American Bitcoin (ABTC), the bitcoin mining and treasury firm co-founded by Eric Trump, has reported a significant $81.8 million net loss for the first quarter of 2026. This loss marks an increase from the previous quarter, where the company recorded a $59.5 million net loss.
In its recent SEC filing, the company disclosed that it generated $62.1 million in mining revenue during Q1, a notable decline from the $78.3 million reported in the fourth quarter of 2025. The uptick in losses can primarily be attributed to escalating operating expenses, which totaled $150.7 million for the quarter. Notably, a substantial $117.2 million loss was incurred on digital assets, reflecting the impact of a 22% drop in Bitcoin prices during the same period, which severely eroded the company’s asset value.
CEO Mike Ho addressed the losses by emphasizing that much of the decline was due to a non-cash mark-to-market adjustment mandated by the Financial Accounting Standards Board (FASB). He stated, “Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB, and the underlying business was profitable — and we did not sell a single coin.”
Despite these financial challenges, American Bitcoin reported record mining production with a total of 817 BTC generated in Q1, marking the highest quarterly output recorded by the company. They also added 803 BTC to their treasury, resulting in a total of 1,620 BTC increase in holdings during the quarter. As of March 31, 2026, the company’s holdings totaled 7,021 BTC, contributing to a 20% increase in its satoshi-per-share metric.
Moreover, the company’s gross margin on its mining platform remained above 50%, even amidst falling Bitcoin prices. The cost to mine each bitcoin improved significantly to $36,200 in Q1, representing a 23% decrease from the $46,900 recorded in the previous quarter. This improvement was driven by increased production volume and efficient energy cost management.
In a strategic move to expand its capabilities, American Bitcoin made headlines in early March by acquiring 11,298 miners from Bitmain, resulting in an additional capacity of 3.05 EH/s. By the end of the first quarter, the company owned a total of 89,242 miners, boasting a combined hashrate of 28.1 EH/s.
Eric Trump highlighted the company’s evolution, asserting, “In just over eight months as a public company, we have become the 16th largest bitcoin holder globally and scaled to more than 28 exahash of capacity. The compounding is accelerating.”
On the stock market, ABTC shares experienced a modest rise of 1.63% on Wednesday, closing at $1.25. This price reflects a 40.5% increase over the past month, yet it remains 72.5% lower compared to six months ago.
