Grew Strategic Reserve to Over 7,000 Bitcoin, a 30% Increase in a Single Quarter, While Maintaining 52% Mining Gross Margin Despite Bitcoin's 22% Decline
MIAMI, May 6, 2026 /PRNewswire/ -- American Bitcoin Corp. (Nasdaq: ABTC) ("American Bitcoin" or the "Company"), a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone, today reported its financial results for the first quarter of 2026.
Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin, said: "Just over a year ago, American Bitcoin did not exist. Today we hold over 7,300 Bitcoin and stand among the largest publicly traded Bitcoin companies in the world, supported by a fleet of nearly 90,000 miners. In Q1, we mined 817 Bitcoin at a 47% discount to spot, added more than 1,600 Bitcoin to our strategic reserve, and did so with strong margins that translated into meaningful operating income from our mining platform. This is exactly what we are built to do: accumulate Bitcoin efficiently and at scale. In just over eight months as a public company, we have become the 16th largest Bitcoin holder globally and scaled to more than 28 exahash of capacity. The compounding is accelerating."
Mike Ho, CEO of American Bitcoin, said: "Q1 2026 was a quarter of continued momentum in a resilient business under adverse market conditions. Bitcoin declined approximately 22% quarter-over-quarter, which drove significant non-cash headwinds through our GAAP financials. Strip out the non-cash mark-to-market adjustment on our Bitcoin required by FASB, and the underlying business was profitable -- and we did not sell a single coin. We produced more Bitcoin than in any prior quarter, expanded our fleet, brought Drumheller online, and continued to compound our strategic reserve. We continue to prioritize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin per share. Looking ahead, we will keep deploying incremental capacity when expected 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 the Bitcoin network through mining, accumulate it through our treasury strategy, and accelerate adoption through the ecosystem. Q1 demonstrated that the engine is working despite a sharp downturn in Bitcoin price. We produced Bitcoin at a 52% gross margin despite a 22% decline in Bitcoin price, reflecting meaningful cost improvements that partially offset the price headwind. Our cost to mine fell to approximately $36,200 per Bitcoin, down from roughly $46,900 in Q4 2025. Satoshis per share reached approximately 663, a roughly 20% increase in a single quarter. Every share of American Bitcoin owns more Bitcoin today than it did three months ago. That is the story."
Strategic Reserve Growth
-- Grew Bitcoin holdings from 5,401 at December 31, 2025 to 7,021(1) at
March 31, 2026, an increase of 1,600 Bitcoin, or 30%, in a single
quarter.
-- Increased Satoshis per share by 20%, from 554(2) as of December 31,
2025 to 663(2) as of March 31, 2026. Bitcoin holdings grew 30% while
shares outstanding grew 9% over the same period.
-- Mined 817 Bitcoin in Q1 2026, the Company's highest quarterly production
on record, up from 783 Bitcoin mined in Q4 2025. Q1 2026 production
represented 33% of the Company's total Bitcoin mined since its launch on
March 31, 2025.
-- Acquired 803 Bitcoin through strategic treasury purchases during Q1
2026.
Mining Platform Performance
-- Mining revenue for Q1 2026 was $62.1 million, compared to $78.3 million
in Q4 2025. The sequential decline was driven primarily by a lower
average revenue per Bitcoin mined of $76,000 per Bitcoin in Q1 2026,
compared to $100,000 in Q4 2025. Mining production increased to 817
Bitcoin in Q1 2026 from 783 Bitcoin in Q4 2025.
-- Gross margin held above 50% despite a 22% decline in Bitcoin price
quarter-over-quarter, reflecting meaningful improvements that partially
offset the price headwind.
-- Cost to mine was $36,200 per Bitcoin in Q1 2026, a 23% improvement from
$46,900 per Bitcoin in Q4 2025, driven by higher production volume
spread across a stable fixed cost base and continued energy pricing
discipline.
-- Completed the acquisition of 11,298 next-generation miners from Bitmain
in early March 2026, adding 3.05 EH/s at an efficiency of 13.5 joules
per terahash (J/TH), deployed at Hut 8's Drumheller site. First
containers at Drumheller were energized on March 31, 2026, and the
remaining miners were fully energized by April 22, 2026.
-- Total owned fleet of 89,242 Bitcoin miners with 28.1 EH/s of capacity
as of quarter-end, up from 78,000 owned Bitcoin miners and 25.0 EH/s as
of December 31, 2025. Post-Drumheller energization, our operational fleet
increased to 58,999 Bitcoin miners producing 25.0 EH/s at an average
efficiency of 14.1 J/TH3.
1. Includes 3,090 Bitcoin held in custody or pledged for miner purchases
under agreements with BITMAIN.
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. Of the total owned hashrate, 25.0 EH/s was operational as of the date of
this release, following the completion of the energization of Drumheller
on April 22, 2026.
Conference Call
Our First Quarter 2026 Earnings Conference Call will be held today, Wednesday, May 6, 2026, at 4:30 p.m. ET. Investors can join the live webcast at https://app.webinar.net/9GvL7K6Z354.
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. 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 efficiently and at scale, strengthen and preserve balance sheet flexibility, prioritize and optimize fleet efficiency, cost discipline, and capital allocation accretive to Bitcoin on per share, maintain a structural discount to spot prices, and deploy incremental capacity when expected 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;
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