American Bitcoin significantly expanded its Bitcoin holdings and mining output during the second quarter, even as revenue fell short of expectations and its stock continued to decline sharply. The company increased its reserve by 981 BTC (14%) to 8,002 BTC by June 30, up from 7,021 BTC at the end of March.
Outstanding shares rose about 3% during the quarter, yet Bitcoin backing per share climbed from 9,943 satoshis to 10,989 satoshis. Management highlighted this metric as the company’s primary treasury goal, with CEO Mike Ho reiterating a focus on increasing Bitcoin per share. He stopped short of committing to selling Bitcoin to fund equity buybacks.
Co-founder and Chief Strategy Officer Eric Trump doubled down on the company’s Bitcoin-centric strategy, calling the firm “absolute Bitcoin maximalists” during the earnings call. He also reflected on American Bitcoin’s rapid growth, noting that “a little over a year ago, American Bitcoin was just an idea.”
Record Mining Output and Expanding Hashrate
American Bitcoin mined a record 932 BTC in Q2. Mining revenue rose 8% to $67 million from $62.1 million in the prior quarter, though revenue per Bitcoin mined fell 5% to $71,900 as Bitcoin’s price dropped 12% during the period. Mining costs edged up slightly to $36,500 per Bitcoin.
The company maintained a gross margin near 50%, offsetting weaker prices and higher energy costs with increased production. It also energized 11,298 next-generation ASIC miners at Hut 8’s Drumheller site, adding 3.05 exahashes per second (EH/s) of capacity.
By quarter-end, American Bitcoin controlled 89,242 miners with 28.1 EH/s total capacity, operating 58,999 miners at 25 EH/s with an efficiency of 14.1 J/TH.
Earnings Miss and Stock Decline
Revenue came in at $67.015 million, below analysts’ $73 million estimate. The company posted a loss of $0.80 per share, far worse than the consensus forecast of a $0.15 loss. American Bitcoin continued to combine mining output with market purchases of Bitcoin.
The stock fell 7.38% in the latest 24-hour period and has lost more than 80% over the past year. A Bloomberg report estimated that recent market performance erased about $600 million in company value. Shares have dropped 95% since their NASDAQ debut in September 2025.
Despite the stock’s struggles, American Bitcoin now holds 8,300 BTC worth approximately $527 million, making it the 16th-largest corporate Bitcoin holder.
Conclusion
American Bitcoin delivered on its promise of expanding Bitcoin reserves and mining output in Q2, boosting per-share Bitcoin exposure. However, revenue missed forecasts, losses widened, and the stock remained under severe pressure. Investors face a stark contrast between the company’s strengthening Bitcoin position and its deteriorating market performance.
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