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American Bitcoin Corp., the Bitcoin miner co founded by Eric Trump and majority owned by Hut 8, reported a $57.2 million net loss for the second quarter on Aug. 3.\u00a0<\/p>\n
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The result included a $71.2 million loss on digital assets, even as the company delivered record production and expanded its reserve to approximately 8,002 BTC, according to its official quarterly results<\/a>.<\/p>\n The loss narrowed from $81.8 million in the first quarter. Revenue increased from $62.1 million to $67 million, while adjusted EBITDA remained negative at $45 million, compared with a $91.3 million loss three months earlier.<\/p>\n <\/p>\n The digital asset loss remained the largest expense in the quarter. It fell from $117.2 million in the first quarter to $71.2 million but still exceeded American Bitcoin\u2019s entire quarterly mining revenue. Depreciation and amortization added another $28.2 million, while general and administrative expenses reached $7.7 million.<\/p>\n The $71.2 million figure is an accounting loss recorded within operating expenses. It should not be confused with the cost of producing Bitcoin or automatically treated as an equivalent cash outflow. American Bitcoin did not disclose how much of the loss resulted from completed transactions during the quarter.<\/p>\n The company also recorded an $18.3 million gain on derivatives, reducing its loss before taxes to $55.7 million. Its adjusted EBITDA calculation excludes several items, including depreciation, derivative gains and stock compensation.<\/p>\n American Bitcoin warns that adjusted EBITDA is a company defined measure and should not replace results reported under generally accepted accounting principles.<\/p>\n American Bitcoin mined approximately 932 BTC during the quarter, up from 817 BTC in the first quarter. The result marked its highest quarterly production since the business launched in March 2025 and represented about 26% of all Bitcoin it has mined since then.<\/p>\n Revenue per Bitcoin mined fell about 5% to $71,900 as Bitcoin prices weakened. However, the cost to mine each coin remained near $36,500, compared with $36,200 in the previous quarter. The company attributed the increase to higher energy expenses at selected locations.<\/p>\n Based on the reported $67 million in revenue and $34 million in direct revenue costs, mining gross profit was approximately $33 million. That produces a margin of roughly 49%, supporting management\u2019s statement that the figure remained close to 50% despite a 12% quarterly decline in Bitcoin\u2019s price.<\/p>\n The operational fleet reached about 58,999 miners with 25 EH\/s of computing power. American Bitcoin also completed the energization of 11,298 newer machines at Hut 8\u2019s Drumheller location in April, adding approximately 3.05 EH\/s.<\/p>\n American Bitcoin\u2019s holdings increased by approximately 981 BTC during the quarter, rising from 7,021 BTC to 8,002 BTC. Mining produced 932 BTC, accounting for most of the increase.<\/p>\n However, not all 8,002 BTC are freely available. Approximately 3,090 BTC, or nearly 39% of the reserve, remain pledged under miner purchase agreements with Bitmain. American Bitcoin still includes those coins in its total because it retains redemption rights and continued economic exposure.<\/p>\nAmerican Bitcoin\u2019s asset loss drove the quarterly deficit<\/strong><\/h2>\n
Record mining raised revenue while costs stayed flat<\/strong><\/h2>\n
Nearly 39% of the Bitcoin reserve remains pledged<\/strong><\/h2>\n