2026년 2월 26일 · Unknown · financial · 출처 Yahoo Finance
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Key Points
American Bitcoin said it has grown into a top public Bitcoin accumulator with roughly 5,400–6,000 BTC on its balance sheet and "Satoshis per share" up 49% sequentially to 554, reflecting its stated "dual accumulation" strategy of mining plus open‑market purchases. Management emphasized mining as a competitive edge — about 25 EH/s installed and ~16.3 J/TH efficiency, Q4 production of 783 BTC, cost per mined BTC down to ~$46.9k, and executives said they mined at roughly a 53% discount to spot during the quarter. Q4 revenue rose to $78.3M but the company recorded a $59.5M net loss driven mainly by a $112.2M non‑cash digital‑asset fair‑value adjustment; American Bitcoin also raised about $240M via its at‑the‑market program and says it will remain disciplined on capital allocation. Interested in American Bitcoin Corp.? Here are five stocks we like better.
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American Bitcoin (NASDAQ:ABTC) executives used the company’s fourth-quarter and full-year 2025 earnings call to emphasize rapid balance-sheet growth, a low-cost mining strategy, and what management described as a “dual accumulation” model that combines Bitcoin mining with treasury purchases.
Co-founder and Chief Strategy Officer Eric Trump said the company launched on March 31, 2025, went public on Sept. 3, and has grown into what he called one of the fastest-rising public Bitcoin treasury holders. Trump said American Bitcoin had “over 6,000 Bitcoin on the balance sheet” and described the company as the 17th-largest public Bitcoin accumulator, framing its strategy around “the race to accumulate the most Bitcoin” and doing so “at the lowest cost.”
Reserve growth and per-share exposure
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Chief Executive Officer Michael Ho said that as of year-end the company held approximately 5,400 Bitcoin in reserve. Ho added that “Satoshis per share” ended the fourth quarter at 554, up from 371 at the end of the third quarter, a 49% sequential increase. He said the company’s focus is to build its Bitcoin reserve over time and improve per-share exposure.
Ho also outlined what he called a “three-layer architecture” and “dual accumulation model,” with mining producing Bitcoin at a discount and treasury activities compounding the reserve through purchases and strategic transactions. As of Dec. 31, he said American Bitcoin held 5,401 Bitcoin, up from 3,418 at the end of the third quarter, with the reserve mix roughly one-third mined and two-thirds purchased.
Story Continues
Mining operations and cost structure
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On operations, Ho said installed capacity at year-end was approximately 25 exahash per second, with fleet efficiency of approximately 16.3 joules per terahash. During the fourth quarter, he said the company mined 783 Bitcoin, bringing production since launch to roughly 1,654 Bitcoin. Ho said the company intentionally added “no net new hash rate” in the quarter, instead focusing on optimization and “intelligent curtailment around ERCOT energy pricing signals.”
Ho said cost of revenue per Bitcoin mined decreased to approximately $46.9 thousand in the fourth quarter from about $50.2 thousand in the third quarter. Executives repeatedly emphasized mining economics as a competitive advantage. In the Q&A, Trump said the company “mined Bitcoin at a 53% discount to spot” during the quarter and highlighted that the company increased its Bitcoin holdings by 58% in the same period.
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Management also discussed the company’s relationship with Hut 8, which Ho called “central” to the mining layer. He described the Vega facility as drawing 205 MW from the ERCOT grid and an adjacent wind farm, with direct-to-chip liquid cooling designed for high-density computing. Under the arrangement, Hut 8 invests in infrastructure while American Bitcoin invests in ASICs and Bitcoin, a split Ho said is intended to align incentives and enable efficient scaling.
Financial results and accounting impacts
Ho reported fourth-quarter revenue of $78.3 million, up 22% sequentially from $64.2 million in the third quarter. Full-year revenue was $185.2 million. Cost of revenue in the fourth quarter was $36.7 million, up from $28.3 million in the third quarter, and full-year cost of revenue totaled $92.0 million.
Gross margin was approximately 53% in the fourth quarter versus 56% in the third quarter, and approximately 50% for the full year. Ho noted Bitcoin’s price declined about 23% during the quarter, which drove a non-cash fair value adjustment recorded separately on the income statement. He said the adjustment did not affect gross margin.
General and administrative expense was $7.3 million in the fourth quarter, down from $8.1 million in the third quarter. For the full year, G&A totaled $33.4 million. Ho said G&A fell to about 9% of revenue in the fourth quarter from 13% in the third quarter, citing operating leverage as revenue rose while G&A dollars declined.
Net loss for the fourth quarter was $59.5 million, driven primarily by a $112.2 million non-cash loss on digital assets, Ho said. Net loss for full-year 2025 was $153.2 million. Ho stressed that the fair value loss was non-cash and said the company did not sell Bitcoin during the quarter.
Adjusted EBITDA was negative $77.6 million in the fourth quarter and negative $157.3 million for the full year, with Ho noting those figures include the impact of non-cash digital asset fair value adjustments.
Capital allocation, financing tools, and 2026 priorities
Ho said the company raised approximately $240 million in gross proceeds under its at-the-market program, representing about 11% of total capacity, and characterized usage as disciplined. In response to analyst questions about capital allocation between mining growth and …