Hey darlings, it’s your fave crypto goth girl iconofsin.eth here, diving into the shadowy world of Bitcoin mining with a wink and a smirk. So, American Bitcoin (ABTC), that BTC venture backed by the Trump fam, just dropped their Q1 2026 financials this week, and oof, they clocked in a hefty net loss of nearly $82 million. 🖤
But here’s the twist—they still managed to mine a whopping record of 817 BTC. Talk about thriving in the darkness!
Mining Output Climbs, Yet BTC Slump Bites into Profits
According to the docs they filed with the SEC, beyond those 817 BTC they dug up, ABTC snagged another 803 BTC on the market, bumping their strategic stash to 7,021 BTC by the end of March.
As I’m typing this, their hoard has swelled to around 7,300 BTC after scooping up an extra 300 coins, as per this tweet. That sneaky buy pushed them up to the 16th spot among public companies hoarding Bitcoin. Not too shabby for the underdogs~
Revenues from mining dipped to $62.1 million from $78.3 million, all thanks to Bitcoin prices per coin mined dropping to about $76,000 versus the prior quarter’s $100,000-ish. Even so, they flaunted a gross margin over 50% and slashed mining costs by 23% to $36,200 per BTC, down from roughly $46,900 in Q4 2025.
Satoshis per share, their go-to metric for showing off value growth, jumped about 20% from last quarter to around 663. Loving that DeFi vibe in tracking those tiny wins!
“If you peel away the non-cash mark-to-market tweak on our Bitcoin as per FASB rules, the core ops were actually in the green, and we didn’t offload even one coin,” CEO Mike Ho noted in the earnings drop.
Prez Matthew Prusak spotlighted the cost cuts as the real hero of the tale, quipping:
“We churned out Bitcoin at a 52% gross margin even with a 22% price dip, thanks to some clever efficiency boosts that softened the blow. Each ABTC share now holds more Bitcoin than it did a quarter ago.”
ABTC stock took a tumble of 8.4% to about $1.15 post-earnings, still lurking way below its 52-week peak of $14.65. The market’s a cruel mistress, huh? 💔
Growth Plans Echo the Broader Bitcoin Hoarding Craze
Those production spikes? Partly from a fresh hardware haul in early March 2026, when ABTC grabbed 11,298 cutting-edge miners from Bitmain.
As buzzed about back then, the deal tacked on roughly 3.05 EH/s of power at a super-efficient 13.5 joules per terahash, all set up at Hut 8’s Drumheller spot in Alberta, Canada.
Their full owned rig count now hits about 89,242 miners packing 28.1 EH/s, but the active crew churning hashes is 58,999 units at around 25.0 EH/s—still only half the size of the big-league public Bitcoin miners out there.
ABTC isn’t solo in flashing those massive losses amid Bitcoin’s rough start to the year. Strategy, the top dog in corporate BTC holdings, just reported a staggering $12.54 billion net loss for Q1 2026, all weighed down by those pesky price slides.
Just another echo from the void by iconofsin.eth 💖
