"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.”
Mining revenue rose to $67 million from $62.1 million in the first quarter, while the company's cost to mine a Bitcoin held relatively steady at about $36,500 despite higher energy costs. American Bitcoin said its gross margin remained close to 50% even as Bitcoin's average price declined roughly 12% from the prior quarter.
The company also reported a net loss of $57.2 million, an improvement from the $81.8 million loss posted in the first quarter.
Co-founder and Chief Strategy Officer Eric Trump said the quarter was evidence of the company's rapid growth and long-term Bitcoin strategy.
"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 in a statement. “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."
However, the news comes after a volatile stretch for American Bitcoin.
“Giga has more opportunity than any company can pursue at once,” he wrote. “Part of my role is to help identify the highest-leverage opportunities, shape where we focus, and build the machinery each priority requires.”
Despite these “headwinds,” CEO Mike Ho expressed optimism about the future of the company.
“American Bitcoin is, at its core, an operating business—we generate Bitcoin through scaled infrastructure rather than simply holding it on a balance sheet,” he said. “Looking ahead, we are focused on deepening that infrastructure advantage, strengthening our balance sheet position, and compounding Bitcoin per share so that the work we do today translates into durable value for our shareholders across market cycles."
