American Bitcoin Reports Fourth Quarter and Full Year 2025 Results
Rhea-AI Summary
American Bitcoin (Nasdaq: ABTC) reported fourth-quarter and full-year 2025 results on Feb 26, 2026. Revenue for FY2025 was $185.2 million with Q4 revenue $78.3 million (≈22% QoQ). Full-year gross margin was ~50%; Q4 gross margin was 53%. Year-end Bitcoin holdings totaled 5,401 BTC, later rising to >6,000 BTC. The company mined 1,654 BTC since Q2 launch, including 783 BTC in Q4. Net loss for FY2025 was $153.2 million, with Adjusted EBITDA of $(157.3) million, driven by a $227.1 million non-cash mark-to-market Bitcoin loss. Q4 ATM program proceeds were $150.5 million.
Positive
- Q4 revenue +22% quarter-over-quarter to $78.3M
- Full-year revenue of $185.2M
- Q4 gross margin 53% enabling discounted Bitcoin accumulation
- Grew Bitcoin reserve to 5,401 BTC at year-end (>6,000 BTC since)
- Generated $150.5M gross proceeds from Q4 ATM program
- Satoshis per share increased 49% to 5,542 SPS
Negative
- Net loss of $153.2M for FY2025
- Adjusted EBITDA of $(157.3)M for FY2025
- $227.1M non-cash mark-to-market Bitcoin accounting loss
- Approximately one-third of holdings generated from mining
Key Figures
Market Reality Check
Peers on Argus
ABTC was up 2.94% while peers were mixed: BMNR up 4.95%, IREN down 5.56%, and others modestly negative, suggesting a stock-specific reaction to earnings rather than a broad capital-markets move.
Previous Crypto,earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Positive | +2.5% | Strong Q3 revenue growth, margin expansion, and reserve build drove gains. |
Limited same-tag history: the prior crypto/earnings release saw a modest positive move on strong growth metrics.
Over the last few months, American Bitcoin has focused on scaling its Bitcoin reserve and mining capacity. The Nov 14, 2025 Q3 earnings release highlighted revenue of $64.2M, strong margins, and a reserve of 3,418 BTC. Subsequent updates in December showed continued reserve growth. Today’s full-year 2025 results extend that trajectory with higher revenue, sustained fleet efficiency, and expanded holdings, providing continuity with the growth narrative established in prior disclosures.
Historical Comparison
Past crypto/earnings news for ABTC (1 event) saw an average move of 2.53%. This full-year 2025 release continues the pattern of tying earnings to rapid reserve and revenue growth.
Earnings updates progressed from Q3 2025 results with 3,418 BTC and strong margins to full-year 2025, showing further reserve expansion, higher revenue, and sustained fleet scale at ~25.0 EH/s.
Market Pulse Summary
This announcement details American Bitcoin’s first full year as a standalone public company, with FY 2025 revenue of $185.2M and Q4 gross margin of 53% supporting its claim of a structural cost advantage in mining. At the same time, a net loss of $153.2M and a $227.1M non-cash Bitcoin mark-to-market loss underscore earnings volatility tied to digital asset prices. Investors may track future revenue trends, gross margins, reserve growth, and capital-raising activity to assess execution and balance-sheet resilience.
Key Terms
at-the-market program financial
gross margin financial
exahash per second (EH/s) technical
AI-generated analysis. Not financial advice.
Mined Bitcoin at a
Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, said: "We launched American Bitcoin in March 2025 with a clear mandate to accumulate Bitcoin at scale. Six months later, we were trading on the Nasdaq. By year-end, we held 5,401 Bitcoin on the balance sheet, and that figure has since grown to more than 6,000 Bitcoin. That kind of progress does not happen by accident. It reflects decisive execution and a team operating with conviction. Our model combines scaled mining production with at-the-market purchases for rapid accumulation of our strategic reserve. We are building this business to steadily expand our Bitcoin position and strengthen our balance sheet across market cycles."
Mike Ho, CEO of American Bitcoin, said: "2025 marked our first year operating as a standalone public company, and our results reflect disciplined execution against a clear capital and operating strategy. We expanded our mining platform and grew our Bitcoin reserve through a combination of increased production and at-the-market purchases. We continue to prioritize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on balance sheet, while maintaining a structural discount to spot prices. Looking ahead, we will continue optimizing our fleet, deploying incremental capacity when returns justify it, and focus on compounding our Bitcoin reserve while preserving balance sheet flexibility."
Matthew Prusak, President of American Bitcoin, said: "Our model is simple: secure Bitcoin through mining, accumulate it through our treasury strategy, and accelerate adoption through the ecosystem. Q4 demonstrated the engine is working. We produced Bitcoin at a
Strategic Reserve Growth
- Scaled Bitcoin holdings from zero at the beginning of Q2 2025 to 5,401¹ at year-end, and to more than 6,000¹ as of our most recent announcement.
