Eric Trump-backed American Bitcoin mined 817 BTC▼$64,477.00 and bought another 803 BTC in Q1, even as revenue fell and its quarterly loss widened.
American Bitcoin, a Bitcoin mining and treasury management firm co-founded by Eric Trump and Donald Trump Jr. in 2025, grew its BTC pile in the first quarter, though its financial results showed pressure from lower Bitcoin prices and a wider quarterly loss.
The Nasdaq-listed Bitcoin firm said in a regulatory filing with the U.S. Securities and Exchange Commission that its holdings rose to about 7,021 BTC in Q1, up from about 5,401 BTC at the end of 2025. That marked a roughly 30% increase in one quarter, even as Bitcoin’s price fell about 22% over the same period.
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Bigger BTC Stack, Bigger Loss
In Q1, American Bitcoin mined 817 BTC, up from 783 BTC in Q4 2025, marking its highest quarterly production so far. The company also bought about 803 BTC through treasury purchases, which were funded through its ATM equity program.
Eric Trump, the company’s co-founder and chief strategy officer, said on the earnings call:
“The underlying mining business was incredibly profitable, and we did not sell a single coin. Growing our holdings is what matters. We also continue to add to our reserve through disciplined treasury purchases.”
- During Q1, American Bitcoin issued about 84 million Class A shares for about $111 million in gross proceeds.
- Cumulative proceeds under its ATM program reached about $351.5 million, equal to 16.7% of its $2.1 billion shelf capacity.
The share sales helped fund treasury purchases, including about 803 BTC acquired during the quarter. That means part of the company’s reserve growth came from issuing equity, not only from mining.
American Bitcoin pointed to “satoshis per share” as its main measure of whether the strategy is adding BTC exposure for shareholders. The figure rose about 20% in Q1, from 554 satoshis at year-end to 663 satoshis at quarter-end, while shares outstanding increased about 9%.
But the company’s income statement also showed continued pressure. American Bitcoin reported a net loss of $81.8 million in Q1, compared with a $59.5 million loss in Q4 2025, which the company blamed most of the damage on non-cash accounting losses from Bitcoin’s price drop.
Read more: Forbes: $500M Lost on American Bitcoin — Eric Trump Denies Allegations
