American Bitcoin Posts $81.8 Million First-Quarter Net Loss on Mark-to-Market Hit, Expands Mining and Holdings

American Bitcoin, the Bitcoin mining and treasury company co-founded by Eric Trump, the second son of U.S. President Donald Trump, posted a wider loss in the first quarter.

The company reported a net loss of $81.8 million in the first quarter, according to a U.S. Securities and Exchange Commission filing cited by The Block on May 6. That compared with a net loss of $59.5 million in the previous quarter.

Mining revenue fell to $62.1 million from $78.3 million in the fourth quarter of 2025. Operating expenses totaled $150.7 million. The wider loss was driven mainly by a $117.2 million mark-to-market loss on digital assets as Bitcoin prices fell. Bitcoin dropped about 22% in the first quarter.

Operating metrics improved. The company mined 817 BTC in the first quarter, its highest quarterly output on record. It also bought 803 BTC, lifting total holdings to 7,021 BTC. Bitcoin holdings increased by 1,620 BTC during the period.

Mining profitability also held up. Gross margin on the mining platform exceeded 50%, while the cost to mine one Bitcoin fell to $36,200 from $46,900 in the previous quarter, an improvement of about 23%. The company attributed the decline to higher output, better fixed-cost efficiency and energy-cost management.

American Bitcoin also expanded its equipment base. It added 11,298 mining rigs from Bitmain in early March. As of the end of the first quarter, it had 89,242 mining machines. Total hash rate stood at 28.1 EH/s.

Eric Trump said the company mined 817 BTC in the first quarter at a cost about 47% below the spot price and added more than 1,600 BTC to its strategic reserve. He said the company remains focused on accumulating Bitcoin efficiently. About eight months after listing, American Bitcoin had grown into the world's 16th-largest corporate Bitcoin holder and expanded hash rate to more than 28 EH/s, he added.

American Bitcoin shares rose 1.63% to close at $1.25 on May 6. The stock has climbed about 40% over the past month, though it remains down more than 70% over the past six months.