American Bitcoin reported significant developments in its first-quarter fiscal 2026 results, emphasizing increased Bitcoin production, improved mining efficiency, and a strategic rise in its Bitcoin reserves despite prevailing market challenges.
The company announced a substantial expansion of its mining operations, claiming to possess nearly 90,000 miners, equating to approximately 28.1 exahash per second (EH/s) of owned mining capacity following the recent activation of its Drumheller site. This operational growth facilitated the mining of 817 Bitcoin during the quarter, which marked a rise from 783 BTC mined in the previous quarter, with March alone recording a monthly high of 286 BTC.
Despite lower Bitcoin prices contributing to a revenue drop to $62.1 million from $78.3 million, the company highlighted significant improvements in its unit economics. The cost of mining Bitcoin fell to about $36,200, down from $46,900 in the prior quarter, leading to a mining gross margin of approximately 52%. This reduction in costs allowed the company to maintain a healthy margin even amidst the 22% decline in Bitcoin prices during the reporting period, which saw prices fall from around $87,500 to about $68,200.
Chief Strategy Officer Eric Trump noted that the firm’s strategic Bitcoin reserve had grown to 7,021 BTC, an increase from 5,401 BTC at the close of 2025, reflecting a commitment to not selling any coins during the period. Furthermore, the company completed the acquisition of approximately 11,298 next-generation miners, which enhanced its mining efficiency.
On the financial side, President and Interim Chief Financial Officer Matt Prusak explained that the overall financial impact included a headline GAAP loss, primarily due to non-cash revaluation losses under fair value accounting standards, reporting a $117.2 million loss on digital assets for Q1 2026. This was a slight increase from a $112.2 million loss in the previous quarter but was partially offset by a $37.3 million gain on derivatives related to mining equipment purchases.
Management also underscored the importance of a metric they refer to as “satoshis per share,” which tracks Bitcoin ownership on a per-share basis. This metric saw a 20% increase during the quarter, rising from 554 to about 663, and Trump claimed it was “over 690” during the earnings call. The growth in “satoshis per share” was attributed to the combination of Bitcoin mined and treasury purchases financed through the company’s equity program.
American Bitcoin’s management acknowledged the broader industry context, noting a decline in network difficulty and a shift towards AI utilization among competing miners, suggesting that these trends correlate with their operational strategies and market dynamics. As the company navigates these challenges, it remains focused on maximizing Bitcoin accumulation at minimal costs while maintaining efficiency.
Concluding the discussion, Trump reiterated the firm’s commitment to improving per-share Bitcoin ownership and sustains a disciplined approach toward capital allocation and operational efficiency. As the market continues to evolve, American Bitcoin aims to position itself strategically to capitalize on emerging opportunities.
