Trump-backed American Bitcoin Adds 1,600 BTC, Posts $82M Loss

American Bitcoin, the publicly traded miner backed by Eric Trump, added more than 1,600 bitcoins to its treasury in the first quarter of 2026 and reported a net loss of nearly $82 million. Mining revenue fell about 20% for the quarter, and the company’s shares fell roughly 9% on Thursday to about $1.13.

The company attributed the larger net loss to non-cash accounting adjustments after Bitcoin’s market price declined about 22% quarter to quarter. Net losses increased roughly 37% from $59.4 million in Q4 2025 to nearly $82 million in Q1 2026. Company executives noted the results reflected mark-to-market valuation changes rather than operating cash shortfalls.

American Bitcoin boosted its treasury to more than 7,300 BTC, which the company values at about $583 million. The miner reported a cost to mine one bitcoin of roughly $36,200 in Q1, down from about $46,900 in Q4, and said it did not sell any coins during the period.

Operationally, the firm took delivery of more than 11,000 Bitmain rigs during the quarter, bringing its fleet to nearly 90,000 miners. The company reported the expansion was meant to scale production despite lower spot prices for Bitcoin.

American Bitcoin was formed last year through a combination with Hut 8 and later completed a stock-for-stock merger with Gryphon Digital. The miner operates under the same corporate umbrella as Hut 8, which recently signed a 15-year, $9.8 billion lease for the first phase of an AI data center campus in Texas.

Mike Ho, chief executive officer, wrote in a statement that “Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions,” and noted that without the “non-cash mark-to-market adjustment” required by accounting rules the company would have reported a profit.

Eric Trump, chief strategy officer and a company co-founder, wrote that the business has grown rapidly since its launch and now holds over 7,300 bitcoin while operating nearly 90,000 miners, with a focus on accumulating bitcoin efficiently and at scale.

The stock remains volatile: trading around $1.13 on Thursday, it sits about 92% below its post-IPO high of $14.65, though the shares have gained nearly 30% over the past month. The quarter illustrates the difference between cash-generation in mining operations and GAAP accounting for firms that hold cryptocurrency inventories, where declines in market value produce paper losses under mark-to-market rules.