American Bitcoin Corp. reported its first-quarter 2026 financial results on May 6, showing record production growth and a sharply expanded Bitcoin reserve, even as falling crypto prices weighed on revenue and earnings.
The company, trading on Nasdaq under the ticker ABTC, posted an $81.8 million net loss for the quarter. That compares with a $59.5 million loss in the previous quarter. The wider loss reflects a decline in Bitcoin prices and accounting losses tied to digital asset valuation.
Bitcoin fell roughly 22 percent during the quarter, according to the company’s filing, which reduced the reported value of its holdings and increased non-cash losses.
Revenue declines as Bitcoin price weakens
American Bitcoin recorded $62.1 million in mining revenue for Q1 2026, down from $78.3 million in Q4 2025. The drop followed a lower average Bitcoin price environment, which reduced revenue per mined coin.
Operating expenses reached $150.7 million, while digital asset revaluation losses accounted for $117.2 million of the total reported loss.
Chief Executive Officer Mike Ho described the quarter as operationally strong despite macro pressure.
"Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions," Ho said.
He added that the company remained profitable on an underlying basis when excluding non-cash accounting adjustments.
Record Bitcoin production expands treasury
The company mined 817 BTC during the quarter, its highest quarterly output to date. It also purchased 803 BTC for its corporate treasury, bringing total accumulation to approximately 1,620 BTC in the period.
This pushed American Bitcoin’s total holdings to about 7,021 BTC as of March 31, up from 5,401 BTC at the end of 2025. The increase represents roughly 30 percent growth in a single quarter.
Eric Trump, Co-Founder and Chief Strategy Officer, described the scale-up as a defining stage for the company.
"Just over a year ago, American Bitcoin did not exist. Today we hold over 7,300 Bitcoin and stand among the largest publicly traded Bitcoin companies in the world," Trump said.
He added that the company mined Bitcoin at a discount to market price while expanding its fleet and reserve.
Mining efficiency improves as costs fall
A key development in the quarter was a sharp decline in mining costs. American Bitcoin reported a cost of approximately $36,200 per Bitcoin in Q1, down from $46,900 in Q4 2025.
The company attributed the improvement to higher production volumes spread across a stable fixed-cost base and tighter energy management.
Matthew Prusak, President of American Bitcoin, described the cost reduction as central to the company’s model.
“Our model is simple: secure the Bitcoin network through mining, accumulate it through our treasury strategy, and accelerate adoption through the ecosystem,” Prusak said.
He added that the company maintained a 52 percent mining gross margin despite the 22 percent decline in Bitcoin price.
Hashrate expansion and fleet growth continue
American Bitcoin expanded its mining infrastructure during the quarter. The company purchased 11,298 ASIC miners from Bitmain in early March, adding approximately 3.05 exahash per second (EH/s) of computing power.
By the end of Q1, the company operated about 89,242 mining machines with a total capacity of 28.1 EH/s.
The expansion included deployment at the Drumheller site in Alberta, which contributed to the increase in production capacity and operational scale.
The company said higher production helped offset fixed operating costs, improving per-unit mining economics even in a weaker Bitcoin price environment.
Market performance remains volatile
American Bitcoin’s share price rose 1.63 percent on Wednesday to close at $1.25. Despite the daily gain, the stock remains down significantly over a six-month period.
The company’s results also arrive during a broader downturn for listed Bitcoin miners. Sector-wide pressures include lower Bitcoin prices and increased capital allocation toward artificial intelligence and high-performance computing infrastructure.
Some mining firms have reduced Bitcoin holdings to fund diversification strategies, while American Bitcoin has focused on accumulation and fleet expansion.
Strategic focus remains on Bitcoin accumulation
Management reiterated that the company’s strategy remains centered on expanding Bitcoin reserves rather than selling mined output.
Ho said the firm did not sell any Bitcoin during the quarter and continues to prioritize long-term accumulation.
“In Q1, we mined 817 bitcoin at a 47% discount to spot,” Eric Trump said. “This is exactly what we are built to do: accumulate bitcoin efficiently and at scale.”
He added that the company has become one of the largest publicly traded Bitcoin holders globally within a short operating period.
Outlook tied to Bitcoin cycles and capacity growth
American Bitcoin enters the next quarter with increased mining capacity, higher reserve levels, and reduced production costs. However, performance remains closely linked to Bitcoin price movements and energy costs.
The company stated it will continue deploying new capacity when returns justify expansion while maintaining balance sheet flexibility.
The first quarter results highlight a dual trend: operational expansion on one side and financial pressure from market volatility on the other. The balance between those forces will shape performance in the next phase of the company’s growth cycle.
Gunel Ismayilova
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