American Bitcoin Corp. (Nasdaq: ABTC), the Miami-based Bitcoin accumulation platform co-founded by Eric Trump, reported a net loss of $57.2 million for the second quarter of 2026, according to results released before the market open on Monday.

The figure narrowed from the $81.8 million loss recorded in Q1, but the bottom line remained deep in negative territory as a $71.2 million non-cash loss on digital assets absorbed almost the entirety of its operating income.

Shares showed limited movement out of the gate. ABTC was trading around $5.53 in the pre-market session, essentially flat from Friday’s close of $5.52, leaving the company’s market capitalization near $402 million. The action, however, arrives against a brutal one-year chart: the post-split stock has traded in a 52-week range of $5.04 to $217.80, and the equity remains down more than 95% from its post-listing highs even as Q2 results are released.

According to the company’s official Q2 2026 press release, mining revenue climbed roughly 8% quarter over quarter to $67 million, up from $62.1 million in Q1. The gain was driven by production volume rather than pricing power. American Bitcoin mined approximately 932 Bitcoin during the quarter, its highest quarterly output on record, up from 817 BTC in Q1.

Revenue per Bitcoin mined actually fell about 5% to roughly $71,900, although management flagged that the drop was materially shallower than the roughly 12% decline in Bitcoin’s spot price over the same window.

Treasury Grows to 8,002 BTC, Satoshis Per Share Up 11%

The strategic reserve continued to expand at pace. American Bitcoin closed the quarter holding approximately 8,002 BTC, up from 7,021 at the end of March, a 14% sequential increase. Of that total, roughly 3,090 BTC are pledged as collateral under miner-purchase agreements with BITMAIN, a disclosure carried forward in the filing footnotes.

Satoshis per Share, the company’s preferred accumulation metric, rose approximately 11% quarter over quarter, from 9,943 to 10,989. Bitcoin holdings expanded 14% while the share count grew only 3%, producing genuine per-share accretion. The metric also reflects the 1-for-15 reverse stock split executed on July 2, 2026, a move undertaken to lift the share price above Nasdaq’s $1 minimum bid threshold after ABTC lost more than 95% from its post-listing peak.

Mining Economics: Unit Costs Hold Flat, Margins Squeezed by Price

Cost to mine came in at approximately $36,500 per Bitcoin in Q2, essentially flat versus the $36,200 recorded in Q1. Management attributed the marginal uptick to slightly higher energy costs at select sites. Gross margin held near the 50% line even as Bitcoin’s spot price fell 12% during the period, which the company framed as evidence of operational discipline rather than pricing tailwind.

General and administrative expense totaled about $7.7 million versus $6.9 million in Q1, holding steady at roughly 11% of revenue. Depreciation and amortization ran at $28.2 million, up from $26.6 million, reflecting the newly energized fleet. Adjusted EBITDA came in at negative $45 million, a meaningful improvement from negative $91.3 million in Q1.

Drumheller Site Fully Energized

American Bitcoin completed the full energization of 11,298 next-generation miners at Hut 8’s Drumheller site in April 2026, adding approximately 3.05 exahashes per second (EH/s) at an efficiency of 13.5 joules per terahash (J/TH).

Following that deployment, the operational fleet consisted of about 58,999 miners producing roughly 25.0 EH/s at an average efficiency of 14.1 J/TH. Total owned fleet stood at 89,242 miners with about 28.1 EH/s of nameplate capacity as of quarter-end.

Management Frames Q2 as an Operational Win

CEO Mike Ho anchored his commentary on unit economics and long-duration compounding, arguing that Bitcoin’s expected appreciation should outpace American Bitcoin’s cost of capital. He described the quarter as one where the company controlled what it could control by pushing production to a record while strengthening the underlying platform.

Co-founder and Chief Strategy Officer Eric Trump, who launched the company jointly with Hut 8 in March 2025, noted that Q2 production accounted for roughly 26% of all Bitcoin the firm has mined since inception. He called the goal simple: “deliver relentless growth, quarter after quarter” and build what he described as the preeminent American Bitcoin powerhouse.

A Punishing Tape for Listed Miners

The results land against a difficult backdrop for public Bitcoin miners. Institutional capital has rotated aggressively into AI infrastructure names throughout 2026, with peers including Riot Platforms, Cipher Mining, MARA Holdings, and TeraWulf pivoting decisively toward hyperscaler leasing arrangements.

American Bitcoin, which went public in September 2025 through an all-stock merger with Gryphon Digital Mining, has resisted that pivot and stayed committed to a pure-play accumulation model, a strategy that has weighed on the equity even as the treasury has grown. The combined first-half 2026 net loss now exceeds $139 million, keeping the sustainability question in front of investors even as unit production climbs.

The Bottom Line

For now, American Bitcoin’s investment case boils down to a simple wager: whether a treasury that grew 14% in a single quarter, funded by a mining operation running at a roughly 50% gross margin, can compound faster than the market can price in Bitcoin’s downside and the mining sector’s AI-driven identity crisis.

Monday’s pre-market bid suggests some investors are willing to take that bet again at $5.70. The next validation, or rejection, comes with Q3 numbers and, more immediately, with wherever Bitcoin trades from here.

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