American Bitcoin has reported a significant net loss of $81.8 million for the first quarter of 2026, marking an increase from the $59.5 million loss recorded in the previous quarter. The financial downturn coincided with a 22% decline in Bitcoin prices during the quarter, leading to a substantial $117.2 million non-cash impairment charge impacting the company’s digital asset holdings.
Despite the substantial loss, the company set a new quarterly production record by mining 817 BTC, an impressive feat that highlights its operational growth. Additionally, American Bitcoin has successfully reduced its mining cost per coin to $36,200, reflecting a 23% decrease from the $46,900 cost achieved in Q4 of 2025. This reduction in costs signals an improvement in efficiency, as the company continues to navigate challenging market conditions.
American Bitcoin’s revenue from mining fell to $62.1 million, down from $78.3 million in the previous quarter, further emphasizing the impact of the Bitcoin price drop on overall financial performance. CEO Mike Ho addressed these figures, pushing back against the negative narrative by emphasizing the underlying profitability of the business when excluding the non-cash mark-to-market adjustment mandated by the Financial Accounting Standards Board (FASB). Ho pointed out that the company did not sell any of its mined Bitcoin, maintaining strong gross mining margins above 50%.
In a display of aggressive growth, American Bitcoin reported the acquisition of an additional 803 BTC for its treasury, bringing its total holdings to 7,021 BTC as of March 31. Co-founder Eric Trump shared insights at the Consensus Miami event, noting that in just over eight months since going public, American Bitcoin has ascended to become the 16th largest Bitcoin holder worldwide while scaling its mining capacity to over 28 exahashes per second (EH/s).
The company has also recently completed the deployment of 11,298 new Bitmain miners, raising its overall fleet to 89,242 machines. Despite these advancements, American Bitcoin’s operating expenses for the quarter totaled $150.7 million, reflecting the costs associated with its expanding operations.
In the wake of these mixed results, ABTC shares saw a decline of roughly 7% in pre-market trading, after falling short of analyst estimates by 17%. American Bitcoin made its debut on the Nasdaq through a reverse merger in September 2025, which initially boosted co-founder Eric Trump’s paper stake into billionaire territory before a subsequent selloff diminished that valuation.
