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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, compared with a $59.5 million net loss in the previous quarter.
In its Securities and Exchange Commission filing released Wednesday, the company said it generated $62.1 million in mining revenue during the quarter, down from $78.3 million in the fourth quarter of 2025.
Operating expenses totaled $150.7 million. The company reported a loss on digital assets of $117.2 million, which it identified as the largest driver of the quarter’s results. Bitcoin (BTC) fell 22% over the quarter, reducing the value of the firm’s digital asset holdings.
“Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions,” CEO Mike Ho said in a press release. “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.”
American Bitcoin mined 817 BTC in the first quarter, its highest quarterly production on record. It also bought 803 BTC for its treasury. Combined, the company increased its holdings by 1,620 BTC, bringing total holdings to 7,021 BTC as of March 31.
The firm said its Satoshi-per-share rose by 20% during the quarter.
American Bitcoin reported that gross margin for its mining platform remained above 50% in Q1 despite the bitcoin price decline, attributing the result to “meaningful improvements” that were partially offset by the price setback.
The company reported mining costs of $36,200 per bitcoin in Q1, a 23% improvement from $46,900 per coin in Q4 of last year. It said the improvement was driven by higher production volume spread across a stable fixed cost base and continued energy pricing discipline.
American Bitcoin also bought 11,298 miners from Bitmain in early March, adding 3.05 EH/s. As of the end of Q1, the firm owned 89,242 bitcoin miners with a combined capacity of 28.1 EH/s.
“In Q1, we mined 817 bitcoin at a 47% discount to spot, added more than 1,600 bitcoin to our strategic reserve, and did so with strong margins that translated into meaningful operating income from our mining platform,” Eric Trump said.
“This is exactly what we are built to do: accumulate bitcoin efficiently and at scale. 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,” he added. “The compounding is accelerating.”
American Bitcoin’s shares rose 1.63% on Wednesday to close at $1.25. ABTC is up 40.5% over the past month, but down 72.5% in the six-month period.
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