American Bitcoin (ABTC) shares dropped over 9% on Thursday after the company reported an $82 million net loss for Q1 2026, a significant increase from its losses in Q4 2025. The firm, co-founded by Eric Trump, experienced a 20% reduction in quarterly mining revenue.
During this period, American Bitcoin increased its Bitcoin reserves by over 1,600 BTC while lowering the cost of mining each coin to approximately $36,200, down from $46,900 previously. Currently, the company holds around $583 million worth of Bitcoin.
“Despite a challenging market, we maintained momentum in Q1 2026,” stated Mike Ho, CEO of American Bitcoin, highlighting that a 22% quarterly decline in Bitcoin value resulted in substantial non-cash financial impacts. He noted that excluding these adjustments, the company would have been profitable without selling any BTC.
Amidst an industry trend where many miners are shifting focus to AI computing power—including Hut 8, American Bitcoin’s parent entity—ABTC expanded its operations by incorporating over 11,000 new mining rigs from Bitmain, boosting their total to nearly 90,000.
“A year ago, American Bitcoin was non-existent,” remarked Eric Trump, the firm’s chief strategy officer. “Today, we possess over 7,300 BTC and rank among the largest publicly traded Bitcoin companies globally, backed by a fleet of almost 90,000 miners.” He emphasized the company’s focus on large-scale Bitcoin acquisition.
Despite today’s decline, ABTC shares have risen nearly 30% over the past month, recently trading at $1.13. This price is about 92% lower than its peak post-IPO value of $14.65. The firm was established last year through a merger with publicly traded Bitcoin miner Hut 8 and later combined with Gryphon Digital in a stock-for-stock transaction.