Trump-linked bitcoin mining company lost $153 million last year

CoinDesk

by Francisco Rodrigues

February 26, 2026

AI-Generated Deep Dive Summary

American Bitcoin (ABTC), the cryptocurrency mining company linked to the Trump family, reported a $59 million loss in the fourth quarter as the price of bitcoin plummeted. The company, which holds over 6,000 BTC, with one-third mined and two-thirds acquired through open-market purchases and strategic transactions, saw its revenue rise by 22% but was forced to mark its crypto holdings to market due to new financial accounting standards. This markdown, combined with the 23% drop in bitcoin's price during the quarter, resulted in a $227 million non-cash loss. Despite the challenges, ABTC raised $150.5 million through an at-the-market stock offering, allowing it to increase its per-share bitcoin exposure by nearly 50%. The company’s dual strategy of mining and purchasing cryptocurrency has been a key focus since its September initial public offering (IPO), which occurred just weeks before bitcoin reached all-time highs. ABTC’s mining operations achieved a strong 53% gross margin in the quarter, despite falling crypto prices, as production costs remained significantly below spot prices. The firm’s ability to generate revenue during this period highlights the resilience of its mining operations, though it was unable to offset the broader market downturn. The cryptocurrency market’s volatility has created both opportunities and challenges for companies like ABTC. While mining margins remain attractive due to lower operational costs, the requirement to mark crypto assets to market has amplified financial losses during periods of falling prices. This issue is particularly significant for publicly traded mining firms, as it can lead to substantial non-cash losses that impact quarterly earnings reports. For investors and readers following the crypto space, ABTC’s performance underscores the importance of understanding both operational efficiency and accounting standards in evaluating such companies. ABTC’s shares have seen significant volatility since its IPO, with prices dropping nearly 90% from last year’s highs, though they rose slightly in pre-market trading ahead of its Q4 earnings report. The company’s majority owner, Hut 8 (HUT), also reported its own fourth-quarter earnings, which saw a decline despite industry rivals like MARA Holdings and Riot Platforms showing

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Originally published on CoinDesk on 2/26/2026