ABTC

Image source: The Motley Fool. Mon., Aug. 3, 2026 at 8:30 a.m. ET Chief Executive Officer - Michael Ho Chief Strategy Officer - Eric F. Trump President and Interim Chief Financial Officer - Matthew Prusak Head of Derivatives - Paul Sacks Operator: Good morning, and welcome to American Bitcoin's Second Quarter 2026 Earnings Call. Following prepared remarks, we will open the line for questions. As a reminder, this call is being recorded, and a transcript will be made available on abtc.com. Before we begin, please note that during this call, forward-looking statements will be made within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of the risks and uncertainties that could cause actual results and events to differ, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K for the fiscal year ending December 31, 2025, and its subsequent quarterly reports on Form 10-Q. American Bitcoin undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law. During this call, the company may also discuss certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the company's earnings release, which is available on the Investor Relations section of our website and was furnished with the Form 8-K filed with the SEC. I would now like to turn the call over to American Bitcoin's Chief Executive Officer, Mike Ho. Michael Ho: Thank you, and good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business because it explains the decisions behind the results we will cover today. Our conviction is simple. We believe Bitcoin is a growing capital asset and that its long-term compounding will outperform our cost of capital. And at its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow. That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin's market cycles. At the same time, we are clear-eyed about the environment. Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural. On the cost side, competition for power has intensified as demand from other large-scale use cases grow. On the revenue side, the Bitcoin price declined during the quarter, which compressed mining revenue across the industry. And the next halving will reduce block subsidy again. On the schedule, Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them. 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. Our conviction in Bitcoin's long-term adoption is unchanged, and we are continuing to evaluate opportunities in which we can improve our unit economics and grow our operating business. We will share more as those opportunities take shape. Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics. Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle and to earn your confidence the only way it can be earned through execution quarter after quarter. I will cover the quarter in 3 parts: the performance of the mining platform and our financial results, the growth of our strategic reserve and what it means per share, and our near-term priorities. With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin compared with 817 Bitcoin in the first quarter, an increase of approximately 14%. This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly 3 exahash of next-generation capacity. So Q2 was the first quarter in which the site contributed at scale. Revenue was approximately $67 million in Q2 compared with $62.1 million in Q1, an increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period-end over period-end from Q1, including a peak-to-trough decline of approximately 28% from May 10 to June 26. The increase from Q1 was driven by higher production, the first quarter of Drumheller at scale and a downward adjustment in network difficulty, not by a favorable price environment. Cost of revenue was approximately $34 million compared with $29.6 million in Q1. Gross profit was approximately $33 million in Q2 compared with $32.5 million in Q1, and gross margin was approximately 49% in Q2 compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure. The increase in cost of revenue quarter-over-quarter was primarily driven by marginally higher energy costs at selected sites. General and administrative expense was approximately $7.7 million compared with $6.9 million in Q1 and remained roughly flat as a percentage of revenue at approximately 11% quarter-over-quarter. On a GAAP basis, net loss for the quarter was approximately $57.2 million compared with a net loss of $81.8 million in Q1. The result includes a loss on digital assets of $71.2 million compared with a $117.2 million loss in Q1. That reflects the required fair value measurement of Bitcoin we continue to hold, an accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity, of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash. Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1. That compares with the Bitcoin price decline of approximately 12% over the same period on a period-end basis. In other words, revenue per Bitcoin held up better than the price move and with record quarterly production on top of it, total revenue still grew approximately 8%. Production, not price drove our growth this quarter. Cost to mine was approximately $36,500 per Bitcoin compared with approximately $36,200 in Q1, an increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business and holding our unit costs roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites. Looking ahead, summer conditions can affect production and power economics, particularly in Texas. We will continue to focus on optimizing for economic output rather than simply maximizing uptime. Next, let me turn to the strategic reserve. We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, growth of nearly 1,000 Bitcoin or roughly 14% in a single quarter. That growth reflects how our accumulation model is built. Mine production is the foundation, supplemented by strategic at market purchases when we believe they are accretive. This quarter, the increase came primarily from mine production, supplemented by approximately $4 million of strategic at market purchases, and we do not sell a single Bitcoin from our balance sheet reserve. Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount. Purchases are opportunistic. We weigh liquidity, market conditions and our cost of capital. And when those factors do not support per share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price and fair value accounting will make that movement visible in the income statement each quarter. Our operating policy is not based on that quarterly mark. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per share figures. All per share comparisons today are presented on a consistent basis with prior periods restated to match. And a quick reminder on terminology. Satoshis per share and Bitcoin per share measure the same thing. 1 Bitcoin equals 100 million Satoshis. So the difference is simply one of scale. At quarter end, Satoshis per share stood at approximately 11,000 compared with approximately 9,950 as of March 31, growth of approximately 11% in a single quarter. Since our NASDAQ listing on September 3, 2025, Satoshis per share has grown approximately 170%. Satoshis per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count. Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program. We do not view share issuance as an end in itself. It must be evaluated against the value received, the deployment opportunity, liquidity needs and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance. When they are, the ATM gives us flexible capital without a fixed financing calendar. Before I hand the call over, let me leave you with our near-term priorities. We remain focused on our core business, running an efficient mining platform and growing our Bitcoin ownership per share. We are not stepping back from our thesis, we are doubling down on it, on Bitcoin and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute. On a more personal note, our President and Interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin. For many of us, our relationship with Matt goes back more than 10 years, long before American Bitcoin existed through the U.S. Bitcoin Corp days to our merger with Hut 8, then through ABTC's launch and everything we have built together since. Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin and any team member success is a feather in all of our caps. He will remain in his role through August 4 to support a smooth transition and Paul Sacks, our Head of Derivatives, will step in as Interim Chief Financial Officer. Matt, thank you. Congratulations, and all of us are excited for you as you begin this next chapter. With that, I will turn the call over to our Chief Strategy Officer, Eric Trump. Eric F. Trump: Thank you, Mike, and good morning, everybody. I want to step back and talk about what this team has built because it's worth remembering how far this company has come in such an incredibly short period of time. Just over 16 months ago, American Bitcoin did not exist. We launched ABTC on March 31, 2025, mining with roughly 10 exahash of capacity. Within months, we completed an oversubscribed private raise of approximately $220 million. Just 5 months later, on September 3, 2025, we went public on NASDAQ. Hard to believe that was exactly 11 months ago from today. On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on earth. From there, this team kept building. We scaled the fleet to approximately 25 exahash. We ended 2025 with 5,401 Bitcoin and moved into the top 20 publicly traded Bitcoin companies anywhere in the world. We continue to grow. In the first quarter of this year, our reserve topped 7,000 Bitcoin, and we continue to increase our compute, energizing our Drumheller site, which was fully online by the second quarter. This resulted in more growth, approximately 28.1 exahash per second, nearly 3x the compute from our launch date, almost 90,000 mining machines of owned capacity working around the clock. We ended Q2 of this year with 8,002 Bitcoin in our strategic reserve. This number makes us the 16th largest publicly traded Bitcoin company in the world. Every day, we continue to grow. Every day, we continue to build. And today, we sit on approximately 8,300 Bitcoin in our treasury, from 0 to roughly 8,300 Bitcoin, 28 exahash and almost 90,000 mining machines in a little over 16 months, from a nonexistent company to the 16th largest Bitcoin company on earth in a little over 16 months. On our last call, I told you we are focused on 2 races: accumulating the most Bitcoin and doing it at the lowest possible cost. This quarter, through an extremely volatile market, a market where the price of Bitcoin is down almost 50% from all-time highs, we kept singular focus on both. Despite price compression, every quarter since our launch, our gross margin has held at