American Bitcoin, the Bitcoin mining firm backed by the Trump family, reported a net loss of nearly $82 million for the first quarter of 2026 despite achieving its highest Bitcoin mining output to date.
The company revealed in filings submitted to the U.S. Securities and Exchange Commission that it mined a record 817 BTC during the quarter while continuing to expand its Bitcoin reserves.
Bitcoin Price Weakness Weighed on Financial Results
In addition to the mined Bitcoin, American Bitcoin also purchased another 803 BTC, increasing its total strategic holdings to 7,021 BTC by the end of March.
The company later expanded that reserve further by acquiring an additional 300 BTC, bringing its holdings to roughly 7,300 BTC and pushing it to the 16th position among publicly traded firms with the largest Bitcoin treasuries.
Despite the increased production, mining revenue fell to $62.1 million from $78.3 million in the previous quarter. The decline was largely tied to lower Bitcoin prices, as the average value of mined Bitcoin dropped to about $76,000 compared to nearly $100,000 during the fourth quarter of 2025.
Even with the revenue decline, the company maintained a gross profit margin above 50 percent. It also reduced its average mining cost by 23 percent, lowering expenses to around $36,200 per Bitcoin compared to approximately $46,900 in the prior quarter.
American Bitcoin also highlighted growth in its “satoshis per share” metric, which rose nearly 20 percent quarter over quarter to about 663.
Chief Executive Officer Mike Ho stated that the underlying business remained profitable once accounting related Bitcoin valuation adjustments required by financial reporting standards were excluded. He also emphasized that the company did not sell any of its Bitcoin holdings during the downturn.
Company President Matthew Prusak described operational efficiency improvements as one of the company’s biggest achievements during the quarter. He noted that American Bitcoin was still able to mine profitably despite Bitcoin’s price declining by roughly 22 percent over the same period.
Shares Decline After Earnings Release
Following the financial report, shares of American Bitcoin dropped around 8.4 percent to roughly $1.15. The stock remains significantly below its 52 week high of $14.65.
Expansion Efforts Continue Through Major Hardware Upgrade
Part of the company’s production growth came from a large hardware acquisition completed in March 2026. American Bitcoin received 11,298 next generation mining machines from Bitmain.
The equipment upgrade added approximately 3.05 exahashes per second of mining capacity with an energy efficiency of 13.5 joules per terahash. The machines were deployed at Hut 8’s Drumheller mining facility in Alberta, Canada.
American Bitcoin now owns a fleet of around 89,242 mining machines with a total capacity of 28.1 EH/s. Its active operational fleet currently consists of nearly 59,000 miners producing approximately 25 EH/s, which still places the company below the largest publicly traded Bitcoin mining firms in scale.
Bitcoin Related Losses Continue Across Corporate Sector
American Bitcoin is not the only company facing large accounting losses tied to Bitcoin’s weaker performance earlier in the year. Strategy, the world’s largest corporate Bitcoin holder, also reported a substantial net loss earlier this week, revealing a $12.54 billion loss for the first quarter of 2026.#cryptp#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
