American Bitcoin (Nasdaq: ABTC), the Bitcoin mining and treasury accumulation firm co-founded by Eric Trump and Donald Trump Jr., reported a full-year 2025 net loss of $153.2 million, primarily driven by a $227.1 million non-cash mark-to-market loss on its bitcoin holdings under fair value accounting rules.
The company generated $185.2 million in annual revenue as it expanded its mining operations and grew its strategic bitcoin reserve to more than 6,000 BTC as of February 2026, despite a 39% decline in its share price since the start of the year.
Financial Performance and Accounting Impact
American Bitcoin reported a net loss of $153.2 million for the full year 2025, its first year operating as a standalone public company following its launch in March 2025. The loss was primarily attributable to a $227.1 million non-cash mark-to-market loss on bitcoin holdings, reflecting the application of fair value accounting rules amid declining cryptocurrency prices.
The company generated $185.2 million in revenue during 2025, driven by increased bitcoin production following mining fleet expansion and operational optimization. Adjusted EBITDA for the year came in at negative $157.3 million, reflecting the same mark-to-market dynamics.
For the fourth quarter of 2025, American Bitcoin reported revenue of $78.3 million, up 22% from $64.2 million in the prior quarter, though slightly below analyst expectations of $79.6 million. The company posted a net loss of $59.45 million for the quarter, compared to a $3.48 million profit in the same period of 2024.
The company achieved approximately 50% gross margin for the full year, allowing it to accumulate bitcoin at a structural discount to spot prices, including a 53% gross margin in the fourth quarter. General and administrative expenses were reduced to 9% of revenue in Q4, down from 13% in the previous quarter.
Bitcoin Reserve Growth and Treasury Strategy
American Bitcoin rapidly expanded its bitcoin holdings throughout 2025, ending the year with 5,401 BTC on its balance sheet. The company mined 1,654 BTC between the beginning of the second quarter and year-end, including 783 BTC in the fourth quarter. Approximately one-third of its year-end bitcoin holdings came from mining, with the remainder acquired through strategic transactions and at-the-market purchases.
As of February 24, 2026, the company reported its bitcoin reserve had grown to more than 6,000 BTC, specifically reaching 6,235 BTC according to subsequent disclosures. Eric Trump, American Bitcoin co-founder and chief strategy officer, stated that the company launched with the goal of accumulating bitcoin at scale and has executed on that strategy through its first year of operations.
The reported bitcoin reserve includes holdings in custody or pledged for miner purchases under an agreement with Bitmain. In 2025, American Bitcoin agreed to purchase 16,000 mining rigs from Bitmain, with payment structured through “pledged” bitcoin that could be redeemed up to two years from the transaction date at current prices, according to SEC filings. The company clarified in its Q3 earnings report that bitcoin pledged to Bitmain was not included on its unaudited condensed and combined balance sheets as of September 30, 2025.
Mining Operations and Infrastructure
American Bitcoin maintained approximately 25 exahash per second of installed capacity across roughly 78,000 ASIC machines as of December 31, 2025, with an average fleet efficiency of approximately 16.3 joules per terahash. The company operates its mining platform in partnership with Hut 8, which provides access to high-density ASIC infrastructure.
The company raised $150.5 million in gross proceeds through its at-the-market equity program during the fourth quarter, providing additional capital for operational expansion and bitcoin accumulation.
Mike Ho, Chief Executive Officer of American Bitcoin, emphasized the company’s focus on disciplined execution during its first year as a public company, expanding its mining platform and increasing bitcoin reserves through production and capital markets activity. He indicated the company plans to continue optimizing its fleet and deploying additional capacity when returns justify it, while prioritizing growth in bitcoin holdings and balance sheet flexibility.
Market Performance and Share Price
American Bitcoin shares have declined approximately 39% in value since the start of 2026, trading near $1.03 as of late February. The year-to-date loss has outpaced Bitcoin’s 23% decline over the same period, reflecting investor concerns about the company’s exposure to cryptocurrency price volatility and its substantial mark-to-market losses.
The company positions itself as a “full stack Bitcoin play,” engaging in Bitcoin mining, maintaining a BTC treasury accumulation strategy, and operating an “ecosystem amplification” layer with the stated goal of establishing “America as the undisputed leader of the global Bitcoin economy”.
FAQ: Understanding American Bitcoin’s Financial Results
Q: Why did American Bitcoin report a net loss despite revenue growth?
A: The $153.2 million net loss was primarily driven by a $227.1 million non-cash mark-to-market loss on bitcoin holdings under fair value accounting rules. As Bitcoin prices declined during 2025, the company was required to record unrealized losses on its treasury holdings, which offset operational profits from mining and revenue growth.
Q: How large is American Bitcoin’s bitcoin reserve?
A: As of December 31, 2025, the company held 5,401 BTC on its balance sheet. By February 24, 2026, the reserve had grown to more than 6,000 BTC, specifically 6,235 BTC according to company disclosures. This includes bitcoin held in custody or pledged for miner purchases under an agreement with Bitmain.
Q: What is American Bitcoin’s relationship with Hut 8 and Bitmain?
A: American Bitcoin operates its mining platform in partnership with Hut 8, which provides access to high-density ASIC infrastructure. The company also has an agreement with Bitmain to purchase 16,000 mining rigs, with payment structured through pledged bitcoin that can be redeemed up to two years from the transaction date at current prices.
Q: How has American Bitcoin’s stock performed compared to Bitcoin?
A: American Bitcoin shares have declined approximately 39% since the start of 2026, outpacing Bitcoin’s 23% loss over the same period. The stock trades near $1.03 as of late February, reflecting investor concerns about the company’s exposure to cryptocurrency price volatility and its substantial mark-to-market accounting losses.
