American Bitcoin Boosts Holdings to Over 8,000 BTC, Reports Record Production
American Bitcoin, a company with backing from the Trump family, announced Monday that it expanded its Bitcoin reserve to over 8,000 BTC, valued at approximately $512 million, during the second quarter. This expansion followed a record production of 932 Bitcoin, underscoring the company’s strategy of combining large-scale mining operations with long-term asset accumulation.
According to the company, American Bitcoin concluded June with roughly 8,002 BTC in its reserves, marking a 14% increase from approximately 7,021 BTC at the end of March. This growth was driven by the company achieving its highest quarterly Bitcoin production since its launch in September.
“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,” stated CEO Mike Ho. “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 for the quarter rose to $67 million, up from $62.1 million in the first quarter. The company reported that its cost to mine a Bitcoin remained relatively stable at about $36,500, despite an increase in energy costs. American Bitcoin indicated that its gross margin stayed close to 50%, even as Bitcoin’s average price saw a decline of approximately 12% compared to the previous quarter.
The company also reported a net loss of $57.2 million, an improvement from the $81.8 million loss recorded in the first quarter.
Co-founder and Chief Strategy Officer Eric Trump highlighted the quarter as evidence of the company’s rapid growth and its long-term Bitcoin strategy. “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 in a statement. “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 comes after a period of significant volatility for American Bitcoin. In March, the company disclosed that it had surpassed 7,000 BTC in holdings less than seven months after its Nasdaq debut. This news coincided with its shares falling to their lowest price since going public, trading approximately 94% below their post-initial public offering peak. In May, American Bitcoin reported an $82 million net loss for the first quarter, despite increasing its treasury to over 7,300 BTC and expanding its mining fleet to nearly 90,000 machines. The company argued at the time that accounting treatments tied to Bitcoin’s price were masking 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, following a period where its shares hit another record low amid a broader downturn in cryptocurrency-related stocks.
The latest report also coincides with the departure of American Bitcoin President and interim CFO Matt Prusak. Prusak announced Monday on X that he is leaving to join AI and energy infrastructure developer Giga Energy as chief business officer and interim CFO. In a separate blog post, Prusak noted that the industry’s primary constraint has shifted from Bitcoin mining itself to the power infrastructure required to support both mining and AI data centers. “Giga has more opportunity than any company can pursue at once,” he wrote. “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 optimism regarding the company’s future. “American Bitcoin is, at its core, an operating business—we generate Bitcoin through scaled infrastructure rather than simply holding it on a balance sheet,” he stated. “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.”
Leave a Reply