American Bitcoin (ABTC), a publicly traded mining company co-founded by Eric Trump and Donald Trump Jr., has completed the energization of 11,298 new ASICs at its Drumheller site in Alberta, Canada.
The company now owns about 89,242 ASICs in total, with its mining fleet generating roughly 28.1 exahashes per second (EH/s) at an average efficiency of 16 joules per terahash.
Shares of ABTC surged about 11.7% on Wednesday, rising to approximately $1.38 per share following the announcement.
Tough quarter preceded the expansion
The energization comes after a difficult business period for ABTC, which posted a $59.5 million loss in Q4 2025.
The company attributed the loss largely to a $227.1 million decline in the fair value of its bitcoin holdings as prices fell sharply.
Despite the losses, ABTC said it was able to “mine BTC at a 53% discount” to spot market prices during the period.
The original ASIC purchase was made in March, weeks after the Q4 results were filed with the SEC.
Miners broadly under pressure
ABTC’s struggles reflect a wider squeeze on the bitcoin mining industry.
Public miners have been hit by reduced block rewards since the April 2024 halving, rising energy costs, and falling crypto prices.
Public mining companies including MARA, CleanSpark, Riot, and others collectively sold about 32,000 BTC in Q1 2026—more than all of 2025 combined—according to TheEnergyMag.
That figure topped the previous record of 20,000 BTC sold by public miners during Q2 2022.
What’s next for ABTC
With the new machines now online, ABTC is positioned to increase its bitcoin mining profitability going forward, assuming market conditions stabilize.
The company’s expanded fleet and improved efficiency metrics suggest it is betting on a recovery in bitcoin prices to turn its operations around after a bruising stretch.
