Summary by Futu AI
American Bitcoin Corp. reported its Q4 and full-year 2025 results, achieving significant growth in its Bitcoin holdings from zero to 5,401 BTC by year-end, with over 6,000 BTC currently held. The company mined 1,654 BTC since Q2 2025, including 783 BTC in Q4, representing about one-third of total holdings, with the remainder acquired through strategic transactions and market purchases.Q4 2025 revenue reached $78.3 million, up 22% QoQ from $64.3 million, with a 53% gross margin, enabling Bitcoin accumulation at a 53% discount to spot prices. Full-year 2025 revenue was $185.2 million with a 50% gross margin. The company maintained 25.0 EH/s installed capacity across 78,000 ASICs, with 16.3 J/TH average fleet efficiency.The company reported a net loss of $153.2 million for 2025, primarily due to a $227.1 million non-cash mark-to-market loss on Bitcoin holdings. Operating efficiency improved with G&A expenses decreasing from 13% to 9% of revenue QoQ in Q4. The company raised $150.5 million through its at-the-market program in Q4 2025.
