American Bitcoin (ticker: AABTC), a company associated with Donald Trump, closed its debut year as an independent listed company with a net loss of USD 153.2 million. Sounds bad? On paper – yes. In practice, the situation is more complex than the headlines suggest, because the company’s strategy is based on BTC.
Accounting versus reality
The main culprit for red numbers is not operational inefficiency, but the accounting requirement to mark assets at market value. The unrealized loss on bitcoins held amounted to as much as USD 227.1 million – this is the effect of fair value accounting, i.e. the obligation to update the valuation of BTC in real time. If one were to count only on operations: revenues reached USD 185.2 million, and the gross margin for the entire year was approximately 50%, and in the fourth quarter even 53%. The company literally mines bitcoin cheaper than it costs on the spot market.
Accumulation on a grand scale – Eric Trump bets on BTC
Scale and infrastructure
The company operates the mining platform in cooperation with Hut 8, with an installed capacity of approximately 25 exahashes per second and a fleet of nearly 78,000 ASIC machines. The average efficiency of the fleet is 16.3 J/TH – quite a decent result in an industry where every watt matters for the margin. It is worth noting that Hut 8 separately reported a net loss of USD 248 million for 2025.
Cost discipline and capital
CEO Mike Ho emphasized that executive discipline was a priority. The result: general and administrative expenses dropped from 13% of revenues in Q3 to just 9% in Q4. At the same time, the company raised USD 150.5 million gross through the ATM share issuance program, financing further BTC accumulation.
The Q4 results speak for themselves: USD 78.3 million in revenues – an increase of 22% quarterly. Adjusted EBITDA for the whole year is in the red (-USD 157.3 million), but with this balance sheet structure the question is not “is the company losing money?”, but “how much bitcoin will it buy in the next quarter?”. And that’s a completely different conversation.
