Overview
- American Bitcoin, which reported results Wednesday, posted a $81.8 million first-quarter loss even as it narrowed the year-over-year deficit from $100.6 million.
- Revenue reached $62.1 million, while a $117.2 million impairment tied to a roughly 22% drop in Bitcoin’s price drove the headline loss.
- The miner produced a record 817 Bitcoin and bought 803 more, lifting holdings to about 7,021 coins at March 31.
- Per-coin mining cost fell to roughly $36,200, keeping mining gross margin near 52% despite weaker Bitcoin prices.
- Management said it sold no Bitcoin during the quarter and plans to keep growing reserves through low-cost mining and treasury purchases.