Key Takeaways
- ABTC recorded a $59.45 million net loss in the fourth quarter, contrasting sharply with a $3.48 million gain during the equivalent period one year earlier.
- A 23% decline in bitcoin’s value throughout the quarter resulted in a $227 million non-cash accounting charge tied to updated FASB reporting standards.
- Fourth quarter revenue reached $78.3 million, representing a 22% sequential increase but falling marginally short of the $79.6 million analyst consensus.
- Through an at-the-market equity offering, the company secured $150.5 million in Q4, increasing bitcoin holdings per share by approximately 50%.
- Total bitcoin holdings now exceed 6,000 BTC, climbing from 5,401 at the close of 2025, with mining operations contributing one-third of the total.
American Bitcoin disclosed a $59.45 million net loss for its fourth quarter, marking a dramatic shift from the $3.48 million gain it achieved in the corresponding quarter twelve months prior.
The firm had also delivered positive results in the third quarter, making the fourth quarter deterioration particularly notable.
The primary culprit was bitcoin’s valuation trajectory. The digital asset declined approximately 23% across the three-month window that concluded on December 31, 2025.
Updated accounting standards from the Financial Accounting Standards Board mandate that cryptocurrency assets be recorded at current market values. This regulatory framework compelled American Bitcoin to recognize a $227 million non-cash impairment directly correlated to bitcoin’s price deterioration.
Fourth quarter revenue totaled $78.3 million, climbing from $64.2 million in the year-ago quarter. Wall Street analysts had projected $79.6 million, leaving the actual figure slightly beneath expectations.
For the complete fiscal year, revenue reached $185.2 million.
Production Profitability Maintained
Despite bitcoin‘s valuation headwinds, the firm’s mining segment remained economically viable. Mining operations achieved a 53% gross margin throughout the period, indicating production expenses remained substantially below prevailing market prices.
Roughly one-third of the company’s aggregate bitcoin position originated from mining activities. The remaining two-thirds were obtained via direct market purchases and structured acquisitions.
The operation depends significantly on facilities and resources supplied by Hut 8 (HUT), its controlling shareholder, to support large-scale mining infrastructure.
Fundraising Activity and Digital Asset Accumulation
American Bitcoin completed a $150.5 million capital raise through an at-the-market equity program in the fourth quarter. These proceeds were deployed to acquire additional bitcoin, elevating per-share cryptocurrency exposure by roughly 50%.
Current holdings have surpassed 6,000 BTC, advancing from 5,401 at 2025’s conclusion. Eric Trump verified the increased position in an official communication.
Eric Trump and Donald Trump Jr. collectively control a 20% ownership stake in the enterprise. Donald Trump also maintains a shareholder position.
The company completed its public market debut in September 2025, mere weeks before bitcoin reached all-time price highs.
Shares have declined nearly 90% from their peak of approximately $9 established last year. Over a trailing twelve-month period, the stock has surrendered roughly 22% of its value.
During pre-market activity on the earnings announcement date, ABTC shares advanced 3.8%, changing hands at $1.09.
Hut 8, the majority stakeholder, released its own fourth quarter results one day earlier. Its shares retreated 7% following the disclosure, even as competing firms MARA Holdings (MARA) and Riot Platforms (RIOT) posted gains.
Hut 8 concluded 2025 with an 8,500 MW infrastructure development pipeline and arranged a fresh $200 million revolving credit line, expanding aggregate borrowing capacity to $400 million.
