American Bitcoin produced a record 932 BTC during the second quarter of 2026, lifting mining revenue to approximately $67 million despite a decline in Bitcoin prices. Output increased from 817 BTC in the first quarter, making the period its strongest production quarter since operations began in March 2025.
The higher production coincided with a narrower quarterly net loss of $57.2 million, compared with $81.8 million in the preceding quarter. The improvement did not amount to profitability, however, as a $71.2 million reduction in the fair value of American Bitcoin’s holdings weighed heavily on the results.
Mining Output Offsets Lower Revenue per Coin
Mining revenue increased about 8% from $62.1 million in the first quarter, while revenue per Bitcoin mined fell 5% to roughly $71,900. American Bitcoin’s gross margin remained near 50%, with the average cost to mine one BTC rising slightly from $36,200 to $36,500.
The company completed the energization of 11,298 new miners at Hut 8’s Drumheller site during April. That deployment added approximately 3.05 exahashes per second of capacity, taking American Bitcoin’s owned fleet to 89,242 machines and 28.1 EH/s by quarter-end.
The figures show that operational expansion can support revenue even when the underlying asset weakens. Record production did not shield the income statement from Bitcoin’s price decline, highlighting the company’s dual exposure to mining economics and the accounting value of its treasury.
Treasury Growth Comes With Pledged Bitcoin
American Bitcoin held 8,002 BTC on June 30, up 14% from 7,021 BTC at the end of March. The reserve increased by 981 BTC during the quarter, broadly reflecting mining output alongside a smaller open-market purchase and mining-receivable adjustments.
Not all of that reserve was freely available. American Bitcoin had pledged 3,090 BTC to Bitmain under equipment-purchase arrangements, with the coins valued at approximately $184.9 million at quarter-end. Its related miner-purchase liability stood at about $371.7 million.
The company also completed a 1-for-15 reverse stock split in July, reducing its outstanding share count and increasing its per-share trading price. American Bitcoin said the action was primarily intended to maintain compliance with Nasdaq’s minimum bid-price requirement.
American Bitcoin is majority-owned by Hut 8 and was formed through a venture led by Eric Trump and Donald Trump Jr. Eric Trump serves as co-founder and chief strategy officer, while Donald Trump Jr. is a senior adviser.
The quarter therefore presents a mixed operating picture. American Bitcoin expanded production and its BTC reserve while remaining loss-making, leaving its financial performance closely tied to Bitcoin valuations, equipment financing and the capital demands of scaling a publicly traded mining business.