MIAMI, Feb. 26, 2026 – American Bitcoin Corp. (NASDAQ: ABTC), the industrial-scale mining giant co-founded by Eric Trump, reported a staggering $153.2 million net loss for the fiscal year 2025 today. The announcement comes as the broader digital asset market grapples with a severe downturn that saw Bitcoin prices plummet 23% in the fourth quarter alone.
Despite the financial hemorrhage, the company remained defiant, revealing it has expanded its treasury holdings to over 6,000 BTC. This aggressive "mining-to-hold" strategy signals a high-stakes gamble by the Trump-backed venture, which is doubling down on pure-play crypto accumulation while competitors pivot toward artificial intelligence infrastructure to survive the ongoing crypto market selloff of 2026.
Financial Hemorrhage: Inside the $153M Loss
The earnings report, filed with the SEC this morning, paints a complex picture of a company growing its operations while suffering from the volatility of its primary asset. While American Bitcoin posted record annual revenue of $185.2 million—fueled by a fleet expansion that increased its hashrate—the bottom line was decimated by non-cash impairment charges.
Under the Financial Accounting Standards Board (FASB) rules, the company was forced to record a $227.1 million mark-to-market loss on its Bitcoin holdings as spot prices tumbled from their October 2025 peak of nearly $126,000 down to the $70,000 range by year-end. For the fourth quarter specifically, ABTC reported a net loss of $59.5 million, contrasting sharply with the profit recorded in the same period the previous year.
Operational Growth Amidst Financial Pain
"Our core mining operations remain robust," stated CEO Mike Ho in the earnings call. The company highlighted a gross mining margin of 53% in Q4, asserting that their cost of production remains well below the depressed spot price. However, Wall Street reacted swiftly, with ABTC shares trading down nearly 90% from their September highs, reflecting deep investor anxiety over the company's lack of diversification compared to peers like Marathon Digital and Riot Platforms.
The "Mining-to-Hold" Gamble: Eric Trump Doubles Down
While industry rivals are frantically repurposing their data centers for high-performance computing (HPC) and AI clients, American Bitcoin is sticking to its original mission. Eric Trump, the company's Co-Founder and Chief Strategy Officer, defended the strategy in a statement accompanying the report.
"We are not chasing the AI hype cycle. We are building the Fort Knox of digital scarcity," Trump said. "Ending the year with 5,401 Bitcoin was a milestone, but crossing the 6,000 threshold this month proves we are seizing this opportunity to accumulate while others capitulate. We believe the American Bitcoin loss on paper today represents the bargain of the century for the future."
This unwavering commitment to the Trump family digital assets strategy has drawn both praise from Bitcoin maximalists and criticism from risk-averse institutional investors. The company funded this accumulation partly through a $150.5 million at-the-market (ATM) equity offering in Q4, effectively diluting shareholders to buy more falling assets—a move that has intensified the pressure on its stock price.
Market Context: Surviving the 2026 "Crypto Winter"
The backdrop for American Bitcoin's struggles is a broader Bitcoin price crash that has shaken faith in the four-year cycle theory. After hitting all-time highs in late 2025, the market entered a corrective phase that many analysts are calling a "mini-winter."
Bitcoin mining profitability in 2026 has been squeezed from both sides: falling revenue per terahash (revenue generated by mining power) and stubborn energy costs. For companies like American Bitcoin that rely solely on self-mining and holding, the margin for error is razor-thin. Unlike digital asset treasury companies such as MicroStrategy, miners have significant operational expenditure (OpEx) that must be covered, often forcing the sale of mined coins. ABTC's refusal to sell significant portions of its treasury is a leveraged bet that prices will rebound swiftly.
Investor Sentiment & Future Outlook
As the market digests the news, the divergence between the Trump family's bullish rhetoric and the sobering financial reality is widening. The stock's performance suggests that the market is currently pricing in a prolonged period of depressed crypto prices.
However, if Bitcoin stages a recovery later in 2026, American Bitcoin's leveraged position could deliver outsized returns. For now, the company stands as a polarized bellwether for the industry: a test case for whether ideological conviction can outlast market volatility. Investors will be watching closely to see if the company can maintain its liquidity without being forced to liquidate its prized 6,000 BTC hoard at market lows.
