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2026-05-09 20:23:44

Trump-Backed American Bitcoin Posts $82M Loss Despite Record BTC Mining Output

American Bitcoin (ABTC), the Trump family-backed BTC company, released its Q1 2026 financial results earlier in the week, and they showed a nearly $82 million net loss for the period. This was despite the firm mining a record 817 BTC. Mining Output Goes Up, But BTC Price Drop Hits Earnings Per documents it filed with the SEC, apart from the 817 BTC it mined, American Bitcoin also bought another 803 BTC, which took its strategic reserve to 7,021 BTC by March 31. However, at the time of writing, the stash had grown to about 7,300 BTC after the firm purchased an additional 300 units, which saw it climb the ranks of publicly traded companies holding Bitcoin to number 16. Mining revenues declined to $62.1 million from $78.3 million, due to lower prices per Bitcoin mined of $76,000 compared to the previous quarter’s about $100,000. Still, the company posted a gross margin over 50% and cut its cost to mine by 23% to $36,200 per Bitcoin, down from $46,900 or so in Q4 2025. Satoshis per share, the firm’s preferred measure of value creation, rose by about 20% quarter-over-quarter to about 663. “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,” CEO Mike Ho said in the earnings release. President Matthew Prusak framed the cost improvement as the key operational story, saying: “We produced Bitcoin at 52% gross margin despite a 22% decline in Bitcoin price, reflecting meaningful cost improvements that partially offset the price headwind. Every share of American Bitcoin owns more Bitcoin today than it did three months ago.” ABTC shares fell 8.4% to around $1.15 following the earnings release, keeping the stock far below its 52-week high of $14.65. Expansion Strategy Mirrors Wider Bitcoin Treasury Trend The production gains 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 was 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, though its operational fleet delivering active output is 58,999 miners at around 25.0 EH/s, still roughly half the scale of the largest publicly listed Bitcoin miners. American Bitcoin is not alone in reporting large headline losses driven by Bitcoin’s poor run at the beginning of the year, as Strategy, the largest corporate owner of the flagship cryptocurrency, earlier in the week reported that it had incurred a net loss of $12.54 billion in Q1 2026. The post Trump-Backed American Bitcoin Posts $82M Loss Despite Record BTC Mining Output appeared first on CryptoPotato .

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