American Bitcoin Corp is sitting on 7,021 BTC as of March 31, 2026, after adding more than 6,500 coins and mining 817 BTC in the first quarter alone. The company, co-founded by Eric Trump and Donald Trump Jr., is leaning hard into a hold-everything strategy at a time when many miners are dumping inventory to cover costs.
Eric Trump put the thesis simply: the company mines Bitcoin for approximately $57,000 to $58,000 per coin when BTC trades around $116,000. That is, roughly speaking, production at half the market price.
The numbers behind the margin claim
ABTC reported gross mining margins of approximately 53% in Q4 2025 and maintained margins above 50% through Q1 2026. The company’s all-in sustaining cost per Bitcoin dropped to around $36,200 in Q1, representing a 23% decrease from the previous quarter.
Q1 2026 mining revenue hit $62.1 million, a significant jump year-over-year. In April 2026, ABTC added roughly 11,298 ASIC miners to its fleet, bringing the total to approximately 89,242 machines with a combined hashing power of about 28.1 exahashes per second.
The accumulation playbook
ABTC is stockpiling mined Bitcoin rather than converting it to cash. The 7,021 BTC treasury was built through a combination of direct mining output and acquisitions, with over 6,500 coins added through means beyond just the mining rigs themselves.
This mirrors the approach popularized by Strategy (formerly MicroStrategy), which has spent years converting corporate cash into Bitcoin. The difference is that ABTC actually produces the asset it is hoarding, giving it a cost basis that pure buyers cannot match. When your production cost sits around $36,200 and the market price hovers near $116,000, every coin you hold represents unrealized profit of roughly $80,000.
ABTC posted a net loss of $81.8 million in Q1 2026. The culprit was not operational failure but rather declining Bitcoin prices during the quarter, which triggered non-cash accounting losses on the company’s substantial holdings.
What this means for investors
The mining business itself is generating $62.1 million in quarterly revenue with above-50% gross margins. The volatility sits in the balance sheet, where 7,021 BTC can swing the P&L by hundreds of millions of dollars in either direction depending on where Bitcoin closes at quarter end. At $36,200 all-in cost, ABTC has significant buffer before mining becomes unprofitable.