American Bitcoin Corp. (ABTC) reported a fourth-quarter 2025 net loss of $59.5 million, even as revenue rose to $78.3 million — up 22% from the third quarter — according to its earnings release and 8‑K filing with the U.S. Securities and Exchange Commission.
The Trump family‑backed Bitcoin miner posted a Q4 gross margin of 53% and said it had “mined Bitcoin at a 53% discount” to spot purchasing. A large non‑cash loss on digital assets drove a full‑year 2025 net loss of $153.2 million, largely due to fair‑value markdowns on its Bitcoin holdings.
Co‑founder and chief strategy officer Eric Trump said the company finished 2025 with 5,401 BTC on its balance sheet, a total he said has since “grown to more than 6,000 Bitcoin.” He also highlighted American Bitcoin’s September Nasdaq listing among the company’s milestones.
American Bitcoin generated $150.5 million of gross proceeds from its at‑the‑market stock program in Q4 to fund its Bitcoin accumulation strategy. The company said it mined 1,654 BTC from the start of Q2 through year‑end, including 783 BTC in Q4; mining made up roughly one‑third of its 5,401 BTC year‑end stack.
Despite the company’s execution and production, ABTC shares are down about 85% over the last six months, per Yahoo Finance data.
Trump‑linked crypto projects and Bitcoin miners broadly are under pressure. The World Liberty Financial (WLFI) token ended 2025 well below its initial highs, reflecting investor fatigue with the “Trump trade” in digital assets. The Official Trump (TRUMP) memecoin has also tumbled, trading near $3.50 at the time of reporting — down roughly 87% from its all‑time high of about $44 in January 2025.
Major publicly traded miners are shifting strategy amid the drawdown. Marathon (MARA) moved to expand into AI‑focused data‑center infrastructure, reallocating part of its business toward high‑performance computing rather than relying solely on Bitcoin block rewards. Bitdeer (BTDR) liquidated its remaining Bitcoin reserves, reducing its treasury to zero to prioritize liquidity and reinvestment. Hut 8 (HUT) reported a fourth‑quarter net loss of $279.7 million while also pivoting resources toward AI initiatives.
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