American Bitcoin says it lost $153.2 million in 2025 as a sharp late year crypto drop forced major accounting markdowns, even while revenue climbed.
Key Takeaways
- American Bitcoin posted a $59.5 million net loss in Q4 2025 and a $153.2 million net loss for the full year.
- Revenue rose to $78.3 million in Q4, up 22% from Q3, but paper losses on crypto holdings weighed on results.
- The company ended 2025 with 5,401 BTC and says that stack has since grown to over 6,000 BTC, funded partly by stock sales.
- A new accounting rule requiring crypto to be marked to market helped drive a large non cash hit as bitcoin fell about 23% in the quarter.
What Happened?
American Bitcoin Corp reported a steep fourth quarter swing into the red, even as it grew revenue and kept mining margins strong. The main driver was not day to day operations, but the declining market value of its bitcoin holdings during a quarter when bitcoin sold off hard.
Q4 Numbers Show Revenue Strength
In its latest earnings update and SEC filing, American Bitcoin said Q4 revenue hit $78.3 million, up from the prior quarter and higher than the same period a year earlier. The company posted a 53% gross margin and said it had “mined Bitcoin at a 53% discount” compared with buying at spot prices.
Today, we reported our fourth quarter and full year 2025 financial results.
— American Bitcoin (@ABTC) February 26, 2026
“We launched American Bitcoin in March 2025 with a clear mandate to accumulate Bitcoin at scale. Six months later, we were trading on the Nasdaq. By year-end, we held 5,401 Bitcoin on the balance sheet,… pic.twitter.com/CssSW4lBib
Still, American Bitcoin reported a Q4 net loss of about $59.5 million, a sharp reversal from a year ago profit and from the prior quarter. The key issue was the value of bitcoin on its balance sheet falling during the quarter, not a collapse in mining output.
Mark to Market Accounting Amplified the Hit
A major factor behind the full year $153.2 million loss was a large accounting markdown tied to digital assets. New Financial Accounting Standards Board guidance requires companies to mark crypto holdings to market. With bitcoin dropping roughly 23% in the quarter, American Bitcoin reported a $227 million non cash loss tied to the change in fair value.
This is the kind of result that can look confusing at first glance. The business can bring in cash and still report a big loss when the value of a large bitcoin treasury moves against it.
Bitcoin Treasury Grows Past 6,000 BTC
American Bitcoin is leaning into a mix of mining plus purchases. The company said it mined 1,654 BTC from the start of the second quarter through year end, including 783 BTC in Q4. Mining accounted for about one third of its year end stack, while the rest came from open market purchases and other transactions.
Co founder and chief strategy officer Eric Trump said the company ended 2025 with 5,401 BTC and that figure has since “grown to more than 6,000 Bitcoin.” The company also raised $150.5 million in Q4 through an at the market stock program to support its bitcoin accumulation strategy, and it said that helped lift per share bitcoin exposure by nearly 50%.
Stock Slide Raises New Questions for Miners
Even with what the company called “decisive execution,” the stock has been crushed, with reports putting it down as much as 85% over six months and close to 90% from prior highs. That matters because miners and crypto treasury firms often rely on equity markets to fund expansion. If shares stay under pressure, raising fresh capital can become harder.
The broader sector is also shifting. Some large miners are moving away from a pure mine and hold approach. Marathon has pointed to a push toward AI data center infrastructure, while Bitdeer has chosen to liquidate its remaining bitcoin reserves. Hut 8, which provides much of the infrastructure American Bitcoin relies on, also reported a large quarterly loss while highlighting its development pipeline and new credit facilities.
CoinLaw’s Takeaway
I found this earnings report to be a clean example of how bitcoin treasury risk can overpower strong operations. In my experience, miners that stack huge amounts of BTC are basically running two businesses at once: mining and a leveraged bet on the coin’s price. When the market drops, accounting rules make the pain show up fast and loud. If American Bitcoin wants to keep buying coins with stock sales, it needs the market to believe the strategy is worth the dilution. Right now, the share price action suggests investors are tired of that story, and the wider “Trump trade” energy in crypto has clearly cooled.
