Despite the major loss, the company stressed that it continued to accumulate bitcoin rather than sell into weakness.
American Bitcoin (ABTC), the Trump family-backed BTC company, released its financial results for the first quarter of 2026 earlier in the week, showing a net loss of approximately $82 million for the period.
This was despite the company having mined a record 817 bitcoins.
Mining production rises, but falling Bitcoin prices impact profits
All documents have that foot With the SEC, apart from the 817 BTC it mined, US Bitcoin also purchased another 803 BTC, raising its strategic reserve to 7,021 BTC by March 31.
However, at the time of writing, the stock has increased to around 7,300 BTC after the company Purchased An additional 300 units, taking it up the ranks of publicly traded companies holding Bitcoin to 16th place.
Mining revenues fell to $62.1 million from $78.3 million, due to mined Bitcoin prices falling by $76,000 compared to the previous quarter, which was around $100,000. However, the company posted a gross margin of more than 50% and reduced its mining cost by 23% to $36,200 per bitcoin, down from $46,900 or so in Q4 2025.
Satoshi per share, the company’s preferred measure of value creation, rose about 20% on a quarterly basis to about 663.
“Remove the non-cash market adjustment to our bitcoin required by the Financial Accounting Standards Board, the underlying business was profitable, and we did not sell a single coin,” CEO Mike Ho said in the earnings release.
President Matthew Prusak framed cost optimization as the key operational story, saying:
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“We produced Bitcoin at a 52% gross margin despite a 22% decline in the Bitcoin price, reflecting significant cost improvements that partially offset price headwinds. Each US Bitcoin share today holds more Bitcoin than it did three months ago.”
ABTC shares fell 8.4% to about $1.15 after the earnings announcement, keeping the stock well below its 52-week high of $14.65.
The expansion strategy reflects a broader Bitcoin treasury trend
The production gains were partly the result of a hardware acquisition completed in early March 2026, when the US Bitcoin company took delivery of 11,298 next-generation miners from Bitmain.
As reported at the time, that deal He added About 3.05 EH/s of capacity with an efficiency of 13.5 joules per terahash, deployed at Hut 8’s Drumheller site in Alberta, Canada.
The company’s total fleet now stands at around 89,242 miners with a speed of 28.1 exahash/s, although its operational fleet provides an active production of 58,999 miners with a speed of about 25.0 exahash/second, which is still roughly half the size of the largest publicly listed Bitcoin miners.
The US Bitcoin company was not the only one to report significant headline losses due to Bitcoin’s poor performance at the beginning of the year, as Strategy, the largest holder of the leading cryptocurrency, reported earlier in the week that I incurred it Net loss of $12.54 billion in the first quarter of 2026.
