Summary
- American Bitcoin's treasury now holds approximately 8,002 BTC after mining a record 932 Bitcoin in the second quarter.
- Revenue from mining increased to $67 million, with the cost per Bitcoin remaining mostly stable.
- Despite a lower Bitcoin price, the company reduced its quarterly net loss.
American Bitcoin, supported by the Trump family, announced on Monday that it has increased its Bitcoin holdings to over 8,000 BTC, valued at around $512 million, in the second quarter, following a record production of 932 Bitcoin. This growth reflects the company’s strategy of combining extensive mining operations with a focus on long-term asset accumulation.
As of the end of June, American Bitcoin reported approximately 8,002 BTC, a rise of about 14% from roughly 7,021 BTC at the end of March. This surge in holdings coincided with the firm's highest quarterly Bitcoin output since its inception in September.
CEO Mike Ho commented, "Our view of the world is simple: Bitcoin is a growing capital asset, and we believe its long-term compounding will outperform our cost of capital. Despite Bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 Bitcoin, and strengthened the foundation of our business."
Mining revenue saw an increase to $67 million, up from $62.1 million in the previous quarter, while the cost to mine each Bitcoin remained stable at approximately $36,500 despite rising energy prices. The company's gross margin stayed close to 50%, even as the average Bitcoin price fell about 12% compared to the prior quarter.
American Bitcoin recorded a net loss of $57.2 million, an improvement from a $81.8 million loss in the first quarter.
Co-founder and Chief Strategy Officer Eric Trump highlighted the quarter as a testament to the company's impressive growth and long-term strategy concerning Bitcoin. He stated, "A little over a year ago, American Bitcoin was just an idea. Today, we hold more than 8,000 Bitcoin, operate one of the world's largest Bitcoin mining platforms, and just delivered our highest quarterly production on record. Our conviction in Bitcoin remains absolute, and our goal is simple: to deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul."
However, this announcement follows a tumultuous period for American Bitcoin. In March, the company revealed it had exceeded 7,000 BTC in holdings, less than seven months after its Nasdaq debut, despite experiencing a significant drop in share price, which was approximately 94% below its peak post-IPO. In May, American Bitcoin reported an $82 million loss for the first quarter while increasing its treasury to over 7,300 BTC and expanding its mining fleet to nearly 90,000 machines, arguing that the accounting treatment linked to Bitcoin's price obscured an otherwise profitable quarter.
In July, the company executed a 1-for-15 reverse stock split to comply with Nasdaq's minimum bid price requirement after its shares hit another record low amidst a general decline in crypto-related stocks.
The latest report also comes as American Bitcoin’s President and interim CFO Matt Prusak announced his departure from the company to join AI and energy infrastructure developer Giga Energy as chief business officer and interim CFO. In his announcement, Prusak noted that the industry's primary constraint has shifted from Bitcoin mining to the power infrastructure needed to support both mining and AI data centers. He remarked, "Giga has more opportunity than any company can pursue at once. Part of my role is to help identify the highest-leverage opportunities, shape where we focus, and build the machinery each priority requires."
Despite these challenges, CEO Mike Ho expressed a positive outlook for the company’s future, stating, "American Bitcoin is, at its core, an operating business—we generate Bitcoin through scaled infrastructure rather than simply holding it on a balance sheet. Looking ahead, we are focused on deepening that infrastructure advantage, strengthening our balance sheet position, and compounding Bitcoin per share so that the work we do today translates into durable value for our shareholders across market cycles."