US-based mining and treasury management firm American Bitcoin reported a net loss of $81.8 million in the first quarter of 2026. The company had previously recorded a $59.5 million loss in the fourth quarter of 2025. Known for its sizable institutional Bitcoin reserves and for being co-founded by Eric Trump, American Bitcoin continues to capture attention in the corporate crypto landscape.
Declining mining revenues and rising operating costs
The company’s mining revenue fell to $62.1 million in the first quarter, down from $78.3 million in the previous quarter. Meanwhile, total operating expenses surged to $150.7 million. The report cited a roughly 22 percent drop in Bitcoin prices and shrinking digital asset reserves as major factors behind the company’s declining financial performance. Losses related to the valuation of asset reserves reached $117.2 million, marking a significant impact on quarterly results.
According to CryptoAppsy data, American Bitcoin’s total BTC holdings increased to 7,021 BTC by the end of the quarter. This expansion in reserves reflected both growing mining capacity and an evolving treasury strategy as of March’s close.
Record BTC production and strategic acquisitions
In the first three months of the year, American Bitcoin mined a record 817 BTC, its highest-ever quarterly output. The company also purchased an additional 803 BTC, boosting its strategic reserves and securing its position among the largest corporate Bitcoin holders globally. CEO Mike Ho stressed the company made no cash sales in the period and maintained profitability in its core business lines.
CEO Mike Ho explained that, “Excluding non-cash valuation adjustments mandated by FASB accounting standards, American Bitcoin remains profitable in its main operations. No Bitcoin was sold during the quarter.”
Despite challenging market conditions, the company’s mining division managed to keep its gross margin above 50 percent. With a focus on energy costs and operational efficiency, the cost to mine one Bitcoin fell from $46,900 in the previous quarter to $36,200 in the first quarter of 2026.
Eric Trump: “We are among the world’s top 20”
Co-founder Eric Trump emphasized that this period demonstrated the company’s large-scale and efficient Bitcoin accumulation capability. He highlighted that in just eight months since listing, American Bitcoin had become the sixteenth largest public holder of Bitcoin worldwide.
Eric Trump noted that the company has been able to mine BTC at prices 47 percent below spot market rates while continually expanding its strategic reserves.
Shares of American Bitcoin closed at $1.25 on Wednesday, up 1.63 percent for the day. Over the past month, the stock has gained more than 40 percent, but it has fallen by nearly 72 percent over the last six months.
