American Bitcoin Corp., the Nasdaq-listed Bitcoin mining and treasury company co-founded by Eric Trump and majority owned by Hut 8, reported a net loss of $57.2 million for the second quarter of 2026. The result marked an improvement from the $81.8 million loss recorded in the prior quarter.

The deficit stemmed primarily from a $71.2 million unrealized loss on digital asset holdings as Bitcoin prices declined during the period. Operating loss reached $74.1 million. Adjusted EBITDA remained negative at a $45 million loss, though this represented a substantial narrowing from the $91.3 million adjusted EBITDA loss in the first quarter.

Record Production Drives Revenue Higher

Mining revenue rose 8 percent quarter over quarter to $67 million from $62.1 million. The company produced a record 932 Bitcoin in the second quarter, up from 817 Bitcoin in the first quarter. This output accounted for roughly 26 percent of all Bitcoin the firm has mined since launching operations in March 2025.

Revenue per Bitcoin mined averaged approximately $71,900. The average cost to produce one Bitcoin held steady near $36,500, compared with $36,200 in the previous quarter. Gross mining margin remained close to 50 percent despite an approximate 12 percent decline in Bitcoin’s price over the three months.

American Bitcoin completed the deployment and energization of more than 11,000 next-generation miners during the period. The operational fleet reached nearly 59,000 active machines, lifting total hash rate capacity to around 25 to 28.1 exahashes per second.

Ho noted that the company focused on controllable factors, including record production, treasury growth, and infrastructure expansion, even as Bitcoin faced headwinds.

Treasury Expands by 14 Percent

Bitcoin holdings increased approximately 14 percent to about 8,002 BTC as of June 30, up from 7,021 BTC at the end of March. The net addition of roughly 981 Bitcoin came largely from mining output. Of the total holdings, approximately 3,090 BTC, or nearly 39 percent, remained pledged under miner purchase agreements with Bitmain. The company retains redemption rights and economic exposure to those coins.

Satoshis per share rose about 11 percent to approximately 10,989 during the quarter after accounting for share count changes. In July the company completed a one-for-15 reverse stock split, reducing outstanding shares from roughly 1.09 billion to about 73 million. The move was undertaken to restore compliance with Nasdaq’s minimum bid price requirement after the stock had declined sharply from its post-listing peak.

Trump observed that the business, launched as an idea a little over a year earlier, had become one of the larger publicly listed Bitcoin mining operations, with more than 8,000 Bitcoin in treasury and one of the world’s significant mining platforms.

Share Performance and Market Context

Shares of American Bitcoin traded near $5.50 to $5.59 in the period surrounding the earnings release, with modest premarket gains reported after the announcement. The company ranked as the 16th-largest public Bitcoin treasury holder at the time of the results.

Management continued to prioritize scaling production capacity and accumulating Bitcoin rather than responding to short-term price movements. Further details on Bitmain-related liabilities and the precise composition of digital asset losses may appear in subsequent regulatory filings.