Trump-Backed Miner American Bitcoin Logs a $59M Q4 Loss

American Bitcoin Corp., the Trump-backed cryptocurrency miner, disclosed a $59.5 million net loss for the fourth quarter of 2025 despite a 22% rise in revenue to $78.3 million, according to its 8-K filing with the SEC. The results underscore a widening tension in the mining sector as rival firms abandon the mine-and-hold playbook entirely.

Revenue Climbs but Non-Cash Losses Drag the Bottom Line

American Bitcoin posted a Q4 gross margin of 53% and said it had mined coins at a 53% discount relative to buying Bitcoin on the spot market, according to the company's SEC filing. A substantial non-cash writedown on digital assets pushed the full-year 2025 net loss to $153.2 million, driven primarily by fair-value markdowns on its BTC treasury.

Co-founder and chief strategy officer Eric Trump said in the earnings release that American Bitcoin ended 2025 with 5,401 BTC on its balance sheet, a stockpile that has since "grown to more than 6,000 Bitcoin." Trump highlighted additional milestones, including the company's Nasdaq listing in September.

The company also raised $150.5 million through its at-the-market stock program during Q4 to fund its Bitcoin accumulation strategy. From Q2 through year-end, ABTC mined 1,654 BTC, including 783 BTC in the fourth quarter alone, with mining accounting for roughly one-third of its 5,401 BTC year-end reserve.

We have grown to more than 6,000 Bitcoin.

— Eric Trump, Co-Founder and Chief Strategy Officer, American Bitcoin

How Bad Is the Stock Damage for American Bitcoin?

ABTC shares have cratered by roughly 85% over the last six months, according to data from Yahoo Finance, despite what the company called "decisive execution." The steep equity drawdown underscores investor skepticism about a concentrated BTC treasury strategy during volatile markets.

Other Trump-linked crypto ventures are also under pressure. The World Liberty Financial token ended 2025 trading well below its initial highs, reflecting what analysts describe as investor fatigue with the "Trump trade" in digital assets. The branded Official Trump memecoin has fared worse still, trading at roughly $3.50, down approximately 87% from its all-time peak near $44 in January 2025.

Rival Miners Pivot to AI While ABTC Doubles Down

The pressure on BTC miners extends well beyond American Bitcoin. On Saturday, Marathon Digital moved to broaden its footprint into AI-focused data center infrastructure through a deal redirecting part of its operations toward high-performance computing rather than relying solely on block rewards.

That same day, Bitdeer chose to liquidate its entire remaining Bitcoin reserves, reducing its treasury to zero and prioritizing liquidity over holding coins. On Wednesday, Hut 8 reported a fourth-quarter net loss of $279.7 million, even as it shifted resources toward AI computing.

What Does This Mean for Bitcoin Miners Going Forward?

The divergence in strategy among major miners signals a fundamental rethinking of the pure mine-and-hoard model. American Bitcoin remains one of the most visible proponents of aggressive BTC accumulation, backed by the Trump family name and fueled by equity raises. Yet its concentrated Bitcoin treasury, $153.2 million full-year loss, and 85% stock decline make it one of the sector's clearest stress points.

Whether ABTC's bet on stacking over 6,000 BTC pays off hinges on Bitcoin's price trajectory. A recovery in spot prices could vindicate the discount-mining approach, but a deeper drawdown may push investors further away while competitors that diversified into AI gain ground.