American Bitcoin (ABTC), the bitcoin company backed by the Trump family, reported its financial results for the first quarter of 2026 earlier this week, revealing a net loss of nearly $82 million for the period.
That loss came despite the company mining a record 817 BTC during the quarter.
Mining Output Rises While Lower BTC Prices Pressure Earnings
According to documents filed with the U.S. Securities and Exchange Commission, American Bitcoin mined 817 BTC in Q1 and also purchased 803 BTC, bringing its strategic reserve to 7,021 BTC as of March 31.
Since the filing, the company added another 300 BTC, raising its total to roughly 7,300 BTC and pushing it to 16th among publicly traded companies by bitcoin holdings.
Mining revenue fell to $62.1 million from $78.3 million in the prior quarter, driven primarily by a decline in the realized price per bitcoin: about $76,000 per BTC in Q1 versus roughly $100,000 in the previous quarter. Despite that headwind, American Bitcoin maintained a gross margin in excess of 50% and reduced its cost to mine by 23%, to approximately $36,200 per BTC, down from about $46,900 in Q4 2025.
The company’s preferred metric, satoshis per share, increased by roughly 20% quarter-over-quarter to about 663 satoshis per share.
“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,” CEO Mike Ho said in the earnings release.
President Matthew Prusak highlighted operational improvements as the main driver behind the quarter’s results:
“We produced Bitcoin at 52% gross margin despite a 22% decline in Bitcoin price, reflecting meaningful cost improvements that partially offset the price headwind. Every share of American Bitcoin owns more Bitcoin today than it did three months ago.”
Following the earnings release, ABTC shares dropped about 8.4% to near $1.15, leaving the stock far below its 52-week high of $14.65.
Growth Strategy Aligns With Corporate Bitcoin Treasury Trend
Production gains in Q1 were partly driven by a major hardware delivery in early March 2026: American Bitcoin received 11,298 next-generation miners from Bitmain.
That acquisition added roughly 3.05 EH/s of capacity at an efficiency of about 13.5 joules per terahash, and the new machines were deployed at Hut 8’s Drumheller site in Alberta, Canada.
American Bitcoin’s total owned fleet now numbers approximately 89,242 miners with 28.1 EH/s of capacity. Its operational fleet actively producing bitcoin in the quarter consisted of about 58,999 miners delivering near 25.0 EH/s—still roughly half the scale of the largest publicly listed bitcoin miners.
American Bitcoin’s headline loss follows a broader pattern among public companies with large bitcoin holdings: earlier in the week, Strategy, the largest corporate holder of bitcoin, disclosed a Q1 2026 net loss of $12.54 billion, highlighting how falling bitcoin prices at the start of the year have weighed on reported earnings across the sector.