The firm maintained a zero-sell policy in the quarter, not disposing of any mined Bitcoin and reinforcing a long-term hold strategy.

Management reiterated efficiency and balance-sheet growth, focusing on mining, accumulation, and disciplined capital allocation without selling Bitcoins in the quarter.

CEO Mike Ho and President Matthew Prusak emphasized the strategy centers on scaling production, lowering mining costs, and growing reserves as a durable accumulation approach rather than reacting to short-term price moves.

Mining margins stayed above 50% in Q1, reflecting effective cost management amid competitive industry conditions.

The performance is framed within a broader industry outlook where firms optimizing mining efficiency and treasury strategies may gain an edge in the evolving crypto economy.

Mining revenue declined to around $62.1 million in Q1 from $78.3 million in Q4 as average revenue per bitcoin fell from about $100,000 to $76,000, yet gross margin remained above 50%.

Total bitcoin holdings increased from 5,401 BTC at end-2025 to 7,021 BTC in Q1, with the quarter’s treasury purchases contributing about 803 BTC.

Market context highlights rising institutional participation and technological advances driving a competitive mining landscape, with corporate treasuries influencing demand and potential supply dynamics for Bitcoin.

The cost to mine tightened to about $36,200 per bitcoin in Q1, down from roughly $46,900 in the prior quarter, supporting profitability despite lower revenue per coin.

Co-founder and CSO Eric Trump noted the company mined at a 47% discount to spot, reinforcing the value of the accumulation model.

In Q1, American Bitcoin set a record with 817 BTC mined, and its strategic bitcoin reserve climbed to 7,021 BTC, with total holdings exceeding 7,300 BTC including treasury allocations.

Treasury holdings rose about 30% to roughly 7,300 BTC for the period, as about 803 BTC were added for reserve diversification.