In the second quarter of 2026, American Bitcoin Corp. achieved its highest-ever quarterly production — 932 Bitcoin mined — even as the asset's price fell sharply, a paradox that speaks to a deeper truth about industrial endurance: that volume and discipline can hold a position when the market itself will not. The company's quiet accumulation of over 8,000 Bitcoin in reserve, its refusal to sell a single coin, and its climb to the 16th largest public Bitcoin treasury in the world suggest an organization betting not on the present moment but on the long arc of a technology still finding its foot
Bitcoin Miner ABTC Posts Record Production Despite Price Headwinds
Bitcoin holdings grew 14% while shares grew only 3%
Mark
So they mined more Bitcoin than ever, but the price fell 12 percent. How does that work as a win?
Mimi
Because they didn't sell. They mined 932 Bitcoin and kept almost all of it. The revenue grew 8 percent even though the price fell 12 percent—that's the production volume doing the work. And they're measuring success not by quarterly profit but by how much Bitcoin they own per share.
Mark
Per share? Why does that matter more than the actual profit?
Mimi
Because they believe Bitcoin will compound over decades. If they issue shares to raise capital, they're diluting ownership. So they're obsessed with growing their Bitcoin holdings faster than they grow the share count. This quarter, Bitcoin holdings grew 14 percent while shares grew only 3 percent. That's discipline.
Mark
But they posted a $57 million net loss. That's real money gone.
Mimi
Most of that is a non-cash accounting adjustment—a fair value loss on the Bitcoin they're holding. The price fell, so the balance sheet marks down the value. But they didn't sell. It's a paper loss, not a realized one. The actual operating business—mining and selling Bitcoin—stayed profitable at 49 percent gross margin.
Mark
What's the real risk here? They sound pretty confident.
Mimi
The halving. In a few years, the block reward miners get will be cut in half. That's structural revenue loss no one can avoid. And AI data centers are now competing for the same power. Some miners are already moving equipment offline to power AI instead. Once that happens, it doesn't come back.
Mark
So they're racing against time to build as much capacity as possible before the halving hits?
Mimi
Exactly. And before their competitors lock up all the cheap power. They're betting that Bitcoin's long-term value will justify the infrastructure they're building today, even if the next few years are tight.
El Pulso
- Bitcoin's price fell as much as 28% between mid-May and late June, threatening to erode the economics of every miner in the industry simultaneously.
- ABTC countered the price drop not with cost-cutting but with a production surge — 14% more Bitcoin mined than the prior quarter — powered by the newly energized Drumheller site adding 3 exahash of capacity.
- The company refused to sell a single Bitcoin from its balance sheet, instead purchasing more on the open market, pushing its treasury to 8,002 units and growing Bitcoin-per-share by 11% against only a 3% share count increase.
- Structural threats are mounting: the next halving will cut block rewards in half, and peers are permanently converting mining infrastructure to AI data center contracts, tightening the competition for power resources.
- A CFO departure mid-quarter added internal uncertainty, though management framed it as planned and signaled no deviation from their core accumulation strategy.
In the second quarter of 2026, American Bitcoin Corp. achieved its highest-ever quarterly production — 932 Bitcoin mined — even as the asset's price fell sharply, a paradox that speaks to a deeper truth about industrial endurance: that volume and discipline can hold a position when the market itself will not. The company's quiet accumulation of over 8,000 Bitcoin in reserve, its refusal to sell a single coin, and its climb to the 16th largest public Bitcoin treasury in the world suggest an organization betting not on the present moment but on the long arc of a technology still finding its footing. Against a backdrop of approaching halvings, AI competition for power, and a leadership transition, ABTC's story is less about a quarter's results than about the philosophy of holding ground when the tide is going out.
American Bitcoin Corp. mined 932 Bitcoin in Q2 2026 — a company record and a 14 percent increase over the prior quarter — even as Bitcoin's price fell 12 percent across the period and dropped as much as 28 percent at its worst. Revenue grew to $67 million, up from $62.1 million, driven entirely by production volume rather than favorable pricing. The Drumheller site, which came online in April, contributed roughly 3 exahash of new computing capacity and was central to the output gain. Gross margins held near 49 percent, aided in part by a network-wide downward adjustment in mining difficulty that made the work slightly easier across the industry.
The more revealing story was what the company chose to do with what it produced. ABTC ended the quarter holding 8,002 Bitcoin in its strategic reserve — up nearly 1,000 units from the start — without selling a single coin from its balance sheet. It supplemented mine output with $4 million in open-market purchases. With shares outstanding growing only 3 percent, Bitcoin per share rose 11 percent. Since its NASDAQ debut eleven months earlier, Bitcoin per share had grown roughly 170 percent, and the company had climbed from the 30th to the 16th largest public Bitcoin treasury in the world.
