Publicly traded Bitcoin mining firm American Bitcoin reported a significant increase in quarterly losses despite expanding its Bitcoin holdings. The company, co-founded by Eric Trump, posted a net loss of nearly $82 million for Q1 2026, a 37% increase from the previous quarter. While its Bitcoin treasury grew by over 1,600 coins to a value of approximately $583 million, its stock price fell 9% on the news, trading around $1.13 and down 92% from its post-IPO high.
Shares in American Bitcoin dropped over 9% after the firm reported a nearly $82 million net loss for the first quarter of 2026. This represented a 37% increase from the $59.4 million loss reported in the prior quarter.
The company’s mining revenue fell 20% during the period even as it added more than 1,600 BTC to its holdings. Its treasury now stands above 7,300 BTC, worth approximately $583 million.
CEO Mike Ho stated the quarter showed “continued momentum in a resilient business under adverse market conditions.” He attributed the significant GAAP financial headwinds to Bitcoin’s approximate 22% price decline quarter-over-quarter.
“Without the ‘non-cash mark-to-market adjustment’ required, the firm was profitable without selling any BTC,” Ho added. The company also reduced its cost to mine a Bitcoin to around $36,200, down from $46,900 in Q4 2025.
During the quarter, American Bitcoin expanded its operational scale by adding over 11,000 new miners from Bitmain. Its total fleet now consists of nearly 90,000 mining machines.
Chief Strategy Officer Eric Trump highlighted the firm’s growth, noting it did not exist just over a year ago. “Today we hold over 7,300 Bitcoin and stand among the largest publicly traded Bitcoin companies in the world,” he said.
The firm was created last year through a combination with publicly traded miner Hut 8. It later completed a stock-for-stock merger with publicly traded miner Gryphon Digital.
Despite the day’s drop, ABTC shares are trading nearly 30% higher over the past month. The stock recently changed hands at $1.13, which is about 92% below its post-IPO high of $14.65.
