the financial results, describing Q1 2026 as a quarter characterized by “continued momentum” despite facing adverse market conditions. He noted the broader market context of a 22% decline in Bitcoin’s value, which negatively impacted the company’s financial statements due to non-cash adjustments. Ho pointed out that the firm would have reported a profit had it not been for these adjustments, claiming they remained in a position of profitability without selling any of their Bitcoin holdings.
In a strategic move amid evolving market demands, American Bitcoin opted to expand its mining operations. The company acquired over 11,000 mining rigs from Bitmain, bringing its total fleet to nearly 90,000 miners. This expansion reflects a commitment to enhancing its mining capabilities, even as some industry peers pivot towards providing computational power for artificial intelligence applications.
Eric Trump, serving as the chief strategy officer of American Bitcoin, emphasized the company’s rapid growth since its inception just over a year ago. With a significant stockpile of Bitcoin and a burgeoning fleet of miners, he expressed confidence in the company’s strategy: “This is exactly what we are built to do: accumulate Bitcoin efficiently and at scale.”
Despite the current decline in share prices—down more than 9% on the day to $1.13—ABTC has experienced a nearly 30% increase in its share value over the past month. However, current trading levels are almost 92% lower than its post-IPO high of $14.65.
American Bitcoin’s emergence in the market was marked by its merger with Hut 8, a prominent Bitcoin miner, followed by a stock-for-stock merger with Gryphon Digital. This strategic consolidation aims to position the company as one of the leading publicly traded Bitcoin firms globally, despite the external challenges impacting the cryptocurrency industry.
