American Bitcoin Corp. (ABTC) reported a fourth quarter 2025 net loss of $59.5 million, even though its revenue climbed to $78.3 million, up 22% from the third quarter, according to its latest earnings release and 8‑K filing with the United States Securities and Exchange Commission (SEC).
The Trump family‑backed Bitcoin (BTC) miner posted a Q4 gross margin of 53% and said it had “mined Bitcoin at a 53% discount” to spot purchasing.
A sizable non‑cash loss on digital assets contributed to a full-year 2025 net loss of $153.2 million, driven in large part by fair‑value markdowns on its Bitcoin holdings.
Co-founder and chief strategy officer Eric Trump said in the release that American Bitcoin had ended 2025 with 5,401 BTC on its balance sheet, a figure that has since “grown to more than 6,000 Bitcoin.”
He noted additional achievements of the company since its inception, including being listed on the Nasdaq in September.
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American Bitcoin also generated $150.5 million of gross proceeds from its at‑the‑market stock program in Q4 to help fund its Bitcoin accumulation strategy.
The company said that it mined 1,654 Bitcoin from the start of the second quarter through year‑end, including 783 BTC in the fourth quarter, with mining accounting for roughly one‑third of its 5,401 BTC year‑end stack.
Despite the BTC miner’s “decisive execution” and notable BTC mined, ABTC stock is down 85% over the last six months, according to data from Yahoo Finance.
Trump crypto trade and miners under pressure
The results come as both Bitcoin miners and Trump‑linked crypto projects come under pressure. American Bitcoin’s combination of a concentrated BTC treasury and sharp equity drawdown makes it one of the more visible stress points in that ecosystem.
The World Liberty Financial (WLFI) token, another Trump‑linked initiative, ended 2025 trading well below its initial highs, reflecting investor fatigue with the “Trump trade” in digital assets even before the latest market leg down.
His own branded Official Trump (TRUMP) memecoin has also taken a beating, trading at around $3.50 at the time of writing, down 87% from its all-time high of around $44 in January 2025.
Major BTC miners are feeling the pain from this latest drawdown, and are increasingly moving away from the kind of pure mine-and-hoard strategy on which American Bitcoin has doubled down.
On Saturday, Bitcoin miner Marathon (MARA) moved to expand into artificial intelligence (AI) focused data‑center infrastructure through a deal that reorients part of its business toward high‑performance computing rather than just Bitcoin block rewards.
On the same day, Bitdeer (BTDR) opted to liquidate its remaining Bitcoin reserves and take its treasury balance to zero, prioritizing liquidity and reinvestment over sitting on coins, and on Wednesday, Hut 8 (HUT) reported a fourth-quarter net loss of $279.7 million, despite also pivoting resources toward AI.
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