American Bitcoin, the Trump family-backed mining company, grew its Bitcoin reserve to 8,002 coins by the end of June, worth about $512 million at current prices. The company mined a record 932 BTC in the second quarter.
Mining revenue rose to $67 million, and net loss narrowed to $57.2 million. All of that happened despite Bitcoin's average price falling roughly 12% for the quarter, a period when most mining companies typically post weaker results rather than records.
Record output despite a cheaper Bitcoin
American Bitcoin is a subsidiary of mining giant Hut 8. Among the company's co-founders is Eric Trump, the US president's son, who serves as Chief Strategy Officer, which is why every quarterly report from the company draws extra media attention.
American Bitcoin mined a record 932 BTC in the second quarter. That's the largest quarterly figure since the company launched in September 2025.
Mining revenue climbed to $67 million from $62.1 million in the first quarter, an increase of nearly 8%. The cost to mine one BTC stayed relatively steady at about $36,500 despite higher energy costs. Revenue is mostly made up of the value of coins mined, so an 8% increase against a weaker Bitcoin price means output volume outweighed the price drop.
The company's gross margin held at around 50%, even as Bitcoin's average price fell roughly 12% for the quarter. That's not a trivial result for a mining business: mining costs usually rise faster than revenue exactly when the coin's price falls. In previous Bitcoin price downturns, mining companies often cut output or shut down their least efficient rigs to avoid running at a loss. American Bitcoin instead ramped up production, betting that scale and low costs would offset the weaker coin price.
The company's equipment fleet stood at nearly 90,000 machines at the end of the first quarter. That's the base the record second-quarter output was built on: more rigs mean higher hashrate, and higher hashrate at the same network difficulty yields more coins mined. The fleet expansion started back in spring and continued through the quarter, so the full effect of the new equipment will likely only show up in coming reports.
The reserve grew to 8,002 BTC for the quarter
The company's reserve stood at approximately 8,002 BTC at the end of June. At the end of March the reserve counted around 7,021 BTC, putting quarterly growth at 14%. Unlike companies such as Strategy, American Bitcoin doesn't grow its reserve by buying coins on exchanges but through its own mining, so reserve growth tracks production output directly rather than access to capital markets.
In March the company crossed the 7,000 BTC mark for the first time, less than seven months after its Nasdaq debut, even as shares had fallen to their lowest price since the IPO and traded roughly 94% below their peak. In May American Bitcoin reported an $82 million first-quarter net loss while growing its reserve past 7,300 BTC.
Back in April, Kurslog covered how the company activated 11,298 new ASIC miners, which lifted its shares 11.7% at the time. That equipment expansion is what laid the groundwork for the record second-quarter output.
"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."
- Mike Ho, CEO of American Bitcoin, in a company statement on second-quarter 2026 results
Losses shrink for a second straight quarter
American Bitcoin's net loss came to $57.2 million in the second quarter, a marked improvement over the $81.8 million loss in the first quarter. The company attributes this to scaling output and holding steady costs, despite higher energy costs and a weaker Bitcoin price.
The trend toward a smaller loss has now held for two straight quarters. If the pace continues, the company could move toward operating break-even within a few quarters, though management hasn't officially offered any such forecast.
Co-founder and Chief Strategy Officer Eric Trump called the quarter proof of the company's rapid growth. In his telling, American Bitcoin turned from an idea into one of the world's largest mining platforms in under a year, with a reserve now above 8,000 BTC.
CEO Mike Ho added that the company runs as an operating business that generates Bitcoin through scaled infrastructure rather than simply holding coins on a balance sheet. He said the company will keep focusing on deepening its infrastructure advantage and growing Bitcoin per share.
What else changed over the summer
A handful of other developments show just how unsettled the company's position remains despite the production records. Its stock and its output are moving in opposite directions this summer.
- In July, the company carried out a 1-for-15 reverse stock split to meet Nasdaq's minimum bid price requirement after another record-low close.
- Leadership change: President and interim CFO Matt Prusak announced he's moving to Giga Energy, an AI and energy infrastructure firm, as chief business officer.
- According to Prusak, the industry's biggest constraint is no longer Bitcoin mining itself but a lack of power infrastructure to run mining and AI data centers at the same time.
- American Bitcoin's shares have traded mostly below their IPO price since the Nasdaq debut, and even the production records haven't changed that pattern yet.
Nasdaq listing rules require a share price to stay above $1 for an extended period, or the company risks forced delisting. A reverse split technically raises the price of a single share by merging 15 old shares into one new share, but on its own it doesn't change the company's total market cap or the value of its Bitcoin reserve.
Together, these developments paint a picture of a company scaling up production and reserves while still fighting for investor trust on the exchange.
What this means
American Bitcoin's numbers fit a broader pattern: mining companies are trying to prove that mining Bitcoin remains a profitable business even at a lower coin price, not just a way to stack a reserve on the balance sheet.
For a company tied to the Trump family, production records become an argument against skeptics pointing to the 94% drop in shares from their peak. Steady mining costs and reserve growth are operating facts that are hard to dispute, even if the stock price doesn't reflect them yet.
Prusak's move to an energy company isn't a coincidence either. He directly tied it to the idea that grid power capacity, not ASIC count, will become mining's main constraint in the years ahead.
American Bitcoin is just one of several crypto ventures tied to the Trump family, alongside projects like World Liberty Financial or Trump Media. Unlike those, though, the company publishes detailed quarterly operating disclosures on output, costs, and reserves, letting outsiders independently check its results.
The next quarter will show whether the company can turn operating gains into market trust, or whether the reverse split and staff turnover keep weighing on the stock.
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