Shares of American Bitcoin (ABTC), a publicly traded Bitcoin mining and treasury firm co-founded by Eric Trump, witnessed a significant drop of over 9% on Thursday. This decline follows a reported 20% decrease in quarterly mining revenue, alongside net losses nearing $82 million for the first quarter of 2026. This figure marks a 37% increase in losses compared to the fourth quarter of 2025.
Despite the challenging financial landscape, American Bitcoin managed to increase its Bitcoin holdings by more than 1,600 BTC during the quarter, bringing its total holding to approximately $583 million. The company successfully reduced its mining costs to around $36,200 per coin, a notable decrease from $46,900 in the previous quarter.
Mike Ho, the company’s CEO, described Q1 2026 as a period of ongoing progress for what he called a resilient business, even amid adverse market conditions. He acknowledged the overall decline in Bitcoin prices, which dropped approximately 22% quarter-over-quarter, contributing to substantial non-cash headwinds reflected in the firm’s GAAP financials. Ho emphasized that, excluding the non-cash mark-to-market adjustments, the firm remained profitable, having not sold any of its Bitcoin during the quarter.
As many Bitcoin miners pivot towards catering to the rising demand for compute power in artificial intelligence, American Bitcoin has expanded its operations. The firm added over 11,000 mining rigs from Bitmain, raising its total fleet to nearly 90,000 miners.
Eric Trump, serving as American Bitcoin’s chief strategy officer, highlighted the company’s rapid ascent in the industry, stating, “Just over a year ago, American Bitcoin did not exist,” and now the company is among the largest publicly traded Bitcoin firms globally.
While Thursday’s drop reflects some immediate market challenges, ABTC’s stock has appreciated nearly 30% over the last month, currently trading at around $1.13—a stark contrast to its post-IPO peak of $14.65, representing a 92% decline from that high.
American Bitcoin was established last year through a merger with Hut 8, another publicly traded Bitcoin miner, and later integrated with Gryphon Digital through a stock-for-stock merger. This growth trajectory has positioned the firm as a key player in the competitive mining sector amidst evolving market dynamics.
