American Bitcoin (NASDAQ: ABTC) announced its first-quarter 2026 financial results, revealing a revenue of approximately $62.1 million, marking a 21% decrease from about $78.3 million in the previous quarter. Despite this decline, the company, which is a majority-owned subsidiary of Hut 8, reported substantial growth in its strategic bitcoin reserve, which increased by roughly 30%, reaching around 7,021 bitcoin as of March 31, up from about 5,401 at the end of December.
In the past week, ABTC has seen a substantial uptick in its stock price, rising 9.65% according to Yahoo Finance data. The company achieved a record bitcoin production of 817 coins in the reported quarter, up from approximately 783 in Q4 2025. Additionally, American Bitcoin augmented its holdings by acquiring an additional 803 bitcoin through treasury operations. Although the mining gross margin saw a slight decline to about 52%, down from 53% in the previous quarter, the cost to mine each bitcoin has significantly decreased to around $36,200, reflecting a 23% drop from the nearly $46,900 reported in Q4 2025.
Despite facing challenges from a 22% drop in bitcoin’s market price over the quarter, CEO Mike Ho addressed the impact on the company’s financials, stating that it resulted in considerable non-cash headwinds reflected in their GAAP figures. Ho emphasized that the core business remained profitable when adjusting for the non-cash mark-to-market requirement imposed by FASB, highlighting that the company “did not sell a single coin” during this tumultuous period.
In terms of fleet expansion, American Bitcoin has increased its operational capabilities to approximately 89,242 miners, boasting a hash rate capacity of 28.1 EH/s by the end of the quarter. This expansion was bolstered by the acquisition of about 11,298 miners from Bitmain in early March, which added around 3.05 EH/s at an efficiency ratio of approximately 13.5 J/TH. These new machines were deployed at Hut 8’s Drumheller site, with initial setups becoming operational by March 31 and complete energization achieved by April 22.
Following the establishment of Drumheller, the operational mining fleet was enhanced to around 58,999 miners producing nearly 25.0 EH/s with an average efficiency of about 14.1 J/TH.
Eric Trump, co-founder and chief strategy officer, remarked that the company now holds more than 7,300 bitcoin, asserting that it ranks among the largest publicly traded Bitcoin enterprises globally, supported by its nearly 90,000-strong mining fleet. President Matthew Prusak detailed the company’s strategic framework, which focuses on securing the bitcoin network through its mining operations while also accumulating bitcoin through treasury strategies and fostering adoption within the broader ecosystem. He highlighted reductions in mining costs and growth in satoshis-per-share as critical operational metrics for the quarter.
