American Bitcoin Revenue Surges Amid Accounting Volatility

American Bitcoin's financial performance in 2025 was marked by significant growth in revenue, but also by a substantial accounting-driven loss. The company generated $185.2 million in revenue for the year, which is a notable achievement considering it only started operating as a standalone public miner in 2025.

The primary factor contributing to the net loss of $153.2 million was the revaluation of American Bitcoin's bitcoin holdings. Under the new fair value accounting rules, digital assets must be revalued every quarter, which led to a non-cash mark-to-market adjustment of $227.1 million. This is due to the sharp decline in Bitcoin's price in the fourth quarter.

The company's aggressive expansion and operational improvements resulted in increased production, with fourth-quarter revenue reaching $78.3 million, up 22% from Q3. American Bitcoin's installed capacity stood at around 25 exahash per second, with 21.9 EH/s operational. The company operates approximately 78,000 ASIC machines, with an average efficiency of 16.3 joules per terahash.