Trump-linked American Bitcoin posts $81.7M Q1 loss

American Bitcoin reported an $81.7 million net loss for the quarter ended March 31 and revenue of $62.1 million, about 17% below analyst estimates. The company posted a loss of $0.08 per share compared with expectations of $0.01 per share. The Q1 loss narrowed from $100.6 million a year earlier.

The miner, co-founded by Eric Trump and with Donald Trump Jr. among its shareholders, began trading on the Nasdaq in September after merging with Gryphon Digital Mining. Its shares fell 1.6% in after-hours trading to $1.23, erasing a regular-session gain. The stock is down about 26.5% year to date as Bitcoin moved from a 2026 high near $97,000 to roughly $81,000.

Operationally, American Bitcoin produced a record 817 Bitcoin in the quarter, up from 783 in the prior quarter. The company reported an average cost to mine of $36,200 per Bitcoin in Q1, a roughly 23% improvement from $46,900 in the fourth quarter of 2025, which the company attributed to higher production spreading fixed costs and disciplined energy pricing.

In March the firm added 11,298 application-specific integrated circuits to its fleet, increasing capacity by about 3.05 exahashes per second. The first of those machines was energized on March 31. The company said capital and capacity plans will depend on expected returns and its ability to preserve liquidity while growing its Bitcoin reserve.

Mike Ho, chief executive officer, stated: “We continue to prioritize 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.”

The results come as other crypto miners reported heavy first-quarter losses tied to falling Bitcoin prices and markdowns of inventory. One peer disclosed a Q1 net loss exceeding $253 million driven mainly by a reduction in the market value of its Bitcoin holdings.