ABTC — Q2 2026 Financial Report Analysis

American Bitcoin (ABTC) more than doubled its mining revenue in the second quarter of 2026, to $67.0 million from $30.3 million a year earlier, because it now runs far more mining machines: it mined about 932 bitcoin versus about 308. But the price of bitcoin fell from about $68,222 to about $59,847 during the quarter, and because the company marks the roughly 8,000 bitcoin it holds to market every quarter, that drop produced a $71.2 million loss on digital assets and pushed the company to a net loss of $57.2 million ($0.80 per diluted share), against a $3.4 million profit a year ago. Figures below come from the 10-Q for the quarter ended June 30, 2026, filed August 3, 2026, with operating statistics from the same-day earnings release.

At a glance

• $67.0 million revenue, up 121%: production tripled after new machines were switched on in Texas (August–September 2025) and Alberta (March–April 2026), more than offsetting a lower bitcoin price per coin mined ($71,932 vs. $98,425).
• 8,002 bitcoin held, worth about $478.9 million at quarter end: up from 5,401 at the end of 2025. The reserve is now the main driver of reported profit or loss — a $10,000 move in the bitcoin price changes its value by about $80 million, more than one quarter's revenue.
• Cash used in operations of $63.8 million in the first half: the company keeps the bitcoin it mines instead of selling it, so it pays its power and hosting bills with money raised by selling new shares ($144.1 million net in the first half).

How this company is put together

American Bitcoin is not a typical start-up that went public. In March 2025, Hut 8, a larger bitcoin-mining and data-center company, contributed substantially all of its own bitcoin-mining machines to a small company called American Data Centers in exchange for newly issued Class B shares representing 80% of that company, which was renamed American Bitcoin and became a majority-owned subsidiary of Hut 8. In September 2025 it merged into Nasdaq-listed Gryphon Digital Mining; accounting-wise, American Bitcoin was treated as the buyer (a "reverse acquisition"), which created $154.4 million of goodwill on the balance sheet. Eric Trump is a co-founder and Chief Strategy Officer, per the earnings release.

Three structural points matter for reading the numbers:

• Hut 8 runs the business day to day. Under an exclusivity agreement, all of ABTC's miners sit in Hut 8's facilities (five sites in New York, Texas and Alberta). Hut 8 bills ABTC for hosting and power, management and back-office services. Hosting fees alone were , against total cost of revenue of $34.0 million, so almost all of ABTC's direct operating cost is paid to its parent. At June 30 it owed Hut 8 $83.5 million ($42.3 million as "Due to Hut 8" plus $41.2 million of lease liabilities).