American Bitcoin (ABTC), the cryptocurrency mining company backed by the family of former President Donald Trump, disclosed a substantial $59 million loss in the fourth quarter of 2025. The loss was primarily driven by a 23% decline in Bitcoin's price during the period, which forced the company to report a $227 million non-cash, mark-to-market loss on its holdings under new Financial Accounting Standards Board (FASB) guidelines.
The company, which went public in September 2025, holds a treasury of over 6,000 BTC. Its strategy combines mining operations—which contributed roughly one-third of its Bitcoin—with open-market purchases and strategic transactions. During Q4, the company mined Bitcoin at a 53% gross margin, indicating production costs remained significantly below spot prices despite the market downturn. Revenue for the quarter rose 22% from Q3.
To fund its Bitcoin acquisitions, American Bitcoin generated $150.5 million through an at-the-market stock offering, allowing it to boost its per-share Bitcoin exposure by nearly 50%. The company is 20% owned by Eric Trump and Donald Trump Jr., linking its financial performance to high-profile political figures.
Shares in American Bitcoin were up 3.8% in pre-market trading to $1.09 following the announcement, though they remain down nearly 90% from a high of around $9 seen last year. The company's majority owner, Hut 8 (HUT), reported its own Q4 earnings separately, sending its shares down 7% even as competitors like MARA Holdings and Riot Platforms advanced.
In related developments, Hut 8 announced it ended the year with an 8,500 MW development pipeline and secured financial expansions, including a new $200 million revolving credit facility with Two Prime and an expansion of its Coinbase facility to $200 million, bringing its total credit capacity to $400 million.
