American Bitcoin Corp. (ABTC), a Bitcoin mining company with links to the Trump family, reported an $82 million net loss for the first quarter of 2026. This is a widening of losses compared to the $59 million loss reported in the previous quarter. The primary driver for the loss was a 22% drop in Bitcoin prices during the quarter, which led to a $117 million loss on digital assets.
Despite the financial setback, American Bitcoin achieved record quarterly production, mining 817 BTC. The company also increased its Bitcoin holdings, with its reserve growing to approximately 7,300 BTC. This places them among the top publicly traded companies in terms of Bitcoin holdings. Eric Trump, the company’s Chief Strategy Officer, emphasized the importance of building the company's Bitcoin reserve.
The company managed to reduce its mining costs by 23% to $36,200 per Bitcoin, compared to $46,900 in the previous quarter. This improved efficiency allowed them to maintain a gross mining margin above 50%. CEO Mike Ho noted that if non-cash adjustments related to Bitcoin valuation were excluded, the underlying business would have been profitable.
Despite the Q1 losses, American Bitcoin's stock price has shown resilience, supported by the rising price of Bitcoin since April. The company's increased hash rate and focus on low-cost Bitcoin production contribute to market optimism about its future potential.
