Key Highlights
ABTC stock advances 3.80% following Q2 results showing $67 million in revenue and record production levels.
The mining operation produced a quarterly record of 932 BTC, pushing total holdings above 8,000 BTC.
Digital asset impairment charges of $71.2 million resulted in a net quarterly loss of $57.2 million.
The operation achieved approximately $33 million in gross mining profit with margins hovering around 49%.
Approximately 39% of the company’s Bitcoin holdings remain pledged through Bitmain financing arrangements.
Shares of American Bitcoin Corp (ABTC) climbed 3.80% to reach $5.73 at 12:49 p.m. EDT following a morning recovery from earlier volatility. The Bitcoin mining firm disclosed second-quarter revenue of $67 million alongside an expanded treasury holding approximately 8,002 BTC. Despite these operational gains, a substantial $71.2 million impairment on digital assets contributed to a net quarterly loss of $57.2 million.
Impairment Charges Dominate Quarterly Loss
American Bitcoin booked the substantial digital asset impairment within its operating expense category throughout the second quarter. While this charge represented a decrease from the $117.2 million recorded in the first quarter, it nonetheless surpassed total mining revenues. Additional operational costs included $28.2 million in depreciation and amortization expenses.
General and administrative expenses totaled $7.7 million, up from $6.9 million in the preceding quarter. A favorable $18.3 million gain on derivatives helped offset losses, bringing the pre-tax loss to $55.7 million. This marked an improvement compared to the $81.8 million net loss posted in Q1.
The company’s adjusted EBITDA stood at negative $45 million, showing significant improvement from the negative $91.3 million reported in the first quarter. American Bitcoin calculates this non-GAAP metric by excluding depreciation, derivative impacts, stock-based compensation, and certain other expenses. This alternative measurement should not be viewed as a substitute for financial results prepared according to generally accepted accounting principles.
Mining Operations Achieve Quarterly Production Record
American Bitcoin’s mining operations produced approximately 932 BTC, marking the strongest quarterly performance since the company commenced operations in March 2025. This figure represented a substantial increase from the approximately 817 BTC mined in the first quarter. The second quarter’s production accounted for roughly 26% of the company’s cumulative Bitcoin mining output.
Total revenue grew 8% from the prior quarter’s $62.1 million, though revenue per Bitcoin mined decreased by approximately 5%. Each Bitcoin generated roughly $71,900 in revenue, down from $76,000 in the previous quarter. This decline aligned with Bitcoin’s approximately 12% price decrease during the same timeframe.
The company‘s cost to mine each Bitcoin increased modestly to approximately $36,500, compared with $36,200 in the prior quarter. Elevated energy costs at certain facilities drove this marginal increase. Nevertheless, the spread between revenue and direct mining costs yielded approximately $33 million in gross profit from mining activities.
Treasury Holdings Surpass 8,000 Bitcoin Threshold
American Bitcoin grew its Bitcoin treasury by approximately 981 BTC throughout the quarter. Total holdings expanded 14% from roughly 7,021 BTC to approximately 8,002 BTC. On a per-share basis, Satoshis increased 11% to approximately 10,989.
The company has approximately 3,090 BTC pledged as collateral under equipment financing arrangements with Bitmain. These pledged assets represented nearly 39% of total Bitcoin reserves at the end of the quarter. American Bitcoin maintains redemption rights on these coins and continues to hold economic exposure to their value.
Eric Trump serves as co-founder of American Bitcoin, while Hut 8 maintains majority ownership. The operation controlled 89,242 mining machines representing 28.1 EH/s of hash rate capacity, with 58,999 operational units delivering 25 EH/s. During April, the company successfully energized 11,298 next-generation machines at Hut 8’s Drumheller facility.
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