Trump-backed American Bitcoin tops 8,000 Bitcoin after record mining quarter

American Bitcoin (@ABTC), the Trump-backed Bitcoin mining and treasury company listed on Nasdaq, reported its strongest production quarter on record while still posting a significant net loss, underscoring the tension between operational momentum and Bitcoin price headwinds.

Record production, but losses persist

The company mined approximately 932 $BTC in Q2 2026, its highest quarterly production on record, up from around 817 Bitcoin mined in Q1 2026. Mining revenue climbed to $67.0 million, an increase of roughly 8% from $62.1 million in the prior quarter. Cost to mine came in at approximately $36,500 per Bitcoin in Q2, essentially flat versus the $36,200 recorded in Q1.

The Miami-based company, co-founded by @EricTrump, reported a net loss of $57.2 million for the quarter, narrowing from the $81.8 million loss recorded in Q1, though the bottom line remained deep in negative territory as a $71.2 million non-cash loss on digital assets absorbed almost the entirety of its operating income. Bitcoin's price fell about 11% during the three months of the quarter, a key factor behind the shortfall.

Treasury grows, leadership changes

American Bitcoin closed the quarter holding approximately 8,002 $BTC, up from 7,021 at the end of March, a 14% sequential increase. At prevailing prices, that stockpile is worth roughly $512 million. The 14% increase in a single quarter suggests the company is mining and holding rather than selling into the market to cover operational costs.

American Bitcoin Corp. is a majority-owned subsidiary of Hut 8 Corp. Rather than build data centres of its own, it runs on Hut 8's existing infrastructure, which is intended to give it lower costs than a mining firm starting from scratch.

The quarter also brought a notable leadership change. President Matt Prusak announced his departure to join AI energy firm Giga Energy. @EricTrump, who serves as co-founder and chief strategy officer, has repeatedly stated the goal is to build the preeminent American Bitcoin powerhouse. CEO Mike Ho said the company's view is straightforward: Bitcoin is a growing capital asset, and despite headwinds in Q2, the team delivered its highest quarterly production on record and grew its strategic reserve past 8,000 Bitcoin.

American Bitcoin completed a 1-for-15 reverse stock split last month to maintain its Nasdaq listing after its shares fell below the exchange's minimum bid requirement. The Q2 results also came in well below Wall Street expectations, with analysts having forecast EBITDA of $113.8 million and normalized earnings of $0.30 per share.

Sources:
American Bitcoin Q2 2026 Results, PR Newswire
Trumps' American Bitcoin Posts Record BTC Output, Narrows Q2 Loss, CoinTelegraph
American Bitcoin posts $57.2 million Q2 loss while its Bitcoin stash tops 8,000, Cryptopolitan