American Bitcoin mined 932 BTC during the second quarter of 2026 and ended June 30 with 8,002 BTC in total holdings, according to the company’s financial disclosures. However, 3,090 BTC of that reserve, or 38.6%, remains restricted under purchase agreements with mining equipment manufacturer Bitmain.
The restricted BTC stayed on American Bitcoin’s balance sheet because the company retained redemption or repurchase rights and continued economic exposure under the Bitmain miner-purchase agreements. American Bitcoin did not specify the exact terms or timeline for redemption of the restricted holdings.
Mining accounted for approximately 95% of the 981 BTC increase in holdings from March 31 to June 30. The company generated $67.015 million in Q2 revenue, translating to $71,900 per mined BTC. American Bitcoin’s stated cost per mined BTC was $36,500, though this figure excludes a separate $28.237 million depreciation-and-amortization charge, making it not fully loaded.
American Bitcoin funded operations primarily through at-the-market share sales, which raised $144.088 million in the first half of 2026. In Q2 alone, the company sold 2,151,127 Class A shares through its ATM program, netting $33.585 million. Total first-half share sales reached 7,755,671 Class A shares.
The company reported a $57.151 million GAAP net loss for the period, driven largely by a $71.178 million digital-asset fair-value loss. This loss contributed to an $74.081 million operating loss, partially offset by an $18.315 million derivatives gain and $22,000 warrant-liability gain. First-half cash used in operations totaled $63.795 million, while digital-asset purchases consumed $65.316 million.
Despite the noncash nature of some losses, the reliance on equity financing signals that mining gains alone were not self-funding operations. Per-share metrics improved: satoshis per share increased 10.52% during the quarter, while common shares grew only 3.12% after reverse-split adjustment, indicating that BTC production outpaced shareholder dilution.
The 3,090 restricted BTC represent a related liability of $371.687 million on American Bitcoin’s balance sheet, reflecting the fair value of holdings the company cannot freely deploy.
