American Bitcoin Corp. just dropped its Q2 2026 numbers, and the firm is a bit of a mixed bag. On the plus side, they mined a record 932 BTC, bringing in around $67 million in revenue. The company grew its strategic reserve to over 8,000 Bitcoin, up 14 percent from the previous quarter.
However, the company swung to a net loss of $57.2 million, impacted by a $71.2 million loss on digital assets. Eric Trump, Co-Founder and Chief Strategy Officer, said the goal is to “deliver relentless growth.“
Operational highlights and financial performance
The company completed the full energization of about 11,298 next-generation miners in April 2026, adding around 3.05 exahashes per second (EH/s) at an efficiency of around 13.5 joules per terahash. The total owned fleet consisted of around 89,242 Bitcoin miners with about 28.1 EH/s of capacity as of quarter-end.
Cost to mine was around $36,500 per Bitcoin in Q2, held roughly flat compared to Q1 despite higher energy costs at selective sites. Revenue per Bitcoin mined was around $71,900, down 5 percent from Q1, but held up better than the 12 percent decline in Bitcoin price over the same period.
The company increased Satoshis per share by around 11 percent, from around 9,943 to around 10,989, as Bitcoin holdings grew 14 percent quarter-over-quarter while shares outstanding grew only 3 percent.
The balance sheet and strategic reserve
As of June 30, 2026, American Bitcoin’s stash of Bitcoin hit about 8,002 BTC. That figure includes roughly 3,090 BTC that are currently tied up, promised for buying more mining gear through deals they’ve got with BITMAIN.
Looking at things from their perspective, the company sees Bitcoin as a “growing capital asset,” and they’re betting that “its long-term compounding will outperform our cost of capital.”
The Q2 net loss of $57.2 million compares to an $81.8 million loss in Q1, reflecting narrower losses despite the digital asset writedown. The company’s gross margin held around 50 percent in Q2, demonstrating operational resilience even as Bitcoin’s price fell.
Q2 peer performance: Marathon, Riot, and Phoenix Group
American Bitcoin’s solid run matches a mixed vibe for big miners lately, as some take massive hits while others hunt for better margins and lean into artificial intelligence (AI) growth.
Marathon Digital Holdings, a top U.S. miner, pulled in $145.1 million this quarter, falling short of the $157.9 million Wall Street wanted. They tanked to an adjusted Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) loss of $85.1 million from a $35.8 million win last year, mostly due to digital asset value shifts and mining less BTC. Marathon is sitting on over 20,000 BTC, and its stock dipped about 8 percent after the news dropped.
Riot Platforms is looking at a Q2 loss of around $0.39 per share, a 168 percent slide from a year ago. Analysts are eyeing revenue of around $148.7 million, down 2.8 percent year-over-year (YoY). Still, some analysts remain optimistic about Riot’s data center business, thinking their AMD capacity will turn into steady lease income with gross margins hitting over 80 percent.
Phoenix Group had a tighter quarter, with $19 million in gross revenue (down 18 percent from last quarter), but its total gross margin jumped to 38 percent from 28 percent last year. Self-mining margins hit 43 percent, thanks to operational efficiency gains and power at about $0.047/kWh. The company also mined 354.8 BTC this quarter, with 239.9 BTC coming from its own mining ops.