- Increased Satoshis per share by
49% , from 3712 as of September 30, 2025 to 5542 as of December 31, 2025. - Mined 1,654 Bitcoin from the beginning of Q2 2025 through year-end, including 783 Bitcoin mined in the fourth quarter.
- Approximately one-third of year-end Bitcoin holdings were generated through mining production, and the remainder were acquired through strategic transactions and at-the-market purchases.
Mining Platform Performance
- Revenue for the year ended December 31, 2025 was
$185.2 $78.3 million $64.2 million 22% quarter-over-quarter growth. - Gross margin for the year ended December 31, 2025 was approximately
50% ³. Q4 2025 gross margin was53% , reflecting Bitcoin repricing during the period. At this margin, the Company accumulated Bitcoin at a53% discount relative to spot prices over the period. - Maintained installed capacity of approximately 25.0 exahash per second (EH/s)4 across approximately 78,000 ASICs with average fleet efficiency of approximately 16.3 joules per terahash (J/TH) as of December 31, 2025, leveraging access to high-density ASIC infrastructure through the Hut 8 Corp. ("Hut 8") partnership to support scaled, asset-light mining operations.
Cost Discipline and Strategic Capital Execution
- Strengthened operational efficiency with general and administrative expenses decreasing from
13% as a percentage of revenue in Q3 2025 to9% as a percentage of revenue in Q4 2025. - Net loss and Adjusted EBITDA for the year ended December 31, 2025 were
$153.2 $(157.3) $227.1 million - Generated
$150.5 million
1. | Includes 2,776 Bitcoin pledged or otherwise collateralized. |
2. | Represents the amount of Bitcoin attributable to each outstanding share of the Company's common stock. SPS is calculated by multiplying the Company's total Bitcoin holdings by the Satoshi conversion ratio (1 Bitcoin equals 100,000,000 Satoshis), then dividing that total by the number of shares of the Company's common stock outstanding as of the measurement date. |
3. | The Company's financial results for periods prior to March 31, 2025 reflect the "Bitcoin mining" sub-segment of Hut 8 Corp.'s "Compute" segment and are not directly comparable to standalone periods. |
4. | Of total hashrate, ~21.9 EH/s was operational as of December 31, 2025. |
Conference Call
Our Full-Year 2025 Earnings Conference Call will be held today, Thursday, February 26, 2026, at 8:00 a.m. ET. Investors can join the live webcast at https://app.webinar.net/OPeL3AQ3J1G.
Supplemental Materials and Upcoming Communications
The Company expects to make available on its website and/or official social media channels certain materials and updates designed to accompany the discussion of its results, along with certain supplemental financial information and other data, including regarding its Bitcoin holdings and related performance metrics. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company's website, abtc.com/investors, and its social media accounts, including on X, Instagram, and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.
About American Bitcoin
American Bitcoin Corp., a majority-owned subsidiary of Hut 8 Corp., is a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure platform. The Company delivers institutional-grade exposure to Bitcoin through an industry-first business model that integrates scaled self-mining operations with disciplined accumulation strategies. For more information, visit abtc.com and follow the Company on X at @ABTC.
Cautionary Note Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Examples of forward-looking statements, include, but are not limited to, statements relating to the Company's ability to accumulate Bitcoin rapidly and at scale, strengthen and preserve balance sheet flexibility across market cycles, prioritize and optimize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on balance sheet, maintain a structural discount to spot prices, and deploy incremental capacity when returns justify it, as well as the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally.
Forward-looking statements are not statements of historical fact, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by the Company as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements, including, but not limited to: the price of Bitcoin and concentration of Bitcoin holdings; failure to grow hashrate; the purchase of miners; competition from other methods of investing in Bitcoin; uncertainty in the development and acceptance of the Bitcoin network; reliance on third-party mining pool service providers; hedging transactions; Bitcoin halving events; failure to realize the anticipated benefits of the merger transactions; dependence on Hut 8; liquidity constraints and failure to raise additional capital; failure of critical systems; competition from current and future competitors; changes in leasing arrangements; hazards and operational risks; electrical power requirements; geopolitical, social, economic, and other events and circumstances; cybersecurity threats and breaches; Internet-related disruptions; dependence on key personnel; having a limited operating history; rapidly changing technology; predicting facility requirements; acquisitions, strategic alliances or joint ventures; operating and expanding internationally; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; stock price volatility; the Company's multi-class capital structure and status as a controlled company; and other factors that may affect the future business, results, financial position and prospects of the Company. Additional factors that could cause results to differ materially from those described above can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, the proxy statement/prospectus filed by the Company with the
Adjusted EBITDA
In addition to our results determined in accordance with GAAP, we rely on Adjusted EBITDA to evaluate our business, measure our performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income or loss, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, loss on sale of property and equipment, gain on derivatives, gain on warrant liability, gain on debt extinguishment, the removal of non-recurring transactions, loss from discontinued operations, net of taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons our Board and management team consider them appropriate for supplemental analysis.
The Company's board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period.
Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company's definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.
