Key Takeaways
- American Bitcoin (ABTC) recorded a $59.45 million net loss in the fourth quarter, a stark contrast to the $3.48 million gain achieved during the corresponding quarter of the previous year.
- A 23% decline in bitcoin’s value throughout the quarter resulted in a $227 million non-cash impairment charge mandated by updated FASB accounting standards.
- Quarterly revenue reached $78.3 million, representing a 22% increase from the previous quarter but falling marginally short of the $79.6 million analyst consensus.
- Through an at-the-market equity offering in Q4, the firm secured $150.5 million, increasing bitcoin holdings per share by approximately 50%.
- Current bitcoin reserves exceed 6,000 BTC, climbing from 5,401 at the close of 2025, with roughly one-third generated through mining operations and the remainder acquired via market purchases.
American Bitcoin disclosed a $59.45 million net loss for its fourth quarter, representing a dramatic turnaround from the $3.48 million in earnings posted during the identical timeframe twelve months earlier.
The firm had achieved profitability in the third quarter as well, amplifying the significance of the Q4 downturn.
Bitcoin’s valuation served as the primary catalyst. The digital asset declined approximately 23% throughout the three-month window concluding on December 31, 2025.
Revised FASB accounting standards mandate that corporations value cryptocurrency holdings at current market rates. This regulatory modification compelled American Bitcoin to register a $227 million non-cash impairment directly linked to bitcoin’s price depreciation.
Quarterly revenue totaled $78.3 million, climbing from $64.2 million in the year-ago quarter. Wall Street projections had anticipated $79.6 million, placing actual results slightly below expectations.
Across the entire fiscal year, the organization delivered $185.2 million in total revenue.
Profitability in Mining Operations Maintained
Despite bitcoin‘s price weakness, the firm’s mining segment remained in positive territory. It produced bitcoin with a 53% gross profit margin throughout the quarter, indicating that extraction costs remained significantly beneath prevailing market rates.
Approximately one-third of its existing bitcoin portfolio originated from mining activities. The remaining two-thirds were obtained through direct market acquisitions and strategic business arrangements.
The organization depends substantially on infrastructure supplied by Hut 8 (HUT), its controlling shareholder, to operate large-scale mining facilities.
Equity Financing and Digital Asset Reserves
American Bitcoin secured $150.5 million via an at-the-market stock sale during the fourth quarter. Those proceeds were deployed to accumulate additional bitcoin, elevating the per-share BTC position by roughly 50%.
The firm’s current holdings surpass 6,000 BTC, advancing from 5,401 at year-end 2025. Eric Trump validated the revised holdings figures in a public statement.
Eric Trump and Donald Trump Jr. collectively control 20% of the enterprise. Donald Trump appears on the shareholder registry as well.
ABTC completed its public listing in September 2025, less than 30 days before bitcoin reached an all-time peak.
Shares have plummeted nearly 90% from their approximate $9 peak observed last year. Throughout the trailing twelve-month period, the stock has depreciated roughly 22%.
During pre-market activity on earnings day, ABTC shares climbed 3.8% to $1.09.
Hut 8, the controlling stakeholder, published its own fourth-quarter results one day prior. Its shares declined 7% following the announcement, while competitors MARA Holdings (MARA) and Riot Platforms (RIOT) registered gains.
Hut 8 concluded 2025 with an 8,500 MW development queue and finalized a fresh $200 million revolving credit arrangement, expanding aggregate credit availability to $400 million.
