American Bitcoin prints 932 BTC, trims loss — Wall Street shrugs 📉

American Bitcoin Corp. (Nasdaq: ABTC) reported record Bitcoin production of 932 BTC in the second quarter, the highest quarterly output since the company's launch, as mining revenue rose 8% to $67 million from $62.1 million in the prior quarter. The result met Wall Street analyst estimates, though the Trump family-linked miner remained unprofitable, posting a net loss of $57.2 million, narrower than the $81.8 million loss recorded in Q1. Adjusted EBITDA loss was $45.0 million for the period.

The company, co-founded by Eric Trump and Donald Trump Jr. and majority-owned by Hut 8, held approximately 8,002 BTC on its balance sheet as of June 30 and had pledged about 3,090 tokens under equipment-purchase agreements with Bitmain. American Bitcoin was ranked the 16th-largest Bitcoin treasury company by data aggregator Bitcoin Treasuries at the time of writing.

ABTC shares closed down 6.4% on Friday at $5.52 ahead of the earnings release, then edged up less than 0.5% in Monday premarket activity to $5.59, according to Yahoo Finance. The stock has drawn bullish coverage from three sell-side firms since its public listing, with Roth Capital, H.C. Wainwright & Co. and Maxim Group initiating ABTC with "Buy" ratings and a median price target of $8, while Maxim Group set the highest target at $15.

The miner completed a 1-for-15 reverse stock split last month to maintain its Nasdaq listing after shares fell below the exchange's minimum bid requirement. A related disclosure noted that Trump Media sold another 2,628 BTC, reducing its holdings to 4,261 BTC.