approximately 49% or higher, including this quarter. That's an astonishing statistic, nearly 50% gross margin despite a period of declining Bitcoin price. That's what makes American Bitcoin, and that's what makes what we have built so incredibly unique. Bitcoin does not move in a straight line, and we've never built this company assuming it would. We understand the headwinds faced by this industry this year, but our conviction is unchanged. Bitcoin's global adoption is happening every single day on every corner of the earth, and we believe continuing to build thoughtfully through challenging markets is exactly what positions us to capture Bitcoin's potential upside on the other side. We are building this company designed to endure decades. This is our singular mission. I want to thank everyone across the American Bitcoin team who has delivered this quarter. This progress belongs to our shareholders as much as it does to our team. Our management and the largest holders are invested in this company's success alongside the rest of our shareholders, and we intend to keep building, delivering and earning that trust every quarter. And to Matt, congratulations, my friend. Matt has really poured himself into this company from the day we launched and everyone on the American Bitcoin team is excited for him as he begins his new chapter in Austin. He will always be a big part of our incredible story. With that, operator, we're happy to take any questions. Operator: [Operator Instructions] Your first question comes from Greg Lewis with BTIG. Gregory Lewis: Michael, I was hoping that you could talk a little bit more. Now that the facility is up and running, kind of how are we thinking about the future build-outs of self-mining here over the next 12 to 24 months? Michael Ho: Greg, thanks for the question. I'll be candid, and this is very apparent in today's macro environment when it comes to energy, when it comes to site availability, there is 1,000 gigawatts of -- roughly a 1,000 gigawatts of total generation in the U.S. and 800 gigawatts is the peak. So there's 200 gigawatts of excess power that companies like us, other developers are working on front of the meter interconnects and tapping into that allocation. Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power. Electrons are fungible. It's the same power that is being used for AI data centers, and the market has become increasingly competitive. The value of these sites, the bids have become a lot more competitive given the economics of the AI data centers. We continue to source the silver linings of site availability as we demonstrated in the past when it came to looking for renewables in congested areas. We believe that we can still continue to find competitive sites, and we'll update in the coming quarters. Gregory Lewis: Okay. Super helpful. And then I was just hoping, obviously super focused on what's happening in the -- from a legislation perspective. I was kind of wondering like as we sit here in early August, how are you thinking about positioning the company into progress around the Clarity Act? Michael Ho: What we control our operating metrics. This was a quarter that we mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price given our increased production. Bitcoin decreased this quarter by double digits, and we still held our gross margin percentage almost around 50%. The Clarity Act and regulations go beyond our scope and our purview. It's out of our control, and we are monitoring the progress, and we hope it gets passed soon. It helps Bitcoin, and it helps every participant. But in the meantime, we're only able to focus on what we can control, and that's our operations. Operator: [Operator Instructions] Your next question comes from Matthew Galinko with Maxim Group. Matthew Galinko: Congrats to Matt. Maybe firstly, I'm hoping you could maybe talk about your pulse on the network hash rate, how responsive other miners have been in your view to this price environment and what you expect from the other miner behavior as we move into the halving? Michael Ho: That's a great question, Matt. What we've seen is a stable or decreasing overall network hash rate environment. What the numbers show is about 1/3 of the Bitcoin network was primarily driven by U.S. public companies, some of our peers. Our peers have in the recent quarters have all pivoted existing Bitcoin mining sites and have signed or in the process of signing AI data center sites. These are typically long-durated 10, 15, sometimes longer terms. And once that hash rate comes offline, that rack space no longer is available even if we see improved hash prices and the economics of Bitcoin mining improve from here. What that means is this is a more of a permanent environment where those machines are coming off the network and won't make its way back on, which is why we've seen over the last few quarters, hash rate has maintained or decreased, allowing us to increase our production for the same participation of the network. Matthew Galinko: And maybe as a follow-up to that question, I know you talked about the difficulty in sourcing additional sites. But do you have a sense for what the pipeline of unique sites that are appropriate for Bitcoin mining and not HPC or inference looks like? Or what do you think about opportunities for sourcing sites? And what's appropriate given your scale of operations