American Bitcoin Corp., a Miami-based bitcoin mining company linked to the Trump family, reported a highly volatile quarter as falling bitcoin prices weighed heavily on the value of its treasury holdings. The company said it posted a net loss of $59 million in the fourth quarter after the market value of the bitcoin on its balance sheet declined materially. This result highlights a broader reality for publicly traded companies with large BTC reserves: even when operations remain functional, accounting treatment can create major swings in reported earnings.
Listed on the Nasdaq under the ticker ABTC, the company generated $78.3 million in revenue for the three months ended Dec. 31. That was up from $64.2 million in the same period a year earlier, though it came in slightly below analyst expectations of $79.6 million. For the full year, American Bitcoin produced $185.2 million in revenue. The numbers suggest that its core business still expanded on a year-over-year basis, even as market conditions turned sharply against firms with large digital asset treasuries.
Bitcoin fell about 23% during the fourth quarter, putting pressure on companies that hold large reserves of the cryptocurrency on their balance sheets. Under updated rules from the Financial Accounting Standards Board (FASB), companies must now mark digital asset holdings to market in every reporting period. As a result, American Bitcoin recorded a $227 million non-cash loss tied specifically to the revaluation of its bitcoin treasury. That distinction matters: the charge reflects a change in accounting value rather than an equivalent cash outflow from the business.
By the end of the year, the company held 5,401 bitcoin. Co-founder Eric Trump later said in a statement that the total has since increased to more than 6,000 BTC. American Bitcoin also broke down how those reserves were built. About one-third of the holdings were acquired through mining operations, while the remaining two-thirds were accumulated through open-market purchases and strategic transactions. That mix shows the company is not relying solely on mined supply; it is actively using treasury strategy and capital markets to expand its exposure to bitcoin.
The company is backed by the family of President Donald Trump, and Eric Trump and Donald Trump Jr. together own 20% of the business. American Bitcoin went public in September, just weeks before bitcoin surged to a record high above $126,000. Since then, however, the stock has suffered a dramatic repricing. Shares have fallen nearly 90% from a peak near $9 last year. In early trading on Thursday, the stock was up 2% at $1.06, but it still remained down about 22% over the past 12 months.
American Bitcoin also used capital markets aggressively during the quarter. The company raised $150.5 million through an at-the-market equity offering and used that capital to increase its bitcoin holdings. Management said the stock issuance boosted per-share bitcoin exposure by nearly 50%. In practical terms, that means the company leaned into its treasury strategy during weakness rather than stepping back from accumulation. For investors, that makes ABTC look less like a pure mining stock and more like a leveraged public vehicle for bitcoin exposure backed by mining infrastructure.
American Bitcoin reports a 53% mining gross margin
Alongside its treasury accumulation strategy, American Bitcoin continues to operate industrial-scale mining facilities. The company relies on infrastructure support from majority owner Hut 8, one of the better-known public players in the bitcoin mining sector. In the fourth quarter, American Bitcoin said it mined bitcoin at a 53% gross margin, indicating that its production costs remained below prevailing spot prices even during the market slump. That detail is important because it suggests the mining operation itself remained economically viable despite a weak quarter for reported earnings.
Chief Executive Mike Ho said 2025 marked the company’s first year as a standalone public company and pointed to the expansion of both its mining platform and bitcoin reserves as major milestones. President Matthew Prusak described the firm’s model in simple terms: secure bitcoin through mining, then accumulate additional reserves through treasury purchases. This dual-track strategy separates American Bitcoin from miners that rely almost entirely on newly mined supply or, conversely, treasury firms that only buy BTC in the open market.
The earnings contrast was sharp. American Bitcoin’s fourth-quarter loss of $59.45 million compares with a profit of $3.48 million in the same quarter a year earlier. The company also said it had reported a profit in the previous quarter. That pattern reinforces how sensitive results can be to quarter-end pricing and accounting marks. A miner can still operate with healthy unit economics, but if it holds a large treasury and bitcoin drops into the reporting date, GAAP earnings can shift rapidly from profit to loss.
Across the industry, peers have responded to the downturn in different ways. Some large miners, including MARA Holdings and Riot Platforms, have explored converting parts of their operations toward artificial intelligence infrastructure. That shift reflects a wider trend among listed miners trying to diversify revenue streams, repurpose power capacity, and reduce reliance on block rewards and transaction fee cycles alone. In contrast, American Bitcoin remains more directly focused on the classic combination of mining and bitcoin reserve accumulation.
Other mining firms have chosen a more defensive path by selling parts of their bitcoin reserves to strengthen liquidity. That approach can help protect the balance sheet when financing conditions tighten or when operational cash needs become harder to meet. American Bitcoin, however, appears to be taking a more aggressive stance by continuing to expand its treasury position rather than shrinking it. Such a strategy can amplify upside in a strong bull market, but it can also magnify balance-sheet volatility during corrections.
Hut 8, which holds a majority stake in American Bitcoin, reported its own fourth-quarter results on Wednesday. The company said it ended the year with an 8,500-megawatt development pipeline and secured a new $200 million revolving credit facility with Two Prime. It also expanded an existing credit facility with Coinbase to $200 million, bringing its total available credit capacity to $400 million. Those figures suggest that large mining and infrastructure operators are still preparing for expansion, even while the sector adjusts to weaker market conditions.
Overall, American Bitcoin now sits at the intersection of two high-volatility business models: public bitcoin mining and corporate bitcoin treasury accumulation. Its revenue base is growing, its mining gross margin remained strong at 53%, and its bitcoin reserves have continued to rise. At the same time, the company’s income statement is heavily exposed to bitcoin price swings and to mark-to-market accounting under the latest FASB framework. For anyone analyzing ABTC, the central takeaway is clear: this is not simply a miner, and it is not merely a holding company. It is a hybrid public-market bitcoin exposure vehicle whose reported profits and losses can diverge sharply from its underlying operating momentum.