American Bitcoin, the bitcoin mining and treasury firm co-founded by Eric Trump as a majority-owned subsidiary of Hut 8, disclosed a net loss of $57.2 million for the second quarter of 2026. Despite the loss, the company expanded its bitcoin holdings by 14% to 8,002 BTC, mining a record 932 BTC during the period.
According to the Q2 2026 report, the net loss was primarily driven by unrealized losses on the value of the bitcoin holdings as the market softened, although it narrowed significantly from the $81.8 million loss in the prior quarter. Mining revenue for the three months ended June 30 reached approximately $67 million, with a cost to mine of about $36,500 per BTC—yielding a gross margin near 50%. However, revenue per bitcoin mined declined about 5% quarter over quarter to roughly $71,900.
The mixed quarter reflects the tension between balance-sheet expansion and earnings pressure at bitcoin-focused treasury companies. CEO Mike Ho noted that despite bitcoin headwinds, the company delivered its highest quarterly production on record and grew its strategic reserve to over 8,000 bitcoin. Satoshis per share rose 11% to 10,989 after a 1-for-15 reverse stock split, with shares outstanding up about 3%.
Operationally, American Bitcoin ended Q2 with 89,242 owned miners and a total capacity of 28.1 EH/s. Its operational fleet totaled 58,999 miners producing 25 EH/s after energizing 11,298 next-generation mining machines at Hut 8's Drumheller site in April. The company’s stock price closed down 6.4% at $5.52 on Friday following the report.
