The Trump family-backed American Bitcoin reported Monday that it expanded its Bitcoin treasury to more than 8,000 BTC—worth approximately $512 million—during the second quarter, after producing a record 932 Bitcoin. The results highlight the company's dual strategy of large-scale mining combined with long-term accumulation, placing its holdings among the larger publicly disclosed corporate Bitcoin treasuries, though still well below holders such as MicroStrategy and Marathon Digital.

According to the company, American Bitcoin ended June with approximately 8,002 BTC, representing a roughly 14% increase from the 7,021 BTC held at the end of March. The growth came alongside the company's highest quarterly Bitcoin production since it launched operations in September.

"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," CEO Mike Ho said in a statement. "Despite Bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 Bitcoin, and strengthened the foundation of our business."

Mining revenue rose to $67 million, up from $62.1 million in the first quarter. The cost to mine each Bitcoin remained relatively stable at approximately $36,500 despite higher energy expenses—a figure that industry analysts have watched closely since the April 2024 Bitcoin halving cut block rewards from 6.25 to 3.125 BTC, compressing margins for miners across the sector. American Bitcoin reported that its gross margin held near 50%, even as Bitcoin's average price fell roughly 12% compared with the prior quarter.

The company narrowed its quarterly net loss to $57.2 million, an improvement from the $81.8 million loss recorded in the first quarter.

Co-founder and Chief Strategy Officer Eric Trump, whose involvement alongside Donald Trump Jr. ties the company to the broader Trump family push into digital assets, characterized the quarter as further evidence of the company's rapid expansion and commitment to its Bitcoin-focused strategy.

"A little over a year ago, American Bitcoin was just an idea. Today, we hold more than 8,000 Bitcoin, operate one of the world's largest Bitcoin mining platforms, and just delivered our highest quarterly production on record," Trump said in a statement. "Our conviction in Bitcoin remains absolute, and our goal is simple: to deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul."

The announcement follows a turbulent period for the company. In March, American Bitcoin said it had surpassed 7,000 BTC in holdings less than seven months after its Nasdaq debut, even as its shares fell to their lowest price since going public—roughly 94% below their post-IPO peak. In May, the company reported an $82 million first-quarter net loss while increasing its treasury to more than 7,300 BTC and expanding its mining fleet to nearly 90,000 machines. At the time, American Bitcoin argued that accounting treatment tied to Bitcoin's price had masked what it described as an otherwise profitable quarter.

In July, American Bitcoin executed a 1-for-15 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement, after its shares reached another record low amid a broader downturn in crypto-related equities.

The quarterly report also coincides with a leadership change. President and interim CFO Matt Prusak announced in a post on X on Monday that he is departing American Bitcoin to join Giga Energy, an AI and energy infrastructure developer, as chief business officer and interim CFO.

In a separate blog post, Prusak said the industry's most significant constraint has shifted from Bitcoin mining itself to the power infrastructure required to support both mining operations and AI data centers—a dynamic that has prompted several publicly traded mining firms, including Core Scientific and Hut 8, to pivot toward or expand high-performance computing and AI hosting.

"Giga has more opportunity than any company can pursue at once," he wrote. "Part of my role is to help identify the highest-leverage opportunities, shape where we focus, and build the machinery each priority requires."

Despite these challenges, CEO Mike Ho struck an optimistic tone about the company's trajectory.

"American Bitcoin is, at its core, an operating business—we generate Bitcoin through scaled infrastructure rather than simply holding it on a balance sheet," Ho said. "Looking ahead, we are focused on deepening that infrastructure advantage, strengthening our balance sheet position, and compounding Bitcoin per share so that the work we do today translates into durable value for our shareholders across market cycles."