Revenue came in at $62.1 million versus $78.3 million in Q4 2025, reflecting a lower average revenue per coin mined of $76,000 versus $100,000.

Strip out the non-cash bitcoin revaluation, however, and the underlying mining business was profitable. The company added 1,620 bitcoin to its strategic reserve in the quarter, taking its holdings to roughly 7,021 BTC, a 30% increase in three months.

Of that, 817 came from mining and 803 from open-market treasury purchases. American Bitcoin is now the 16th largest publicly traded bitcoin holder globally.

What makes the quarter notable structurally is the contrast with the rest of the cohort. Public miners have collectively pivoted toward AI and high-performance computing, signing more than $70 billion in cumulative contracts and reducing their bitcoin treasuries by over 15,000 BTC since late 2024 to fund the transition.

ABTC shares were down about 1% in after-hours trading and remain nearly 90% below their September 2025 listing peak of around $1.25.

More For You

Alexander Blume, founder and CEO of Two Prime, speaks at Consensus 2026 in Miami (CoinDesk)

At Consensus 2026 in Miami, executives from Two Prime, Ledn and Lygos Finance said institutional borrowers increasingly prioritize custody, transparency and standardized lending structures over complex DeFi products after the crypto credit collapses of 2022.

What to know:

  • Institutional bitcoin lenders are shifting away from complex DeFi structures toward more traditional finance-style practices emphasizing transparency, standardized contracts and clear risk controls.
  • Panelists at Consensus 2026 said institutional borrowers increasingly scrutinize where bitcoin collateral is stored and whether lenders rehypothecate assets, reflecting lessons from the 2022 crypto lending collapses.

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