American Bitcoin (ABTC) reported a net loss of $153.2 million for full-year 2025, as accounting-related unrealized losses on its bitcoin holdings weighed on results despite significant revenue growth and the expansion of its strategic reserve.
The company generated $185.2 million in revenue during its first year operating as a standalone public company, reflecting increased bitcoin production following its mining fleet expansion and optimization.
The loss was primarily driven by a $227.1 million non-cash mark-to-market loss on its bitcoin holdings due to fair value accounting adjustments, the company said in a statement on Thursday. American Bitcoin also reported adjusted EBITDA of -$157.3 million for the year.
Despite the loss, the company rapidly expanded its bitcoin holdings, ending 2025 with 5,401 BTC on its balance sheet. American Bitcoin mined 1,654 BTC between the beginning of the second quarter and year-end, including 783 BTC in the fourth quarter, it said. Approximately one-third of its year-end bitcoin holdings came from mining, with the remainder acquired through strategic transactions and at-the-market purchases.
In the statement, Eric Trump, American Bitcoin co-founder and chief strategy officer, said the company launched in March 2025 with the goal of accumulating bitcoin at scale. “By year-end, we held 5,401 BTC on the balance sheet, and that figure has since grown to more than 6,000 BTC,” Trump said.
Q4 revenue growth and mining expansion
American Bitcoin reported $78.3 million in Q4 revenue, up 22% from $64.2 million in the prior quarter, as production increased following its fleet growth and operational improvements, the firm said. For the full year, American Bitcoin achieved approximately 50% gross margin, allowing it to accumulate bitcoin at a structural discount to spot prices, including a 53% gross margin in the fourth quarter, according to the company.
The firm said it maintained approximately 25 exahash per second of installed capacity across roughly 78,000 ASIC machines, with an average fleet efficiency of approximately 16.3 joules per terahash as of Dec. 31. American Bitcoin operates its mining platform in partnership with Hut 8, which provides access to high-density ASIC infrastructure. Hut8 separately reported a net loss of $248 million for 2025 on Wednesday.
American Bitcoin said it also reduced general and administrative expenses to 9% of revenue in the fourth quarter, down from 13% in the previous quarter, while generating $150.5 million in gross proceeds through its at-the-market equity program during the period.
Chief Executive Officer Mike Ho said the company focused on disciplined execution during its first year as a public company, expanding its mining platform and increasing its bitcoin reserve through production and capital markets activity. He added that the company plans to continue optimizing its fleet and deploying additional capacity when returns justify it, while prioritizing growth in bitcoin holdings and balance sheet flexibility.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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