American Bitcoin Corp (ABTC), which launched mining operations in March 2025, saw its shares climb 3.80% to $5.73 by 12:49 p.m. EDT following a volatile morning rebound. The company reported $67 million in second-quarter revenue, mined a record 932 BTC, and grew its total Bitcoin reserve to approximately 8,002 BTC. However, a $71.2 million digital asset loss drove the miner to a $57.2 million net loss for the quarter.

Digital Asset Loss Drives Quarterly Deficit

American Bitcoin recorded the $71.2 million digital asset charge within operating expenses during the second quarter. Under fair-value accounting rules for crypto assets now in effect, companies must revalue their Bitcoin holdings each reporting period, meaning the charge reflects a non-cash mark-to-market adjustment tied to Bitcoin's price decline rather than an operational cash outflow. While the charge declined from $117.2 million in the first quarter, it still exceeded the company's mining revenue. Depreciation and amortization added another $28.2 million to total quarterly expenses.

General and administrative costs rose to $7.7 million, up from $6.9 million in the prior quarter. An $18.3 million derivatives gain partially offset the shortfall, reducing the pre-tax loss to $55.7 million. The net loss narrowed from $81.8 million recorded during the first quarter.

Adjusted EBITDA remained negative at $45 million, an improvement from the $91.3 million first-quarter loss. American Bitcoin's company-defined Adjusted EBITDA metric excludes depreciation, derivatives, stock compensation, and selected expenses, and therefore does not replace results prepared under standard accounting rules.

Record Bitcoin Production Lifts Revenue

American Bitcoin mined approximately 932 BTC in the second quarter, its highest quarterly output since launching operations in March 2025. Production rose from roughly 817 BTC in the first quarter. The latest output accounted for approximately 26% of all Bitcoin mined since the company began operations.

Revenue increased 8% from $62.1 million, although revenue per mined Bitcoin declined about 5%. Each mined coin generated approximately $71,900, compared with $76,000 in the previous quarter, as Bitcoin prices fell roughly 12% over the same period. The per-coin revenue decline highlights the margin pressure facing Bitcoin miners following the April 2024 halving, which reduced block subsidies from 6.25 to 3.125 BTC and compressed economics across the sector.

The cost to mine each Bitcoin edged up to approximately $36,500 from $36,200, driven by higher energy expenses at select locations. Despite the modest cost increase, reported revenue and direct costs yielded approximately $33 million in mining gross profit, with margins holding near 49%.

Bitcoin Reserve Tops 8,000 BTC

American Bitcoin increased its reserve by approximately 981 BTC during the quarter. Total holdings rose 14%, from about 7,021 BTC to roughly 8,002 BTC. Satoshis per share climbed 11% to approximately 10,989, a metric Bitcoin treasury companies use to track per-share exposure to their cryptocurrency holdings.

The company pledged approximately 3,090 BTC under equipment purchase agreements with Bitmain, representing nearly 39% of the total reserve at quarter-end. American Bitcoin retains redemption rights and continued economic exposure to the pledged coins.

Eric Trump co-founded American Bitcoin, while Hut 8 maintains majority control. The company owned 89,242 miners with a total hashrate capacity of 28.1 EH/s, of which 58,999 operational units delivered 25 EH/s. During April, the company energized 11,298 newer machines at Hut 8's Drumheller site.