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.
According to the firm's filing with the Securities and Exchange Commission on Wednesday, American Bitcoin reported $62.1 million in mining revenue during the quarter, down from $78.3 million in the fourth quarter of 2025.
The company's operating expenses amounted to $150.7 million in the quarter. Its loss on digital assets was the biggest driver, taking up $117.2 million in losses. Bitcoin (BTC) fell 22% over the quarter, slicing off a notable chunk of value from its 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."
During the first quarter, American Bitcoin mined 817 BTC, its highest quarterly production on record, and bought 803 BTC for its treasury. This 1,620 BTC increase brought its total holdings to 7,021 BTC as of March 31, boosting its Satoshi-per-share by 20%.
The gross margin for its mining platform held above 50% in Q1 despite the bitcoin decline, with American Bitcoin saying this reflects "meaningful improvements" partially offsetting the price setback.
The cost of mining was $36,200 per bitcoin in Q1, a 23% improvement from $46,900 per coin in Q4 of last year. The improvement was driven by higher production volume spread across a stable fixed cost base and continued energy pricing discipline, according to the company.
American Bitcoin also bought 11,298 miners from Bitmain in early March, adding 3.05 EH/s. In total, the firm owned 89,242 bitcoin miners with a combined capacity of 28.1 EH/s as of the end of Q1.
"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% in the past month, but down 72.5% in a six-month period.
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