What to know:
- American Bitcoin, a company whose name now reads like a tragic Shakespearean play, lost $59 million in Q4 as bitcoin’s price descended faster than a poorly timed parachute.
- They now own 6,000 BTC, one-third mined (like digital gold panned from a digital river) and two-thirds bought with money raised by selling shares to investors who may have been sleep-deprived or overly optimistic.
- They made $185.2 million in revenue this year, then spent most of it on a stock offering to buy more bitcoin. A fiscal move so bold it makes a black hole look fiscally conservative.
American Bitcoin (ABTC), a company backed by the family of a former U.S. president who once claimed he could solve world hunger by eating tacos, lost $59 million in Q4. This was largely because bitcoin, the cryptocurrency that promised to revolutionize everything, instead revolutionized the art of crashing dramatically.
The company went public in September 2021, just before bitcoin hit an all-time high. Timing, they learned, is the art of choosing the exact moment the universe decides to laugh at you. They now split their time between mining (a process that sounds like alchemy if alchemists had mining rigs) and buying more bitcoin through stock sales. A strategy so meta it could win a Nobel Prize in confusion.
With 20% ownership from Eric Trump and Donald Trump Jr., the company raised $150.5 million in Q4. This allowed them to increase their “per-share bitcoin exposure” by nearly 50%. A term that sounds impressive until you realize it’s just a fancy way of saying, “We own more stuff that might be worth less tomorrow.”
Their mining operations achieved a 53% gross margin, which is either impressive or a cruel joke depending on whether you believe the universe has a sense of humor. Revenue rose 22% from the previous quarter, though this may not matter when your entire business model is built on a currency that fluctuates like a toddler’s mood.
New accounting rules forced them to report a $227 million non-cash loss as bitcoin’s price fell 23%. A financial maneuver that’s less about money and more about the existential dread of owning a volatile asset in a universe that doesn’t care.
Shares are up 3.8% pre-market at $1.09, but down 90% from their $9 peak. A performance so erratic it could qualify as a rollercoaster of despair. Meanwhile, Hut 8, the company’s majority owner, reported its own losses, sending shares down 7% even as rivals like MARA and RIOT inexplicably advanced. Perhaps the market is just tired of the Trump family’s involvement in everything, even crypto.
Hut 8 also announced plans for an 8,500 MW development pipeline and secured $400 million in credit. Whether this will save them remains to be seen, but given the universe’s current mood, it’s probably best to pack a towel.
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2026-02-26 16:05