The firm, which was co-founded by Eric Trump, boosted its Bitcoin holdings by more than 1,600 BTC during the quarter and reduced the costs associated with mining BTC to around $36,200 per coin, down from $46,900 during Q4. The company holds about $583 million worth of Bitcoin.
“Bitcoin declined approximately 22% quarter-over-quarter, which drove significant non-cash headwinds through our GAAP financials,” he said, adding that without the “non-cash mark-to-market adjustment” required, the firm was profitable without selling any BTC.
“Just over a year ago, American Bitcoin did not exist,” Trump, American Bitcoin’s chief strategy officer, said in a statement. “Today we hold over 7,300 Bitcoin and stand among the largest publicly traded Bitcoin companies in the world, supported by a fleet of nearly 90,000 miners.”
“This is exactly what we are built to do: accumulate Bitcoin efficiently and at scale,” the son of U.S. President Donald Trump added.
While shares in the firm have fallen on Thursday, ABTC is trading nearly 30% higher in the last month of trading, recently changing hands at $1.13. At that mark, shares are trading about 92% below its post-IPO high of $14.65.
