American Bitcoin Reports $59.5M Q4 Deficit Despite Trump Family Support
The Trump-affiliated Bitcoin mining company reported a $59.5 million fourth-quarter deficit even as revenues increased and its cryptocurrency holdings surpassed 6,000 BTC, while competitors shift focus toward AI and liquidate holdings.
American Bitcoin Corp. (ABTC) disclosed a net deficit of $59.5 million for the fourth quarter of 2025, despite achieving revenues of $78.3 million, representing a 22% increase from the previous quarter, based on its most recent earnings announcement and 8‑K documentation submitted to the United States Securities and Exchange Commission (SEC).
The Bitcoin (BTC) mining operation, which has backing from the Trump family, achieved a fourth-quarter gross margin of 53% and stated it had "mined Bitcoin at a 53% discount" compared to purchasing directly on the spot market.
A substantial non‑cash writedown on digital asset holdings played a major role in the company's full-year 2025 net deficit of $153.2 million, primarily attributable to fair‑value adjustments applied to its Bitcoin portfolio.
In the earnings release, co-founder and chief strategy officer Eric Trump disclosed that American Bitcoin concluded 2025 holding 5,401 BTC in its treasury, a number that has subsequently "grown to more than 6,000 Bitcoin."
Trump highlighted additional milestones the company has reached since its launch, including securing a Nasdaq listing in September.
The company also raised $150.5 million in gross proceeds through its at‑the‑market equity offering program during the fourth quarter, capital intended to support its ongoing Bitcoin accumulation initiatives.
American Bitcoin disclosed that it produced 1,654 Bitcoin during the period from the beginning of the second quarter through the end of the year, with 783 BTC mined specifically in the fourth quarter, meaning mining operations accounted for approximately one‑third of its 5,401 BTC year‑end treasury.
Notwithstanding the Bitcoin miner's "decisive execution" and significant BTC production, ABTC shares have declined 85% over the past six months, based on Yahoo Finance data.
Trump crypto trade and miners under pressure
These financial results emerge as both cryptocurrency mining companies and Trump‑associated digital asset ventures face mounting challenges. American Bitcoin's strategy of maintaining a concentrated BTC treasury combined with severe stock price depreciation positions it as one of the most prominent pressure points within this particular ecosystem.
World Liberty Financial (WLFI) token, another venture connected to Trump, concluded 2025 trading significantly beneath its initial peak prices, demonstrating investor exhaustion with the "Trump trade" in cryptocurrency markets even prior to the most recent market downturn.
His personally branded Official Trump (TRUMP) memecoin has similarly suffered substantial losses, currently trading around $3.50 at the time of writing, representing an 87% decline from its all-time high of approximately $44 reached in January 2025.
Leading BTC mining operations are experiencing significant challenges from this most recent market decline, and are progressively shifting away from the type of straightforward mine-and-accumulate approach that American Bitcoin has intensified.
This past Saturday, Bitcoin mining company Marathon (MARA) announced plans to diversify into artificial intelligence (AI) oriented data‑center operations through an agreement that redirects a portion of its operations toward high‑performance computing capabilities beyond merely earning Bitcoin block rewards.
That same day, Bitdeer (BTDR) made the decision to sell off its entire Bitcoin treasury and reduce its cryptocurrency balance to zero, choosing to prioritize cash liquidity and capital reinvestment over maintaining coin holdings, and on Wednesday, Hut 8 (HUT) disclosed a fourth-quarter net deficit of $279.7 million, even while also redirecting resources toward AI initiatives.