Despite the overall loss, the company emphasized that it continued to accumulate Bitcoin instead of selling when it weakens.
American Bitcoin (ABTC), the Trump family-backed BTC company, released its first quarter 2026 financial results earlier in the week and showed a net loss of nearly $82 million for the period.
This was despite the company mining a record 817 BTC.
Mining production increases, but falling BTC price affects profits
As documented filed With the SEC, in addition to the 817 BTC it mined, American Bitcoin also purchased another 803 BTC, bringing its strategic reserve to 7,021 BTC as of March 31.
However, at the time of writing, the stash had increased to approximately 7,300 BTC after the company bought 300 additional units, allowing it to rise in the ranking of companies listed on the Bitcoin stock exchange to 16th place.
Mining revenue decreased to $62.1 million from $78.3 million, due to lower prices per mined Bitcoin of $76,000 compared to approximately $100,000 in the previous quarter. Still, the company posted a gross margin of over 50% and reduced its mining cost by 23% to $36,200 per Bitcoin, down from about $46,900 in Q4 2025.
Satoshis per share, the company’s preferred measure of value creation, rose about 20% quarter-over-quarter to about 663.
“If we remove the non-cash mark-to-market adjustment on our Bitcoin required by FASB, the underlying business was profitable and we did not sell a single coin,” CEO Mike Ho said in the earnings release.
President Matthew Prusak framed cost improvement as the key operating story and said:
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“We produced Bitcoin at a 52% gross margin despite a 22% drop in the price of Bitcoin, reflecting significant cost improvements that partially offset the price headwind. Each US Bitcoin stock owns more Bitcoin today than three months ago.”
ABTC shares fell 8.4% to around $1.15 following the earnings release, keeping the stock well below its 52-week high of $14.65.
Expansion Strategy Reflects Broader Bitcoin Treasury Trend
The gains in production were partly the result of a hardware acquisition completed in early March 2026, when American Bitcoin took delivery of 11,298 next-generation miners from Bitmain.
As reported at the time, that deal added about 3.05 EH/s of capacity at an efficiency of 13.5 joules per terahash, deployed at Hut 8’s Drumheller site in Alberta, Canada.
The company’s total owned fleet now stands at approximately 89,242 miners with 28.1 EH/s of capacity, although its operational fleet offering active production is 58,999 miners at around 25.0 EH/s, still about half the scale of the largest publicly traded Bitcoin miners.
American Bitcoin is not alone in reporting large losses due to Bitcoin’s poor run at the beginning of the year, as Strategy, the largest corporate owner of the flagship cryptocurrency, reported earlier in the week that it had incurred a net loss of $12.54 billion in the first quarter of 2026.
