American Bitcoin Reports $59M Q4 Loss as BTC Drop Hits Balance Sheet

American Bitcoin Corp (Nasdaq: ABTC) posted a net loss of $59.45 million for the fourth quarter of 2025, largely driven by Bitcoin’s price decline during the period.

The company recorded a $227.1 million non-cash mark-to-market loss on its digital asset holdings under updated FASB accounting rules after Bitcoin fell approximately 23% during the quarter.

Q4 2025 Financial Highlights

ABTC reported a sharp reversal from the prior year, swinging from a $3.48 million profit in Q4 2024 to a $59.45 million net loss in Q4 2025.

Revenue came in at $78.3 million, up 22% sequentially from Q3 2025, though slightly below analyst expectations of $79.6 million.

Despite the price volatility, the company maintained a 53% gross margin on its mining operations. However, adjusted EBITDA turned negative at $77.6 million, primarily due to the fair value adjustments on its Bitcoin holdings.

Bitcoin Treasury Expansion

ABTC continued expanding its Bitcoin treasury strategy during the quarter. By the end of 2025, the company held 5,401 BTC and has since increased that figure to over 6,000 BTC as of February 2026.

To support accumulation, ABTC raised $150.5 million through an at-the-market (ATM) stock offering in Q4. Management stated the capital raise boosted per-share Bitcoin exposure by nearly 50%.

Roughly 2,776 BTC of the company’s holdings are currently pledged or used as collateral.

Stock Performance and Market Reaction

Following the earnings release, ABTC shares showed early volatility. The stock initially rose 3.8% in pre-market trading to $1.09 before dropping to $1.03 at the time of writing, but it remains down nearly 90% from its 2025 peak near $9.

As of late February 2026, the company carries a market capitalization just under $1 billion. ABTC went public after finalizing a merger in September 2025 and is reported to be approximately 20% owned by Eric Trump and Donald Trump Jr..

While operational metrics such as mining margins remain relatively strong, the company’s financial results highlight the impact of Bitcoin price volatility and new accounting standards on publicly traded crypto treasury firms.

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