American Bitcoin loses $82m as bitcoin price falls

American Bitcoin posted an $81.8 million net loss in Q1 2026, even as the Trump-backed miner set a new quarterly production record of 817 BTC and cut its mining cost by 23%.

American Bitcoin reported a net loss of $81.8 million in Q1 2026, driven by a 22% bitcoin price decline that triggered a $117.2 million non-cash impairment on its digital asset holdings. Revenue from mining fell to $62.1 million from $78.3 million in the prior quarter.

Despite the headline loss, CEO Mike Ho pushed back. “Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB,” he said, “and the underlying business was profitable and we did not sell a single coin.”

Gross mining margins held above 50% and the cost per coin fell to $36,200, a 23% improvement from $46,900 in Q4 2025.

Record production, widening paper losses

American Bitcoin mined 817 BTC in Q1, its highest quarterly output to date, and purchased an additional 803 BTC for its treasury. Total holdings reached 7,021 BTC as of March 31. Co-founder Eric Trump told Consensus Miami on Wednesday:

“In just over eight months as a public company, we have become the 16th largest bitcoin holder globally and scaled to more than 28 exahash of capacity.”

The company completed the deployment of 11,298 new Bitmain miners in early March, bringing its total fleet to 89,242 machines and 28.1 EH/s of capacity. Operating expenses for the quarter totalled $150.7 million.

ABTC shares fell roughly 7% in pre-market trading after the results missed analyst estimates by 17%. As crypto.news reported, ABTC debuted on Nasdaq through a reverse merger in September 2025, briefly pushing Eric Trump’s paper stake into billionaire territory before a sustained selloff.