Shares in publicly traded Bitcoin miner and treasury firm American Bitcoin (ABTC) are down more than 9% Thursday following a 20% dip in quarterly mining revenue and reported net losses of nearly $82 million during Q1 2026—a 37% jump from Q4 2025 losses.
The firm, which was co-founded by Eric Trump, boosted its Bitcoin holdings by more than 1,600 BTC during the quarter and reduced the costs associated with mining BTC to around $36,200 per coin, down from $46,900 during Q4. The company holds about $583 million worth of Bitcoin.
“Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions,” said American Bitcoin CEO Mike Ho, in a statement.
“Bitcoin declined approximately 22% quarter-over-quarter, which drove significant non-cash headwinds through our GAAP financials,” he said, adding that without the “non-cash mark-to-market adjustment” required, the firm was profitable without selling any BTC.
At a time when many Bitcoin miners are focusing on providing compute power for AI demand—including American Bitcoin’s parent company, Hut 8—ABTC expanded its mining operation during the quarter with the addition of more than 11,000 mining rigs from Bitmain, bringing its entire fleet to nearly 90,000 miners.
“Just over a year ago, American Bitcoin did not exist,” Trump, American Bitcoin’s chief strategy officer, said in a statement. “Today we hold over 7,300 Bitcoin and stand among the largest publicly traded Bitcoin companies in the world, supported by a fleet of nearly 90,000 miners.”
“This is exactly what we are built to do: accumulate Bitcoin efficiently and at scale,” the son of U.S. President Donald Trump added.
While shares in the firm have fallen on Thursday, ABTC is trading nearly 30% higher in the last month of trading, recently changing hands at $1.13. At that mark, shares are trading about 92% below its post-IPO high of $14.65.
The firm came to fruition last year when it combined with publicly traded Bitcoin miner Hut 8. It later merged with publicly traded Bitcoin miner Gryphon Digital in a stock-for-stock merger.
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