American Bitcoin Corp. | ||||||||
Years Ended | ||||||||
2025 | 2024 | |||||||
Revenue | $ | 185,164 | $ | 71,537 | ||||
Cost of revenue (exclusive of depreciation and amortization shown below) | 92,001 | 39,509 | ||||||
Operating expenses (income): | ||||||||
Depreciation and amortization | 58,239 | 22,744 | ||||||
General and administrative expenses | 33,394 | 34,486 | ||||||
Loss on sale of property and equipment | 2,454 | — | ||||||
Loss (gain) on digital assets | 227,064 | (509,303) | ||||||
Total operating expenses (income) | 321,151 | (452,073) | ||||||
Operating (loss) income | (227,988) | 484,101 | ||||||
Other income (expense): | ||||||||
Interest expense | — | (3,489) | ||||||
Gain on derivatives | 56,318 | 6,780 | ||||||
Gain on warrant liability | 384 | — | ||||||
Gain on debt extinguishment | — | 5,966 | ||||||
Total other income | 56,702 | 9,257 | ||||||
(Loss) income from continuing operations before taxes | (171,286) | 493,358 | ||||||
Income tax benefit (provision) | 18,115 | (59,607) | ||||||
Net (loss) income from continuing operations | (153,171) | 433,751 | ||||||
Loss from discontinued operations (net of income tax benefit of nil and | — | (4,816) | ||||||
Net (loss) income | $ | (153,171) | $ | 428,935 | ||||
Other comprehensive income (loss): | ||||||||
Foreign currency translation adjustments | 4,467 | (59,344) | ||||||
Total comprehensive (loss) income | $ | (148,704) | $ | 369,591 | ||||
Adjusted EBITDA Reconciliation | ||||||||
Years Ended December 31, | ||||||||
2025 | 2024 | |||||||
Net (loss) income | $ | (153,171) | $ | 428,935 | ||||
Interest expense | — | 3,489 | ||||||
Income tax (benefit) provision | (18,115) | 59,607 | ||||||
Depreciation and amortization | 58,239 | 22,744 | ||||||
Loss on sale of property and equipment | 2,454 | — | ||||||
Gain on derivatives | (56,318) | (6,780) | ||||||
Gain on warrant liability | (384) | — | ||||||
Gain on debt extinguishment | — | (5,966) | ||||||
Non-recurring transactions (1) | 7,838 | 1,590 | ||||||
Loss from discontinued operations (net of income tax benefit of nil and | — | 4,816 | ||||||
Stock-based compensation expense | 2,145 | 9,173 | ||||||
Adjusted EBITDA | $ | (157,312) | $ | 517,608 | ||||
(1) Non-recurring transactions for the year ended December 31, 2025 represented approximately |
Three Months Ended | ||||||||
December 31, | September 30, | |||||||
Revenue | $ | 78,321 | $ | 64,220 | ||||
Cost of revenue (exclusive of depreciation and amortization shown below) | 36,735 | 28,279 | ||||||
Operating expenses (income): | ||||||||
Depreciation and amortization | 26,649 | 15,215 | ||||||
General and administrative expenses | 7,331 | 8,052 | ||||||
Loss on digital assets | 112,232 | 5,475 | ||||||
Total operating expenses | 146,212 | 28,742 | ||||||
Operating (loss) income | (104,626) | 7,199 | ||||||
Other income (expense): | ||||||||
Gain (loss) on derivatives | 37,455 | (1,999) | ||||||
Gain on warrant liability | 358 | 26 | ||||||
Total other income (expense) | 37,813 | (1,973) | ||||||
(Loss) income from continuing operations before taxes | (66,813) | 5,226 | ||||||
Income tax benefit (provision) | 7,359 | (1,751) | ||||||
Net (loss) income | $ | (59,454) | $ | 3,475 | ||||
Adjusted EBITDA Reconciliation | |||||||
Three Months Ended | |||||||
December 31, 2025 | September 30, 2025 | ||||||
Net (loss) income | $ | (59,454) | $ | 3,475 | |||
Income tax (benefit) provision | (7,359) | 1,751 | |||||
Depreciation and amortization | 26,649 | 15,215 | |||||
(Gain) loss on derivatives | (37,455) | 1,999 | |||||
Gain on warrant liability | (358) | (26) | |||||
Non-recurring transactions (1) | 360 | 5,239 | |||||
Adjusted EBITDA | $ | (77,617) | $ | 27,653 | |||
(1) Non-recurring transactions for the three months ended December 31, 2025 represent approximately |
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SOURCE American Bitcoin Corp.
FAQ
How much Bitcoin did American Bitcoin (ABTC) hold at year-end 2025?
What were ABTC's revenue and gross margin for full-year 2025?
Why did American Bitcoin report a large FY2025 net loss (ABTC)?
How many Bitcoin did ABTC mine in 2025 and in Q4 specifically?
What capital did American Bitcoin raise via its ATM program in Q4 2025 (ABTC)?
