American Bitcoin, the publicly traded crypto mining company co-founded by Eric Trump, reported a net loss of $81.7 million for the first quarter of 2026, with revenue of $62.1 million falling short of analyst estimates by 17%. The company’s earnings per share of negative $0.08 also missed Wall Street’s consensus of negative $0.01 per share.
Revenue growth but sequential decline
While first-quarter revenue surged 400% compared to the $12.3 million reported in the same period last year, it declined from $78.3 million in the fourth quarter of 2025. The company attributed the year-over-year growth to a significant expansion of its mining fleet and increased production capacity. The sequential decline, however, reflects a challenging environment for Bitcoin miners amid a drop in the price of Bitcoin from its 2026 high of $97,000 in January to around $81,000 in early May.
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American Bitcoin mined a record 817 Bitcoin during the quarter, up from 783 Bitcoin in the previous quarter. The company’s cost of mining improved to $36,200 per Bitcoin, a 23% reduction from $46,900 per Bitcoin in Q4 2025, which management credited to higher production volume spread across a stable fixed-cost base and disciplined energy pricing.
Operational expansion and fleet efficiency
In March, the company energized 11,298 new ASIC mining machines, adding approximately 3.05 exahashes per second (EH/s) to its operational capacity. The first of these machines came online on March 31, meaning their full impact will be reflected in future quarters. CEO Mike Ho emphasized the company’s focus on fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin per share. “Looking ahead, we will keep deploying incremental capacity when expected returns justify it and focus on compounding our Bitcoin reserve while preserving balance sheet flexibility,” Ho said in a statement.
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Broader market context and peer performance
American Bitcoin’s results were released on the same day as Hut 8, another major mining firm, which reported a net loss of more than $253 million for the first quarter, driven largely by a reduction in the market value of its Bitcoin holdings. Hut 8’s revenue of $71 million was down 22% from the previous quarter but exceeded analyst forecasts. The contrasting results highlight the volatility and capital-intensive nature of the Bitcoin mining industry, where profitability is closely tied to both Bitcoin’s market price and operational efficiency.
American Bitcoin began trading on the Nasdaq in September 2025 after merging with Gryphon Digital Mining. It is part of a broader portfolio of Trump family crypto ventures, which also includes the trading platform World Liberty Financial and its stablecoin, USD1. Shares of American Bitcoin (ABTC) ended after-hours trading down 1.6% at $1.23, erasing gains made during the regular session. The stock has fallen approximately 26.5% year-to-date.
Conclusion
American Bitcoin’s first-quarter results underscore the dual pressures facing Bitcoin miners: the need to scale operations and reduce costs while handling a volatile cryptocurrency market. The company’s record Bitcoin production and improved mining costs are positive operational signals, but the revenue miss and wider-than-expected loss have disappointed investors. As the company continues to deploy additional capacity, its ability to maintain cost discipline and grow its Bitcoin reserve will be critical to restoring market confidence.
FAQs
Q1: Why did American Bitcoin’s revenue miss analyst estimates?
The company’s revenue of $62.1 million fell 17% short of analyst expectations, primarily due to a decline in the price of Bitcoin during the first quarter and a sequential drop in revenue from the previous quarter’s $78.3 million. Analysts had anticipated stronger performance from the company’s expanded mining fleet.
Q2: How does American Bitcoin’s performance compare to other Bitcoin miners?
American Bitcoin’s results reflect broader industry trends. Peer company Hut 8 also reported a significant net loss of $253 million, though its revenue exceeded forecasts. Both companies are managing a challenging environment where Bitcoin’s price has fallen from its 2026 high, pressuring margins despite increased production.
Q3: What is the significance of the Trump family’s involvement in American Bitcoin?
The company is co-founded by Eric Trump and counts Donald Trump Jr. as a shareholder. It is part of a larger portfolio of Trump family crypto ventures, including World Liberty Financial and its stablecoin USD1. This has raised questions about potential conflicts of interest, though the company operates as an independent publicly traded entity.
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