versus where you could find sites that aren't necessarily suitable for AI? Michael Ho: Yes. Again, that's a great question, and I'll give you the simple answer to that, and it really comes down to latency. Latency -- Bitcoin mining is location agnostic as we've seen with recent AI data centers moving away from the Tier 1 AZs like Northern Virginia, Atlanta. AI data centers are also open to new markets. So Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install a Starlink. We're able to mine Bitcoin with very low bandwidth. Even if the power is available for AI offtake, they still require fiber, dark fiber in most cases. And fiber takes time to build, to bring to these more rural areas. That is a market that we're tapping and we continue to monitor for our new expansion sites. Matthew Galinko: And if I could sneak one additional question in, and then I'll jump back in the queue. Just I guess we've seen a bit of an evolution, whether from large-scale Bitcoin miners taking on proactive treasury management or in the last quarter, we've seen [ Strategy ] take on, kind of, a different bent towards managing their treasury. Maybe just go back over what your North Star is. Is it Bitcoin per share? And given some of the changes we've seen across the industry, do you see the opportunity of leaning into equity repurchases perhaps through the sale of Bitcoin to fund that as a potential opportunity for driving economics and returns for the business? Or maybe talk about some of the levers you have and how you're evaluating them? Michael Ho: Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. And going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star being increasing Bitcoin per share. Outside of treasury management and being opportunistic and being able to make open-market purchases, we have a very profitable operating business that has remained true to our thesis that even in challenged times with headwinds of the Bitcoin price environment, we're able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market. Operator: This concludes the question-and-answer session. I'd like to turn the call back over to Eric Trump for any closing remarks. Eric F. Trump: Well, guys, thank you. Greg, Matt, thanks a lot for the question. I see a lot of -- we have a lot of analysts on the call today. So many of them have been so great. Ben, Brian, I see you guys up here on the screen in front of me. Guys, we started this company 16 months ago. We've been public exactly 11 months today. It's kind of hard to believe as we sit here -- literally, as we sit here right now, 11 months ago, we were ringing the bell on the NASDAQ, exactly 11 months ago. And you look at what we've created, I mean, we've created the 16th largest public Bitcoin treasury company in the world. In 11 months, we've gotten to that point. We're holding at 50%, almost 50% gross margins. I mean if you look at it, Bitcoin is down 50% from its peak roughly. And yet we're holding at 50% gross margins. I mean, name another company in the world that can do that. And I think for all of us here, we've done everything right. We have almost 90,000 miners, 28 exahash. We have some of the cheapest power anywhere. Our Bitcoin stack is growing and growing. Obviously, as difficulties come down, that helps. But obviously, we brought a lot of power onto market. We're doing a phenomenal job. But our average cost right now to mine a Bitcoin is roughly $36,000. Name another industry that wouldn't absolutely die for 49% profit margins. And so I'm incredibly proud of this team. What we've accomplished in this period of time is nothing short of spectacular. I think where I somewhat get annoyed is that we get lumped in the same bucket with [ DATs ]. [ DATs ] are stagnant, [ DATs ] that have to go out and buy Bitcoin and other cryptocurrencies at kind of fair market price. Our advantage is we're not buying at fair market price. Our advantage is that we're mining for roughly $0.50 on the dollar. And I think this is a company that is just going to continue to do extremely well. Again, despite your price compression, despite price falling by 50%, we are maintaining the same margin as we have since the day that we founded this business. Revenue grew 8% this quarter and Bitcoin was down 12% that quarter. No one else in the crypto space, no one else in the Bitcoin space can tell our story. And so when I look at this incredibly lean team, we run some of the lowest SG&As in the industry. We maintain incredible, incredible cost discipline because we believe in Bitcoin, we want our treasury to grow. This is the asset that we believe in. I'm just incredibly proud. We've kept a lean team. We've executed on our vision impeccably well. We've maintained margin. We've continued to grow our treasury despite probably the toughest environment or one of the toughest environments crypto has ever seen. And I just think we, more than any company out there, are so well positioned on the other side of this bell curve. And we are absolute Bitcoin maximalists. You see what's happening around the world every single day. You see what's happening with the largest financial institutions in this country, whether it be the Charles Schwab or whether it be the Fidelity or the BlackRock. You see what's happening all around the world with the adoption of cryptocurrencies, but mainly Bitcoin. I mean Bitcoin is obviously still