American Bitcoin, a miner of the world’s largest cryptocurrency that lists members of the Trump family among its founders and shareholders, swung to a fourth-quarter net loss as weakness across the digital-asset market weighed on results.
The company recorded a net loss of $59.45 million in the fourth quarter, compared with a $3.48 million profit in the same period a year earlier. The firm had also reported a profit in the previous quarter.
Revenue for the three months ended December 31 came in at $78.3 million, up from $64.2 million in the prior-year period but slightly below analyst expectations of $79.6 million.
Pressure on risk assets helped drive the selloff in the sector, the company said, as concerns about stretched valuations in artificial-intelligence stocks and uncertainty over the timing and magnitude of U.S. Federal Reserve rate cuts battered sentiment. Those forces contributed to bitcoin falling nearly 23% over the three-month period, leaving many so-called digital asset treasury (DAT) companies on unstable footing.
American Bitcoin operates industrial-scale mining operations and relies largely on infrastructure supplied by Hut 8, which the company uses to produce bitcoin at costs it says are below prevailing market prices. The firm typically either sells mined bitcoin at a premium or holds the tokens in anticipation of price appreciation.
Shares of companies that maintain crypto treasuries tend to track the underlying token because changes in the token price flow directly through to the market value of their reserves. American Bitcoin’s shares, which were co-founded by Eric Trump and in which Donald Trump is a stockholder, have declined nearly 22% over the past 12 months.
Sustained downward pressure on the shares of crypto treasury companies could make it harder for those firms to raise new capital to expand industrial-scale mining operations - a central component of their business models - the company said.
On its balance sheet, American Bitcoin reported it currently holds over 6,000 bitcoin, an increase from the 5,401 it reported holding at the 2025 year-end, according to a statement from Eric Trump.
Context and implications
The quarterly swing into loss amid a rising revenue figure but a miss versus analyst expectations highlights the sensitivity of token-linked equities to swings in digital-asset prices. The combination of elevated volatility in bitcoin and broader market concerns about equity valuations and monetary policy has left DAT firms exposed to both operational and market funding challenges.
Further details on capital-raising plans or adjustments to mining output were not disclosed in the company statement included with the results.