American Bitcoin Corp., the Trump family-linked Bitcoin miner, reported another quarterly loss as weaker Bitcoin prices reduced the value of its holdings. The Miami-based company posted an $81.8 million net loss in Q1 2026, compared with a $59.5 million loss in Q4 2025. Revenue fell to $62.1 million from $78.3 million in the previous quarter.
American Bitcoin’s latest filing showed that its loss mainly came from the decline in Bitcoin’s market value during the quarter. Bitcoin dropped 22% in Q1 2026, which created a $117.2 million loss on digital assets. The company’s operating expenses reached $150.7 million.
The Q1 loss was still narrower than the $100.6 million loss reported a year earlier. Revenue also rose sharply from $12.3 million in Q1 2025, supported by higher mining activity at its Medicine Hat and Salt Creek sites.
CEO Mike Ho said, “Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions.” He also said the business was profitable after removing the non-cash Bitcoin accounting adjustment, adding, ‘We did not sell a single coin.’
American Bitcoin mined 817 BTC during the quarter, marking its highest quarterly production on record. The company also bought 803 BTC through treasury purchases, raising its total Bitcoin reserve to 7,021 BTC as of March 31.
That figure was higher than the 5,401 BTC held at the end of 2025. The company said its Satoshi-per-share rose 20% during the quarter as it continued building its reserve.
Eric Trump said, “In Q1, we mined 817 bitcoin at a 47% discount to spot, added more than 1,600 bitcoin to our strategic reserve, and did so with strong margins.” He added that the company had become the 16th largest Bitcoin holder globally within eight months as a public company.
The company also bought 11,298 Bitmain miners in March, adding 3.05 EH/s of capacity. By the end of Q1, American Bitcoin owned 89,242 miners with a total capacity of 28.1 EH/s.
American Bitcoin reduced its cost to mine one Bitcoin to $36,200 in Q1 from $46,900 in Q4 2025. The company linked the improvement to higher production volume, stable fixed costs, and disciplined energy pricing.
However, the wider mining sector remained under pressure after the April 2024 Bitcoin halving. The halving reduced block rewards, while network difficulty and energy costs continued to weigh on miners.
Some market reports said American Bitcoin’s fleet efficiency remained behind larger competitors. Its equipment efficiency was estimated near 18 J/TH, compared with Marathon Digital’s 14 J/TH. This means the company used more power for each unit of mining work.
Reports also said its operational hashrate fell from 10 EH/s to 7.2 EH/s during part of the period. This reduced output capacity at a time when mining margins were already tight.
American Bitcoin has drawn market attention because of its links to Eric Trump and Donald Trump Jr. Donald Trump Jr. joined the company’s board in September 2025, before the firm secured a $250 million private placement tied to World Liberty Financial.
The political connection helped increase investor interest in the company. However, mining results still depended on Bitcoin prices, energy costs, equipment efficiency, and network difficulty.
CEO Mike Ho said the company would continue adding capacity only when expected returns support expansion. He said American Bitcoin would focus on growing its Bitcoin reserve while keeping balance sheet flexibility.
American Bitcoin shares closed 1.63% higher at $1.25 on Wednesday. The stock has gained 40.5% over the past month but remains down 72.5% over the past six months.
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