American Bitcoin (ABTC), the bitcoin mining and treasury firm co-founded by Eric Trump, reported an $81.8 million net loss in the first quarter of 2026, up from a $59.5 million net loss in the prior quarter.
The company posted $62.1 million in mining revenue during Q1, down from $78.3 million in Q4 2025, according to its SEC filing.
What drove the loss
Operating expenses totaled $150.7 million for the quarter, with the biggest hit coming from a $117.2 million loss on digital assets.
Bitcoin fell 22% over the period, slicing a significant chunk from the company’s holdings.
CEO Mike Ho addressed the headline figure directly:
“Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB, and the underlying business was profitable — and we did not sell a single coin.”
Record production despite headwinds
American Bitcoin mined 817 BTC in Q1, its highest quarterly output on record, and purchased an additional 803 BTC for its treasury.
The combined 1,620 BTC increase brought total holdings to 7,021 BTC as of March 31, boosting its satoshi-per-share metric by 20%.
Gross margin on its mining platform held above 50% despite the price decline.
The cost to mine each bitcoin fell to $36,200 in Q1, a 23% improvement from $46,900 in Q4 2025, driven by higher production volume and tighter energy cost management.
Scale and capacity
In early March, American Bitcoin purchased 11,298 miners from Bitmain, adding 3.05 EH/s of capacity.
By the end of Q1, the firm owned 89,242 miners with a combined hashrate of 28.1 EH/s.
Eric Trump framed the quarter as proof of the company’s core strategy:
“In just over eight months as a public company, we have become the 16th largest bitcoin holder globally and scaled to more than 28 exahash of capacity. The compounding is accelerating.”
ABTC shares rose 1.63% on Wednesday to close at $1.25, up 40.5% over the past month but down 72.5% over the past six months.
