American Bitcoin Posts $81.8M Q1 Loss Despite Record Mining

American Bitcoin, the bitcoin mining and treasury firm co‑founded by Eric Trump, posted an $81.8 million net loss for the first quarter of 2026. The company reported the loss after Bitcoin’s price declined about 22% during the quarter, while it increased production and holdings.

An SEC filing shows mining revenue for the quarter was $62.1 million, down from $78.3 million in the fourth quarter of 2025. Operating expenses totaled $150.7 million. The largest single item affecting results was a $117.2 million mark‑to‑market loss on the company’s digital asset holdings tied to the lower Bitcoin price.

CEO Mike Ho wrote that the mark‑to‑market adjustment is a noncash accounting requirement and that the company did not sell any coins during the quarter. He added that, excluding the accounting adjustment, the underlying mining business produced positive results.

American Bitcoin mined 817 BTC in Q1, its highest quarterly output to date, and purchased 803 BTC for its treasury. The combined increase of 1,620 BTC raised the company’s total holdings to 7,021 BTC as of March 31. The company reported that its Satoshi‑per‑share metric rose 20% and that gross margin for the mining platform remained above 50% in the quarter.

The company said the average cost to mine one bitcoin was $36,200 in Q1, a 23% decline from $46,900 in Q4 2025. The company attributed the lower cost per coin to higher production spread over a stable fixed‑cost base and continued discipline on energy pricing.

In early March American Bitcoin acquired 11,298 miners from Bitmain, adding roughly 3.05 exahashes per second of capacity. At quarter end the firm owned 89,242 miners with total capacity of 28.1 EH/s.

Eric Trump highlighted the company’s accumulation strategy, noting the firm added more than 1,600 BTC to its reserve and expanded capacity to more than 28 EH/s, placing it among the larger public bitcoin holders. American Bitcoin’s shares rose 1.63% the day the filing was released, closing at $1.25. The stock has gained 40.5% over the past month and declined 72.5% over six months.