Management was candid about the pressures ahead. AI data centers are competing aggressively for the same power resources that miners depend on, and some peers have already begun permanently converting their infrastructure to serve that demand. The next Bitcoin halving will cut block rewards in half regardless of price or efficiency. CEO Michael Ho and Chief Strategy Officer Eric Trump framed these headwinds as a test of discipline rather than a reason to retreat, pointing to the company's expansion from 10 to 28.1 exahash since launch and its nearly 90,000 owned machines running at 14 joules per terahash.
The quarter also brought a leadership change: President and interim CFO Matthew Prusak departed for an opportunity in Austin, with Paul Sacks stepping into the interim CFO role. Leadership described the transition as planned and emphasized that the company's core thesis — accumulate Bitcoin faster than shares are issued, hold through cycles, and capture upside when conditions turn — remained fully intact.
American Bitcoin Corp. mined 932 Bitcoin in the second quarter of 2026, the most the company has ever produced in a single three-month stretch. The number represented a 14 percent jump from the prior quarter's 817 Bitcoin, achieved even as the price of Bitcoin itself fell 12 percent during the same period—and dropped as much as 28 percent between mid-May and late June.
The company's revenue grew to $67 million, up 8 percent from $62.1 million in the first quarter. That growth came not from favorable pricing but from sheer production volume and the full operational contribution of the Drumheller site, which came online in April and added roughly 3 exahash of computing capacity. The cost to mine each Bitcoin ticked up slightly, to $36,500 from $36,200, while revenue per Bitcoin mined declined to $71,900 from $76,000. Yet the company's gross margin held steady at 49 percent, down only marginally from 52 percent in Q1—a resilience that management attributed not to operational excellence alone but to a fortunate downward adjustment in network difficulty, which made mining slightly easier across the industry.
The real story, though, lay in what the company did with what it mined. American Bitcoin ended the quarter with 8,002 Bitcoin in its strategic reserve, up from 7,021 at the start—a gain of nearly 1,000 Bitcoin, or 14 percent, in a single quarter. The company supplemented its mine production with $4 million in open-market purchases but did not sell a single Bitcoin from its balance sheet. This disciplined accumulation strategy meant that while shares outstanding grew by only 3 percent, Bitcoin holdings per share rose 11 percent. Since the company's NASDAQ debut on September 3, 2025, just eleven months prior, Bitcoin per share had grown roughly 170 percent. The company now ranked as the 16th largest publicly traded Bitcoin company in the world by treasury size, a climb from 30th place at its launch.
Management acknowledged the structural headwinds facing the industry. Competition for power has intensified sharply as artificial intelligence data centers compete for the same electricity resources. The company noted that roughly 200 gigawatts of excess generation capacity exists across the U.S. power grid, but that capacity is increasingly contested. Several of the company's peers have begun shifting mining equipment offline and signing long-term contracts to power AI infrastructure instead—a move that, once made, is largely permanent. The next Bitcoin halving, scheduled to occur on the protocol's predetermined timeline, will cut the block subsidy miners receive by half, reducing revenue across the industry regardless of price or efficiency gains.
Yet CEO Michael Ho and Chief Strategy Officer Eric Trump framed these challenges as opportunities for disciplined operators. The company maintained gross margins near 50 percent despite Bitcoin's 50 percent decline from its all-time high. It had scaled from roughly 10 exahash of capacity at launch to 28.1 exahash by quarter end, operating nearly 90,000 owned mining machines at an average efficiency of 14 joules per terahash. The company's at-the-market share offering program still had 82 percent of its capacity unused, giving management flexibility to raise capital without a fixed financing calendar—though they emphasized they would only use it when conditions supported per-share accretion.
The quarter also brought a management transition. Matthew Prusak, the president and interim chief financial officer, departed to pursue an opportunity in Austin. Paul Sacks, the head of derivatives, stepped into the interim CFO role. The company's leadership emphasized that this was a planned transition and that the core mission remained unchanged: to increase shareholder value by running an efficient mining operation through Bitcoin's market cycles, accumulating Bitcoin faster than the share count grew, and positioning the company to capture upside when conditions improved. Management made clear they were not stepping back from their Bitcoin thesis but doubling down on it.
Citas Notables
We believe the hallmark of an enduring business is the ability to create value across market cycles, and we view this stretch as a period of opportunistic growth for this company.— CEO Michael Ho
Competition for power has intensified as demand from other large-scale use cases grow, with AI data centers making site acquisition more competitive.— CEO Michael Ho
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