American Bitcoin Narrows Q2 Loss to $57M and Expands Reserve to 8,000 BTC

American Bitcoin narrowed its second-quarter net loss to $57.2 million while expanding its reserve to 8,002 BTC, powered by a record quarterly production of 932 Bitcoin through June.

The Trump family-backed mining operator posted $67 million in revenue for the quarter, up from $62.1 million in the previous quarter. Despite a 12% decline in average Bitcoin prices and higher power expenses, the company maintained a gross margin near 50%, keeping its cost to mine a single Bitcoin stable at roughly $36,500.

The company ended June holding 8,002 BTC valued at approximately $512 million, representing a 14% increase from the 7,021 BTC held at the end of March.

“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,” CEO Mike Ho said in a statement. “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.”

Co-founder and Chief Strategy Officer Eric Trump attributed the results to rapid operational growth since the company launched in September.

“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,” Trump said. “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.”

The financial report comes following a difficult period for the company’s publicly traded shares. In July, American Bitcoin executed a 1-for-15 reverse stock split to regain compliance with minimum bid price rules on Nasdaq after its stock dropped about 94% from its post-debut high. The company had previously posted an $81.8 million net loss in the first quarter despite expanding its machine fleet to nearly 90,000 units.

The quarterly update coincided with an executive departure. American Bitcoin President and interim CFO Matt Prusak announced Monday on X that he is stepping down to join energy and AI infrastructure developer Giga Energy as chief business officer and interim CFO.

In a blog post explaining his move, Prusak noted that the primary limitation facing digital asset firms has shifted from mining hardware to power infrastructure required for data operations. “Giga has more opportunity than any company can pursue at once,” Prusak wrote. “Part of my role is to help identify the highest-leverage opportunities, shape where we focus, and build the machinery each priority requires.”