American Bitcoin reported an $81.8 million net loss for the first quarter, widening from a $59.5 million loss in Q4 2025 as lower Bitcoin prices weighed on its mining and treasury model. The Eric Trump-backed Bitcoin mining and treasury firm generated $62.1 million in Q1 mining revenue, down from $78.3 million in the previous quarter.
The company linked the revenue decline mainly to a lower average revenue per Bitcoin mined. American Bitcoin said average revenue per BTC fell to about $76,000 in Q1 from about $100,000 in Q4. Mining production still rose to 817 BTC from 783 BTC, giving the company its highest quarterly production on record.
The loss was heavily shaped by accounting pressure on digital assets. American Bitcoin recorded $117.2 million in losses on digital assets during the quarter, compared with $112.2 million in Q4. Adjusted EBITDA was negative $91.3 million, deeper than the negative $77.6 million posted in the previous quarter.
Management Points To Mining Margins And BTC Accumulation
Management framed the quarter around Bitcoin accumulation rather than headline earnings. Eric Trump, co-founder and chief strategy officer of American Bitcoin, said the company mined 817 BTC “at a 47% discount to spot” and added more than 1,600 BTC to its strategic reserve.
“This is exactly what we are built to do: accumulate Bitcoin efficiently and at scale,” Trump said in the company’s earnings release. He added that American Bitcoin had become the “16th largest Bitcoin holder globally” and scaled to more than 28 exahash of capacity.
CEO Mike Ho said Bitcoin’s roughly 22% quarter-over-quarter decline created “significant non-cash headwinds” in GAAP results. He added that the underlying business was profitable after stripping out the required mark-to-market adjustment on Bitcoin and that the company “did not sell a single coin.”
President Matthew Prusak pointed to lower production costs. American Bitcoin said its cost to mine fell to about $36,200 per BTC from roughly $46,900 in Q4, a 23% improvement. Gross margin stayed above 50% despite the Bitcoin price decline.
Reserve Grows While Price Sensitivity Remains High
American Bitcoin increased its holdings from about 5,401 BTC at the end of 2025 to roughly 7,021 BTC as of March 31, a 30% quarterly increase. The company also bought about 803 BTC through strategic treasury purchases during Q1.
That puts American Bitcoin deeper into the public-company Bitcoin treasury trade, where investors judge the business on mining output, BTC per share, financing capacity, production cost, and balance-sheet exposure to Bitcoin price swings. A recent corporate Bitcoin treasury update showed public companies holding more than 1.15 million BTC at the end of Q1, while Strategy remains the largest corporate holder by a wide margin.
The model carries the same tension now visible across the sector. Bitcoin holdings can strengthen long-term upside if BTC rises, but they can also create large mark-to-market losses when the asset falls during a reporting quarter. Strategy recently posted a $12.54 billion Q1 net loss after a large unrealized digital-asset hit, showing how accounting swings can dominate reported earnings for Bitcoin treasury companies.
Mining Efficiency Becomes The Main Defense
American Bitcoin’s Q1 numbers show a business trying to offset BTC price weakness through scale and lower mining costs. The company completed the acquisition of about 11,298 next-generation Bitmain miners in March, adding about 3.05 EH/s of capacity at Hut 8’s Drumheller site. Its owned fleet reached roughly 89,242 miners and 28.1 EH/s of capacity at quarter-end.
The stock market view remains more cautious. ABTC recently traded near $1.25, giving American Bitcoin a market capitalization around $1.27 billion. The company remains tied to Bitcoin’s price, mining economics, power costs, machine efficiency, and investor appetite for public Bitcoin treasury vehicles.
The Q1 loss gives critics a clear figure to attack, but the operating data shows why management is still leaning into the strategy. American Bitcoin mined more BTC, lowered production costs, expanded hashrate, and grew its reserve without selling coins. The pressure now sits on whether those efficiency gains can keep compounding BTC per share when Bitcoin prices, mining difficulty, and public-market demand move against the company at the same time.
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