American Bitcoin lost $59.5 million in the fourth quarter, but its revenue went up, and its Bitcoin stack grew to over 6,000 coins. This happened as other companies switched to AI and sold up their treasuries.
According to its most recent earnings announcement and 8-K filing with the United States Securities and Exchange Commission (SEC), American Bitcoin Corp. (ABTC) lost $59.5 million in the fourth quarter of 2025, even though its revenue rose 22% from the third quarter to $78.3 million.
The Trump family-backed Bitcoin (BTC) $67,413, had a gross margin of 53% in the fourth quarter and said it had “mined Bitcoin at a 53% discount” versus buying it on the spot.
A big non-cash loss on digital assets led to a net loss of $153.2 million for the whole year 2025. This was mostly because the company had to lower the fair value of its Bitcoin holdings.
Eric Trump, the company’s co-founder and chief strategy officer, said in the announcement that American Bitcoin had 5,401 BTC on its balance sheet at the end of 2025. This number has since “grown to more than 6,000 Bitcoin.”
He talked on other things the company has done well since it started, such as getting listed on the Nasdaq in September.
In the fourth quarter, American Bitcoin’s at-the-market stock program brought in $150.5 million in gross proceeds, which helped pay for its strategy to buy more Bitcoin.
The company revealed that it mined 1,654 Bitcoin from the start of the second quarter to the end of the year. This included 783 BTC in the fourth quarter. Mining made up about one-third of its 5,401 BTC year-end stack.
Yahoo Finance says that ABTC stock has dropped 85% in the last six months, even though the BTC miner “decisively executed” and mined a lot of BTC.
AI Pivot and treasury liquidations mark shift across mining sector
The results come at a time when both Bitcoin miners and crypto initiatives tied to Trump are under a lot of stress. American Bitcoin is one of the most obvious stress spots in the ecosystem because it has a lot of BTC in its treasury, and its equity has dropped sharply.
The World Liberty Financial (WLFI) token, which is also related to Trump, finished 2025 trading far lower than its early highs. This shows that investors were tired of the “Trump trade” in digital assets even before the most recent market drop.
His own official Trump TRUMP$3.51 memecoin has also lost a lot of value. At the time of writing, it was trading at about $3.50, which is 87% less than its all-time high of over $44 in January 2025.
The current drop is hurting big BTC miners, and they are turning away from the “mine and hoard” method that American Bitcoin has been using more and more.
Bitcoin miner Marathon (MARA) made a contract on Saturday to expand into data center infrastructure focusing on artificial intelligence (AI). This transaction changes part of its business from merely Bitcoin block rewards to high-performance computing.
Bitdeer (BTDR) decided to sell off its remaining Bitcoin reserves and bring its treasury balance down to zero on the same day. This was because they wanted to prioritise liquidity and reinvestment over holding onto coins. On Wednesday, Hut 8 (HUT) reported a net loss of $279.7 million in the fourth quarter, even though it had also shifted resources toward AI.