American Bitcoin posted a $153.2 million net loss for 2025 despite expanding its bitcoin treasury beyond 6,000 BTC. The deficit was driven primarily by non-cash accounting adjustments rather than operational contraction.
The company generated $185.2 million in revenue during its first year as a standalone public entity. A $227.1 million mark-to-market loss on bitcoin holdings weighed on results under fair value accounting rules. Adjusted EBITDA came in at negative $157.3 million, according to the company’s statement.
Can Mining Margins Offset Bitcoin Volatility?
American Bitcoin ended 2025 with 5,401 BTC on its balance sheet and has since increased that figure to more than 6,000 BTC, according to co-founder and Chief Strategy Officer Eric Trump. The company mined 1,654 BTC from the start of the second quarter through year-end, including 783 BTC in Q4. Roughly one-third of year-end holdings came from mining, with the remainder acquired through strategic transactions and at-the-market purchases.
Fourth-quarter revenue rose 22% sequentially to $78.3 million from $64.2 million. The firm reported a 53% gross margin in Q4 and approximately 50% for the full year, citing production efficiencies that allowed accumulation at a structural discount to spot prices. American Bitcoin operated about 25 exahash per second of installed capacity across 78,000 ASIC machines, averaging 16.3 joules per terahash as of Dec. 31, in partnership with Hut 8, which separately reported a $248 million net loss for 2025.
“By year-end, we held 5,401 BTC on the balance sheet, and that figure has since grown to more than 6,000 BTC,” Eric Trump said, reiterating the firm’s objective to accumulate bitcoin at scale.
Chief Executive Officer Mike Ho added that the company focused on disciplined execution while expanding fleet capacity and strengthening balance sheet flexibility.
The company also reduced general and administrative expenses to 9% of revenue in Q4 from 13% in the prior quarter and generated $150.5 million in gross proceeds through its at-the-market equity program. Future performance will hinge on bitcoin price stability and the firm’s ability to deploy additional hash rate only when projected returns justify expansion.
