American Bitcoin Q2 output hits record high, loss narrows

Mars Finance reports: On August 3, U.S.-listed Bitcoin mining company American Bitcoin released its second-quarter financial results. Driven by increased mining output, the company achieved record quarterly production, higher revenue, and a narrowed net loss compared to the prior quarter. Data shows that American Bitcoin mined 932 Bitcoin in Q2, boosting mining revenue by 8% year-over-year to $67 million, up from $62.1 million in Q1. The company’s net loss amounted to $57.2 million, a significant decline from $81.8 million in Q1. American Bitcoin was co-founded by Eric Trump and Donald Trump Jr. and is affiliated with the Trump family; the majority stake is currently held by Bitcoin mining company Hut 8. As of June 30, the company held approximately 8,002 BTC and, as part of an agreement with Bitmain for the purchase of mining equipment, pledged approximately 3,090 BTC as collateral. According to Bitcoin Treasuries data, American Bitcoin ranked as the 16th-largest corporate Bitcoin holder at that time. Previously, due to its stock price falling below Nasdaq’s minimum bid requirement, American Bitcoin completed a 1-for-15 reverse stock split in July to maintain its listing status. The company’s shares closed down 6.4% at $5.52 last Friday but rose slightly in pre-market trading following the earnings release.