Trump-backed American Bitcoin posts $153M loss in 2025

American Bitcoin posted a $153.2M net loss for 2025, mainly from a $227.1M unrealized loss. Despite this, revenue rose to $185.2M and BTC reserves exceeded 6,000 coins.

American Bitcoin, a cryptocurrency mining company backed by the Trump family, reported a net loss of $153.2 million for 2025. This loss was primarily driven by a $227.1 million unrealized loss, resulting from new mark-to-market accounting standards and a 23% decline in Bitcoin prices. In the fourth quarter alone, the company recorded a $59 million loss. Annual revenue reached $185.2 million, with $78.3 million generated in Q4—slightly below analyst expectations but up 22% from the previous quarter. Despite the losses, American Bitcoin increased its BTC reserves to over 6,000 coins, with about one-third mined and the rest acquired through purchases and strategic transactions. These acquisitions were partially funded by a $150.5 million stock offering. The company maintained a gross margin of 50% for the year and 53% in Q4. Shares have dropped nearly 90% from their peak, underscoring the risks of a pure mining-and-holding strategy in volatile crypto markets, while competitors diversified into AI infrastructure.