Bitcoin
American Bitcoin surpasses 8,000 BTC holdings after record mining quarter
The Trump family-backed mining firm expanded its Bitcoin reserve by 14% in Q2, producing a company record 932 BTC despite Bitcoin's price decline.
American Bitcoin announced it had grown its holdings to over 8,000 BTC—worth roughly $512 million—by the end of June, up from approximately 7,021 BTC three months earlier. The company attributed the expansion to record quarterly production of 932 Bitcoin during a period when Bitcoin's average price fell roughly 12% quarter-over-quarter.
Mining revenue climbed to $67 million from $62.1 million in Q1, while the cost to mine each Bitcoin remained relatively stable at about $36,500 despite higher energy expenses. American Bitcoin maintained a gross margin close to 50% and narrowed its net loss to $57.2 million, compared with $81.8 million in the prior quarter.
CEO Mike Ho framed the results as validation of the company's strategy of pairing large-scale mining operations with long-term Bitcoin accumulation. Co-founder Eric Trump highlighted the company's rapid growth trajectory, noting that American Bitcoin had moved from being an early-stage concept to operating one of the world's largest mining platforms in roughly 18 months.
The results come during a volatile period for the company's stock, which has fallen substantially since its Nasdaq debut, though the firm has continued expanding its mining infrastructure.
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