American Bitcoin (ABTC), a publicly traded cryptocurrency mining firm co-founded by Eric Trump and Donald Trump Jr., has successfully completed the energization of 11,298 new ASIC miners at its Drumheller site in Alberta, Canada. This development marks a significant expansion for the company, bringing its total fleet of ASIC miners to approximately 89,242. The upgraded mining operations are now generating around 28.1 exahashes per second (EH/s) with an average efficiency of 16 joules per terahash.
Following the announcement, shares of ABTC experienced a notable surge of about 11.7%, trading at approximately $1.38 per share. This uptick comes on the heels of a challenging financial period for the company, which reported a staggering $59.5 million loss in its fourth quarter of 2025. The losses were primarily attributed to a dramatic $227.1 million decline in the fair value of its Bitcoin holdings as prices plunged sharply.
Despite these difficulties, ABTC maintained that it managed to “mine BTC at a 53% discount” compared to spot market prices during the troubled period. The recent acquisition of the new ASIC miners was made in March, just weeks after the company’s Q4 results were submitted to the SEC.
The challenges faced by ABTC are indicative of a broader pressure on the bitcoin mining industry. Public miners have been impacted by reduced block rewards following the April 2024 halving, alongside soaring energy costs and diminishing cryptocurrency prices. Notably, public mining entities like Marathon Digital Holdings (MARA), CleanSpark, and Riot sold approximately 32,000 BTC in the first quarter of 2026—an amount surpassing their total sales for 2025. This figure also exceeds the previous record of 20,000 BTC sold during the second quarter of 2022.
Looking ahead, ABTC is now strategically positioned to potentially enhance its bitcoin mining profitability, contingent on stabilization in market conditions. With its expanded fleet and improved efficiency metrics, the company appears to be banking on a recovery in Bitcoin prices to reverse its recent setbacks and bolster operational resilience in the competitive market.
