American Bitcoin (ABTC), a publicly traded cryptocurrency mining company co-founded by U.S. President Donald Trump's sons Eric and Donald Jr., finished energizing 11,298 new ASIC devices at its Drumheller facility in Alberta, Canada. The total mining fleet grew to 89,242 units. ABTC shares jumped 11.7% on Wednesday following the company's announcement.
New Fleet at Drumheller
ABTC acquired the 11,298 ASIC units in March 2026 - several weeks after reporting a loss for Q4 2025. The company completed the energization in April at its main production site in Drumheller, a small Alberta city where low electricity rates and a cold climate help cut cooling costs for server halls. The fleet's combined hashrate reached 28.1 exahashes per second (EH/s) after the update.
Average energy efficiency across the fleet stands at 16 joules per terahash. That is typical for mid-generation mining hardware: the latest ASICs from top manufacturers reach 10-13 J/TH. At current Bitcoin prices, even equipment at 16 J/TH remains operationally profitable.
American Bitcoin went public through a SPAC deal in 2025. The company was formed in partnership with Canadian miner Hut 8, which remains the majority shareholder. Trump's sons are primarily involved in the public-facing side of the business.
Shares Climbed 11.7% in One Session
ABTC shares reached $1.38 per share after Wednesday's announcement - a gain of 11.7% in a single trading session. Yahoo Finance data shows the stock recovering from March lows, when the company released its quarterly results showing a large loss. The 11.7% one-day move is among the largest for ABTC shares since the start of 2026.
The broader crypto market also moved higher. Bitcoin traded around $78,000, recovering from February lows near $60,000. BTC price directly affects the balance-sheet value of mining companies' crypto holdings and the profit margin on each block mined.
A $59.5M Loss and Below-Market Mining Costs
Q4 2025 was a tough quarter for American Bitcoin. The company posted a net loss of $59.5 million, driven mainly by a $227.1 million decline in the fair value of its BTC holdings as prices fell. In February 2026, when ABTC filed its quarterly report with the U.S. Securities and Exchange Commission (SEC), Bitcoin was trading near $60,000.
Despite the loss, ABTC said it mines BTC at a 53% discount to current spot prices. That metric measures the gap between full per-unit mining costs (electricity, maintenance, and overhead) and Bitcoin's market price. At roughly $78,000, that gap translates to an all-in cost of about $36,000-$37,000 per coin.
The decision to buy 11,298 new devices in March, right after the loss quarter, shows the company is betting on continued market recovery rather than scaling back.
Public Miners Post Record BTC Sales
The industry backdrop is difficult. Public mining companies (MARA, CleanSpark, Riot, Cango, Core Scientific, and Bitdeer) collectively sold about 32,000 BTC in Q1 2026. Combined, they recorded a record volume of Bitcoin sold for dollars in Q1, topping the previous high of 20,000 coins set in Q2 2022 during the Terra/Luna collapse. TheEnergyMag data shows Q1 2026 was the biggest single quarter ever recorded for public miner BTC sales.
Three factors squeeze margins across the sector. The April 2024 halving cut the block reward in half, from 6.25 to 3.125 BTC. Electricity costs in most mining regions are up. A prolonged bear market kept crypto prices under pressure for over a year. The record Q1 BTC sales reflect cash needs for operations, not a shift away from holding the asset long term.
American Bitcoin is responding differently - by adding capacity. Getting 11,298 new machines running as BTC climbs back toward $78,000 puts the company in a better position to profit if prices hold or keep rising.
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