American Bitcoin reported fourth-quarter and full-year 2025 results, highlighting rapid balance-sheet Bitcoin accumulation and stronger mining margins in Q4. The company said it ended 2025 with 5,401 BTC and has since grown its reserve to more than 6,000 BTC.
The miner also said it produced Bitcoin in Q4 at what it described as a 53% discount to buying at spot, pointing to a structural cost advantage in its model.
Bitcoin reserve grew from zero to 5,401 BTC in 2025
American Bitcoin said it scaled holdings from zero at the beginning of Q2 2025 to 5,401 BTC by year-end, and to more than 6,000 BTC after year-end. It also disclosed that 2,776 BTC were pledged or otherwise collateralized.
The company reported Satoshis per share rose 49% in Q4, from 371 (as of Sept. 30, 2025) to 554 (as of Dec. 31, 2025).
Mining output and margins improved in Q4
American Bitcoin said it mined 1,654 BTC from the beginning of Q2 2025 through year-end, including 783 BTC in Q4. The company added that roughly one-third of its year-end BTC holdings came from mining, with the remainder acquired through strategic transactions and at-the-market purchases.
On financials, American Bitcoin reported $185.2 million in revenue for 2025 and $78.3 million in Q4 revenue, up from $64.2 million in Q3 (about 22% quarter-over-quarter).
It reported approximately 50% gross margin for the full year and 53% gross margin in Q4, which the company used to support its claim that it accumulated Bitcoin at a 53% discount to spot during the quarter.
Fleet scale: 25 EH/s installed, 16.3 J/TH efficiency
American Bitcoin said it maintained installed capacity of about 25.0 EH/s across roughly 78,000 ASICs with average fleet efficiency of about 16.3 J/TH as of Dec. 31, 2025. It also noted that about 21.9 EH/s was operational at year-end.
The company attributed its scaled, “asset-light” mining operations to a partnership with Hut 8, which it said provides access to high-density ASIC infrastructure.
Losses were driven by fair value accounting, not operations
American Bitcoin reported a net loss of $153.2 million and Adjusted EBITDA of $(157.3) million for 2025, which it primarily attributed to a $227.1 million non-cash mark-to-market loss on Bitcoin under required fair value accounting treatment.
On costs, the company said general and administrative expenses improved as a share of revenue, falling from 13% in Q3 to 9% in Q4. It also reported $150.5 million in gross proceeds from its at-the-market program in Q4.
Why it matters for crypto
- Corporate miners are increasingly pitching “Bitcoin per share” style metrics as a core treasury narrative, not just hashrate.
- A claimed 53% mining “discount” versus spot underscores how cost structure can drive treasury accumulation strategies.
- Fair value mark-to-market accounting can create large headline losses even when operational metrics look strong.
- High-efficiency fleets (J/TH) remain a key differentiator as mining economics tighten across cycles.
- Large pledged/collateralized BTC balances matter for risk, liquidity, and flexibility in volatile markets.
What to watch next
- Updates on Bitcoin reserve growth beyond the “more than 6,000 BTC” figure cited in the release.
- Changes in the pledged/collateralized portion of holdings and any related financing disclosures.
- Whether operational hashrate rises closer to installed capacity and how fleet efficiency trends in 2026.
- Additional at-the-market activity and how proceeds translate into incremental BTC accumulation.
- Any further detail on cost per BTC mined and power economics as the company optimizes its fleet.