American Bitcoin NASDAQ: ABTC reported higher second-quarter Bitcoin production and revenue as the company brought its Drumheller facility online at scale, while a decline in Bitcoin prices contributed to a GAAP net loss tied largely to fair-value accounting for its digital-asset holdings.
The company mined 932 Bitcoin in the second quarter of 2026, up about 14% from 817 Bitcoin in the first quarter and representing its highest quarterly production on record. Revenue rose 8% sequentially to approximately $67 million, from $62.1 million in the prior quarter.
Chief Executive Officer Mike Ho said the production increase reflected the April energization of the Drumheller site, which added roughly 3 exahash of next-generation capacity, as well as a downward adjustment in network difficulty. He said revenue growth occurred despite a roughly 12% period-end decline in Bitcoin prices from the first quarter and a peak-to-trough decline of about 28% between May 10 and June 26.
Margins and Net Loss
Cost of revenue increased to approximately $34 million from $29.6 million in the first quarter, primarily because of marginally higher energy costs at select sites. Gross profit was about $33 million, compared with $32.5 million in the prior quarter, while gross margin declined to approximately 49% from 52%.
Ho said the margin decline resulted from lower Bitcoin prices rather than deterioration in the company’s underlying cost structure. Revenue per Bitcoin mined was approximately $71,900, down about 5% from roughly $76,000 in the first quarter. Cost to mine one Bitcoin was approximately $36,500, compared with about $36,200 in the first quarter.
General and administrative expense was approximately $7.7 million, up from $6.9 million in the preceding quarter, but remained around 11% of revenue, according to the company.
On a GAAP basis, American Bitcoin posted a net loss of approximately $57.2 million, improving from a net loss of $81.8 million in the first quarter. The second-quarter result included a $71.2 million loss on digital assets, compared with a $117.2 million loss in the prior quarter. Ho said this figure reflected required fair-value measurements for Bitcoin held on the balance sheet and was not a realized trading result.
Fleet Growth and Bitcoin Reserve
At the end of the quarter, American Bitcoin’s owned fleet totaled nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity. About 25 exahash was operational, with average efficiency of about 14 joules per terahash.
The company increased its strategic Bitcoin reserve to 8,002 Bitcoin at quarter-end from approximately 7,021 Bitcoin at the start of the quarter. The increase of nearly 1,000 Bitcoin, or about 14%, was primarily generated through mining, supplemented by approximately $4 million in at-market Bitcoin purchases. The company said it did not sell Bitcoin from its balance-sheet reserve during the quarter.
American Bitcoin reported approximately 11,000 satoshis per share at quarter-end, compared with about 9,950 at March 31, an increase of roughly 11%. Ho said the company uses satoshis per share, or Bitcoin per share, to assess whether its Bitcoin reserve is growing faster than its share count.
The company said approximately 82% of its at-the-market equity program capacity remained available at quarter-end. Ho said management evaluates potential share issuance based on the value received, deployment opportunities, liquidity needs and the impact on Bitcoin ownership per share.
Power Competition and Expansion Outlook
During the question-and-answer session, Ho said competition for power has intensified as Bitcoin miners, artificial-intelligence data-center developers and other large-scale users pursue available generation and interconnection capacity.
He said American Bitcoin continues to seek sites that may be less attractive to AI operators because of latency and fiber constraints. Bitcoin mining can operate with lower bandwidth requirements and is less dependent on proximity to major data-center markets, he said.
Ho also said the company has observed stable or declining overall network hash rate. He attributed part of that trend to other public mining companies converting existing mining sites to AI data-center uses under long-term agreements. According to Ho, capacity moved to those uses may not return to the Bitcoin mining network even if mining economics improve.
The company expects summer conditions, particularly in Texas, to affect production and power economics, and said it will prioritize economic output rather than simply maximizing uptime.
Finance Leadership Transition
Ho announced that President and Interim Chief Financial Officer Matt Prusak will leave the company after Aug. 4 to pursue another opportunity in Austin. Paul Sacks, American Bitcoin’s head of derivatives, will become interim chief financial officer.
Chief Strategy Officer Eric Trump said the company had grown from roughly 10 exahash of capacity at its March 2025 launch to approximately 28.1 exahash in the second quarter of 2026. He said the company’s reserve had reached approximately 8,300 Bitcoin as of the earnings call, compared with 8,002 Bitcoin at quarter-end.
About American Bitcoin (NASDAQ:ABTC)
Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider American Bitcoin, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and American Bitcoin wasn't on the list.
While American Bitcoin currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
