8,002 and Counting: Trump-Backed Miner Hoards More BTC Than Excuses 🥇

American Bitcoin, the Trump family-linked mining firm, said Monday its strategic Bitcoin reserve grew to roughly 8,002 BTC by the end of June, valued at about $512 million, after producing a record 932 Bitcoin in the second quarter. The reserve marked a 14% increase from approximately 7,021 BTC held at the close of March and represented the company's largest quarterly output since its September launch.

The company reported second-quarter mining revenue of $67 million, up from $62.1 million in the first quarter, while the cost to mine one Bitcoin held near $36,500 despite elevated energy expenses. American Bitcoin said its gross margin remained close to 50% even as Bitcoin's average price fell roughly 12% from the prior quarter, and it posted a net loss of $57.2 million, an improvement from the $81.8 million loss recorded in the first three months of the year.

"Our view of the world is simple: Bitcoin is a growing capital asset, and we believe its long-term compounding will outperform our cost of capital," CEO Mike Ho said in a statement. "Despite Bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 Bitcoin, and strengthened the foundation of our business."

Co-founder and Chief Strategy Officer Eric Trump framed the quarter as evidence of the company's rapid scale-up. "A little over a year ago, American Bitcoin was just an idea. Today, we hold more than 8,000 Bitcoin, operate one of the world's largest Bitcoin mining platforms, and just delivered our highest quarterly production on record," Trump said. "Our conviction in Bitcoin remains absolute, and our goal is simple: to deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul."

The disclosure follows a turbulent stretch for the Nasdaq-listed miner. In March, American Bitcoin said it had crossed 7,000 BTC less than seven months after its public debut, even as shares traded roughly 94% below their post-IPO peak. In May, the company reported a $82 million first-quarter net loss, expanded its mining fleet to nearly 90,000 machines and pushed its treasury past 7,300 BTC, arguing that Bitcoin-linked accounting masked an otherwise profitable quarter. In July, it executed a 1-for-15 reverse stock split to regain compliance with Nasdaq's minimum bid price requirement after shares hit another record low amid a broader sell-off in crypto-linked equities.

The quarterly report also coincided with news that American Bitcoin President and interim CFO Matt Prusak announced in a post on X on Monday that he is leaving the company to join AI and energy infrastructure developer Giga Energy.