- American Bitcoin generated $185.2M in 2025 revenue
- Fair value BTC rules drove a $227M non-cash loss
- Holdings surpassed 6,000 BTC as ABTC stock slid
American Bitcoin closed 2025 with strong top-line growth but a deep accounting-driven loss. The company reported $185.2 million in annual revenue during its first full year as a standalone public miner. Despite that growth, American Bitcoin posted a $153.2 million net loss.
The primary drag came from a $227.1 million non-cash mark-to-market adjustment tied to its bitcoin holdings. Under updated fair value rules from the Financial Accounting Standards Board, digital assets must be revalued each quarter. Bitcoin declined sharply in the fourth quarter, triggering the paper loss.
American Bitcoin trades on Nasdaq under the ticker ABTC. The ABTC stock price has been correlated with Bitcoin volatility, and investors worry about accounting cycle changes with earnings variability.
American Bitcoin Increases Mining and Bitcoin Reserves
In 2025, American Bitcoin increased production aggressively. Fourth-quarter revenue reached $78.3 million, up 22% from $64.2 million in Q3. Increased output followed fleet expansion and operational improvements.
Between early Q2 and year-end, American Bitcoin mined 1,654 BTC. Of that, 783 BTC were produced in the fourth quarter alone. About one-third of total holdings came from mining. The remaining balance was acquired through strategic transactions and at-the-market purchases.
By Dec. 31, the firm held 5,401 BTC. Management later confirmed holdings had surpassed 6,000 BTC after year-end. Co-founder Eric Trump stated the company launched in March 2025 with a clear objective: to accumulate bitcoin at scale.
Installed capacity stood at roughly 25 exahash per second, with 21.9 EH/s operational. The company operates around 78,000 ASIC machines with an average efficiency of 16.3 joules per terahash. Infrastructure support is provided by the majority owner, Hut 8.
ABTC Earnings Pressure and Stock Reaction
American Bitcoin delivered a 50% gross margin for the full year and 53% in Q4. These margins suggest production costs remained below prevailing spot prices, even during market weakness. However, accounting volatility overshadowed operational strength.
Adjusted EBITDA for 2025 was negative $157.3 million. Fourth-quarter net loss reached $59.45 million, compared with a profit in the same period a year earlier. The swing reflects how fair value accounting now flows directly through income statements.
American Bitcoin also raised $150.5 million in gross proceeds during Q4 through its at-the-market equity program. Management said the issuance increased per-share bitcoin exposure by nearly 50%. This strategy aims to grow treasury holdings while preserving liquidity.
Still, ABTC stock has struggled. Shares have fallen sharply from last year’s highs near $9 and recently traded around $1.06. The stock has remained down roughly 22% over the past 12 months.
Industry peers have taken mixed approaches to the downturn. Some miners are diversifying into AI infrastructure, while others have sold bitcoin reserves to improve cash flow. American Bitcoin still focuses on reserves development and efficiency.
As of now, American Bitcoin has over 6,000 BTC as its balance sheet, which is geared to the future price of Bitcoin. Such exposure may enhance profits in a run-up, but it would expose earnings to additional reevaluation swings that would still be affecting ABTC stock.