May 6 (Reuters) - American Bitcoin, backed by two of U.S. President Donald Trump's sons, reported a narrower first-quarter loss on Wednesday, helped by stronger revenue from Bitcoin mining.
The Miami, Florida-based company, whose business is heavily dependent on the price of Bitcoin, leaned on improving mining efficiencies at its sites to offset the price headwind in the midst of a bear crypto market.
Here are some details from the earnings release:
• American Bitcoin's strategic reserve grew to over
7,000 Bitcoin as of March 31, compared with 5,401 at the end of 2025.
• Despite the downturn in crypto markets, the company mined 817 Bitcoin in the first three months of 2026, marking its highest quarterly production on record. It also acquired 803 Bitcoin through strategic treasury purchases during the quarter.
• Bitcoin, the world's largest cryptocurrency, has fallen 7% so far this year.
• "Looking ahead, we will keep deploying incremental capacity when expected returns justify it and focus on compounding our Bitcoin reserve while preserving balance sheet flexibility," CEO Mike Ho said.
• Net loss was $81.8 million in the three months ended March 31, compared with a loss of $100.6 million a year earlier.
• Revenue jumped to $62.1 million in the quarter from $12.3 million a year earlier, lifted by improved mining efficiencies at the firm's Medicine Hat and Salt Creek sites.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
