Q4 Earnings: Net Loss of $59M, Revenue Slightly Below Estimates
American Bitcoin Corp. (ABTC), a Trump family-linked bitcoin mining company headquartered in Miami, reported a net loss of $59.45 million for the fourth quarter ended December 31, compared with a profit of $3.48 million in the same period a year earlier. Revenue totaled $78.3 million, up from $64.2 million a year ago but slightly below analyst estimates of $79.6 million. Full-year revenue reached $185.2 million.
Bitcoin declined approximately 23% in the fourth quarter, pressuring companies that hold large reserves of the cryptocurrency on their balance sheets. Under updated rules from the Financial Accounting Standards Board (FASB), firms must mark digital asset holdings to market each reporting period. As a result, American Bitcoin recorded a $227 million non-cash loss tied to the revaluation of its bitcoin treasury.
Bitcoin Holdings and Financing Moves
The company ended the year with 5,401 bitcoin and has since increased that figure to more than 6,000 BTC, according to a statement from co-founder Eric Trump. American Bitcoin said roughly one-third of its holdings were acquired through mining operations, with the remaining two-thirds accumulated through open-market purchases and strategic transactions. The firm is 20% owned by Eric Trump and Donald Trump Jr.
American Bitcoin went public in September, weeks before bitcoin reached a record high above $126,000. Shares have since fallen nearly 90% from a peak of about $9 last year. The stock was up 2% in early Thursday trading at $1.06 but remains down about 22% over the past 12 months.
The company raised $150.5 million during the quarter through an at-the-market stock offering, capital it used to increase its bitcoin holdings. Management said the equity issuance boosted per-share bitcoin exposure by nearly 50%.
53% Mining Gross Margin, Strategic Focus on Bitcoin Reserves
American Bitcoin operates industrial-scale mining facilities and relies on infrastructure support from majority owner Hut 8. During the fourth quarter, the company said it mined bitcoin at a 53% gross margin, indicating production costs remained below prevailing spot prices despite the market downturn. Chief Executive Mike Ho said 2025 marked the firm’s first year as a standalone public company and cited expansion of its mining platform and bitcoin reserves as key milestones. President Matthew Prusak described the company’s strategy as securing bitcoin through mining and accumulating additional reserves through treasury purchases.
The fourth-quarter loss of $59.45 million compares with a profit of $3.48 million in the same period a year earlier. The company also reported a profit in the previous quarter.
Industry Comparison and Peer Movements
Industry peers have taken varied approaches to the downturn. Some large miners, including MARA Holdings and Riot Platforms, have explored converting portions of their operations to artificial intelligence infrastructure. Others have sold parts of their bitcoin reserves to strengthen liquidity.
Hut 8, which holds a majority stake in American Bitcoin, reported its own fourth-quarter results 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 total available credit capacity to $400 million.