TLDR
- American Bitcoin (ABTC) posted a net loss of $59.45 million in Q4, reversing a $3.48 million profit from the same period last year.
- Bitcoin’s price dropped 23% during the quarter, triggering a $227 million non-cash loss under new FASB accounting rules.
- Revenue came in at $78.3 million for Q4, up 22% from Q3 but slightly below the analyst estimate of $79.6 million.
- The company raised $150.5 million through a stock offering in Q4, boosting per-share bitcoin exposure by nearly 50%.
- ABTC now holds over 6,000 BTC, up from 5,401 at year-end 2025, with one-third mined and two-thirds bought on the open market.
American Bitcoin reported a net loss of $59.45 million for the fourth quarter, a sharp reversal from the $3.48 million profit it recorded in the same period a year ago.
JUST IN: Trump family-backed $BTC miner American Bitcoin Corp reported a $59M Q4 loss. pic.twitter.com/GUs2vZJVT7
— Mr. Whale (@CryptoWhale) February 26, 2026
The company had also turned a profit in Q3, making the Q4 swing all the more eye-catching.
The main driver was bitcoin’s price. The cryptocurrency fell roughly 23% during the three-month period ending December 31, 2025.
New FASB rules require companies to mark crypto holdings to market value. That accounting change forced American Bitcoin to book a $227 million non-cash loss tied directly to the drop in bitcoin’s price.
Q4 revenue came in at $78.3 million, up from $64.2 million in the prior-year period. Analysts had expected $79.6 million, so the company came in just short.
For the full year, the company generated $185.2 million in revenue.
Mining Margins Held Up
Even with bitcoin falling, the company’s mining operations stayed profitable. It mined bitcoin at a 53% gross margin during the quarter, meaning production costs stayed well below the spot price.
About one-third of its current bitcoin holdings came from mining. The other two-thirds were acquired through open-market purchases and strategic transactions.
The company relies heavily on infrastructure provided by its majority owner, Hut 8 (HUT), to run its industrial-scale mining operations.
Capital Raise and Bitcoin Holdings
American Bitcoin raised $150.5 million through an at-the-market stock offering during Q4. It used that capital to buy more bitcoin, boosting per-share BTC exposure by nearly 50%.
The company now holds over 6,000 BTC, up from 5,401 at the end of 2025. Eric Trump confirmed the updated holdings in a statement.
Eric Trump and Donald Trump Jr. together own 20% of the company. Donald Trump is also listed as a stockholder.
ABTC went public in September 2025, less than a month before bitcoin hit a record high.
The stock is down nearly 90% from its high of around $9 seen last year. Over the past twelve months, it has lost close to 22%.
In pre-market trading on the day of the earnings release, ABTC was up 3.8%, trading at $1.09.
Hut 8, the majority owner, reported its own Q4 earnings the day before. Its stock dropped 7% on the news, even as rivals MARA Holdings (MARA) and Riot Platforms (RIOT) moved higher.
Hut 8 ended 2025 with an 8,500 MW development pipeline and secured a new $200 million revolving credit facility, bringing its total credit capacity to $400 million.
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