ABTC stock rises despite $81.8M Q1 loss and BTC price drop

American Bitcoin (ABTC) shares climbed even after reporting an $81.8 million net loss for Q1 2026, driven by lower Bitcoin prices that cut the value of its digital-asset holdings. In the quarter, ABTC posted mining revenue of $62.1 million (down from $78.3 million in Q4 2025). Operating expenses rose to $150.7 million. A large mark-to-market hit of $117.2 million tied to reserve revaluation was a key contributor to the loss, per the company. CEO Mike Ho said the core business remained profitable when excluding these non-cash FASB accounting adjustments, and ABTC reported it sold no Bitcoin during the quarter. Operationally, ABTC mined a record 817 BTC and purchased 803 BTC for its treasury strategy, lifting total holdings to 7,021 BTC by end-March. The firm said gross margin stayed above 50% and improved mining efficiency, reducing the average cost to mine one BTC to $36,200 from $46,900 in the prior quarter, helped by higher production volumes and energy pricing. Eric Trump characterized the quarter as evidence ABTC can scale efficient Bitcoin accumulation, stating it mined BTC at about a 47% discount to spot while expanding its strategic reserve. ABTC also noted it became the world’s 16th-largest corporate Bitcoin holder within eight months of going public. Stock-wise, ABTC rose 1.63% on Wednesday to close at $1.25, up more than 40% over the past month, though still down over 72% versus six months ago.