The loss was primarily due to the decline in the value of Bitcoin on its balance sheet. During the quarter, American Bitcoin mined 932 BTC and increased its reserves by 14% to 8,002 BTC (the 16th largest corporate Bitcoin holder, according to Bitcoin Treasuries), RBC reports.
Mining revenue for the quarter increased by 8% to $67 million. The company reported the cost of mining one Bitcoin at approximately $36,500, compared to a market price of approximately $63,000 at the beginning of August. Of the 8,002 BTC held by the company, approximately 3,090 BTC are held as collateral under agreements with mining equipment manufacturer Bitmain. Bitcoin mining is carried out by devices owned by the mining company Hut 8, which received an 80% stake in exchange for its data centers and equipment when American Bitcoin launched. In November 2025, Eric Trump posted a video of himself walking through a data center, where Hut 8 logos were visible on the racks of equipment. By the end of the quarter, the company had 89,242 miners with a total hashrate of 28.1 EH/s.
In September 2025, American Bitcoin went public, but since then, its ABTC shares have plummeted by more than 90%.
Forbes Reveals the Truth
In late April, Forbes released an investigation alleging that the company was using Trump’s name to attract investors and, instead of mining effectively, was primarily buying Bitcoin with the funds raised. Eric Trump responded by calling Forbes “a disgrace to journalism.” Michael Saylor’s Strategy, the world’s largest corporate Bitcoin holder, reported a net loss of $8.2 billion for the second quarter of 2026. Like American Bitcoin, the loss was due to the loss of Bitcoin value on its balance sheet.
In 2025, Eric Trump stated that, in addition to mining, he saw American Bitcoin as a way to give investors exchange access to Bitcoin, similar to Strategy. He called Saylor a “dear friend” and himself a “Bitcoin maximalist.”
