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
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.
Mining operations and cost structure
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.
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 open-market Bitcoin purchases, management repeatedly framed decision-making around whether investments increase Bitcoin holdings over the long term compared with simply buying Bitcoin.
Executives also discussed using structured transactions and derivatives in connection with miner purchases and capital-efficient expansion. Responding to a question about drivers behind gains on derivatives, management described scenarios where the company can increase mining exposure without cash outlay by structuring deals that preserve upside to Bitcoin appreciation while compounding Bitcoin holdings, with outcomes varying based on Bitcoin’s price movement.
Looking ahead, Ho said priorities include optimizing fleet efficiency, remaining disciplined on capacity expansion, and deploying additional capacity and next-generation ASICs only when returns are attractive “in Bitcoin terms.” He also said the company aims to remain focused on Bitcoin and avoid diluting its mandate with unrelated business lines.
During the Q&A, executives said they are considering M&A opportunities and partnerships, particularly in a weaker market environment where assets may be cheaper, while maintaining a focus on accretive opportunities. The company also addressed potential yield strategies for its Bitcoin holdings. Interim CFO Matt Prusak said management is monitoring both traditional finance instruments and developments in the broader Bitcoin application ecosystem, but emphasized the company intends to remain conservative and prioritize protecting the underlying Bitcoin stack.
On custody and risk management, management said American Bitcoin works with Anchorage Digital, Coinbase, and BitGo, and described a preference for structures that avoid rehypothecation and allow the company to retain control of wallet keys while exploring potential yield opportunities through triparty arrangements.
About American Bitcoin (NASDAQ:ABTC)
Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.
