American Bitcoin Corp. (NASDAQ: ABTC), a US-listed Bitcoin treasury and miner, has reported first-quarter 2026 results with 30% holdings growth and the best mining production in its history. The balance grew from about 5,401 BTC on December 31, 2025 to 7,021 BTC on March 31, 2026 — an increase of 1,620 BTC in three months that places the company as the sixteenth-largest public Bitcoin treasury in the world.
Balance-sheet growth combines two sources. The first is in-house mining: the company mined approximately 817 BTC during the quarter, its largest quarterly production ever, versus 783 BTC in Q4 2025. The second source is additional strategic purchases of about 803 BTC made through treasury programmes designed to accelerate accumulation beyond natural mining capacity.
The most relevant mining metric is cost per Bitcoin mined, which collapsed from roughly $46,900 in Q4 2025 to $36,200 in Q1 2026 — a 23% reduction in a single quarter. The company attributes the drop to a combination of higher energy efficiency, optimised miner deployment and fleet consolidation. At quarter-end, American Bitcoin operated 89,242 miners with a combined hashrate of 28.1 EH/s.
Despite the 22% drop in Bitcoin's price during the quarter, the mining operation's gross margin stayed above 50%. The company generated about $62.1 million in mining revenue, versus $78.3 million the prior quarter. The revenue decline reflects the lower price of the underlying asset and leaves operating capacity intact.
On an accounting basis, American Bitcoin reported a net loss of about $81.8 million for the quarter, driven mainly by the accounting impact of Bitcoin's price decline on the balance sheet. The metric the company flags as its priority, however, is Bitcoin per share: satoshis per share rose from roughly 554 at the end of 2025 to 663 on March 31, 2026 — a 20% increase in a single quarter. The logic mirrors Strategy's: if Bitcoin per share grows, the shareholder keeps rising exposure to the underlying asset regardless of the period's price swings. (This is exactly what BTC Yield measures.)
American Bitcoin occupies a middle position in the corporate Bitcoin ecosystem. It combines the traits of pure treasuries like Strategy or Twenty One Capital with the in-house mining model typical of companies like Marathon Digital or Riot Platforms. The ability to generate Bitcoin internally and, at the same time, buy it on the open market when conditions allow gives it capital flexibility that pure treasuries lack.
The quarter coincides with a period of consolidation in the global mining industry, marked by several operators migrating toward AI compute capacity as a second revenue line. American Bitcoin has kept an exclusive focus on Bitcoin and the combination with a corporate treasury — a bet that Q1 validates with the largest absolute holdings growth in its history.