leading the way, cryptocurrency in general, but Bitcoin has such an incredible future. We keep becoming stronger and stronger and stronger. And this is truly our life's work and our life's mission and what we've developed in 11 months is something that no other team anywhere on earth could have pulled together. And so our future is incredibly bright. This is just the beginning. We're not going to slow down at all. In fact, we're accelerating in a time when so many other companies are slowing down. And I think that's a huge strategic advantage that we have as a company versus so many. And so many other of these [ DATs ] are just kind of -- they're dead in the water. They're just sitting there, kind of, floating around, not doing a whole lot, have nothing exciting to announce. The cost of being public is eating them alive. And we're sitting here operating at 49% gross margins, executing on our plan each and every day. So to this entire team, we're incredibly proud of you. This has been a hell of a journey. Hard to believe it's exactly 11 months right now, we were ringing the bell. And I know this could be our life's work for many, many years to come. So to all the great analysts on here, thanks for the outright support. I mean just some of the reviews on our company have been phenomenal. I see Clear Street on there. They've been amazing as I look up at the Board and then, you've been incredible and so many others. So guys, we appreciate you. We appreciate the conviction you have. And hopefully, these numbers today speak for themselves. Operator: This concludes today's call. Thank you for joining. You may now disconnect, and have a wonderful rest of your day. Before you buy stock in American Bitcoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Bitcoin wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ABTC Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

American Bitcoin appointed Paul Sacks as its interim chief financial officer after President and interim CFO Matthew Prusak resigned, a day after the Trump-backed Bitcoin miner reported its second-quarter earnings. The company said Prusak would step down effective Aug. 4 to pursue a new role at AI infrastructure firm Giga Energy. Sacks, who has served as American Bitcoin's head of derivatives since May, will assume the interim CFO role while retaining his current position. The leadership reshuffle came after American Bitcoin reported mixed second-quarter results. Related: Jim Cramer rethinks Bitcoin after IBM CEO's three-year warning Revenue rose 8% quarter-over-quarter to $67 million, but the company swung to a net loss of $57.2 million as lower Bitcoin prices and digital asset losses weighed on results. Despite the weaker bottom line, the miner posted record quarterly production of 932 Bitcoin, while its treasury expanded to more than 8,000 BTC. American Bitcoin launched in 2025 and majority owned by Hut 8, trades on the Nasdaq under the ticker ABTC. American Bitcoin's second-quarter digital asset loss totaled $71.2 million, while adjusted EBITDA was negative $45 million. The results followed a weak first quarter, when American Bitcoin reported an $81.8 million net loss after Bitcoin prices fell about 22%, though management highlighted improving mining economics. During that quarter, the company cut its cost to mine one Bitcoin to roughly $36,200 from $46,900 and grew its treasury to more than 7,000 BTC. Mining revenue per Bitcoin fell 5% to roughly $71,900 as Bitcoin prices declined during the second quarter of 2026, while the cost to mine one Bitcoin remained relatively stable at about $36,500. The company also expanded its fleet to 89,242 owned miners with 28.1 EH/s of capacity. Morgan Stanley downgrades Circle, slashes price target by 64% Elon Musk backs bullish case for SpaceX investors ahead of first earnings report Americans who lost money in a crypto bankruptcy get a second chance During the earnings call, investors asked CEO Mike Ho whether American Bitcoin would consider selling part of its Bitcoin treasury, similar to recent moves by Michael Saylor's Strategy, to support share buybacks or improve corporate economics. Ho declined to commit to selling Bitcoin, saying the company's "North Star" remains increasing "Bitcoin per share." He noted Bitcoin holdings increased about 14% during the quarter while shares outstanding rose roughly 3%, resulting in an approximately 11% increase in Bitcoin per share. Eric Trump, the company's co-founder and chief strategy officer, reinforced that approach, telling investors: American Bitcoin ended the quarter with more than 8,000 BTC on its balance sheet following its strongest mining quarter to date. Its shares traded at $5.97, up 2.05% on the day at press time. Related: If you invested $1,000 in gold, Bitcoin and $TRUMP on Inauguration Day, here is what each is worth today This story was originally published by TheStreet on Aug 4, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.

American Bitcoin mined a record 932 BTC in the second quarter, and increased its Bitcoin reserve to 8,002 BTC. The Eric Trump-backed miner cut its net loss to $57.2 million and adjusted EBITDA to negative $45 million. American Bitcoin expanded its fleet to over 89,000 miners and 28.1 EH/s of capacity, continuing its infrastructure growth strategy to grow Bitcoin per share. The Eric Trump co-founded firm, American Bitcoin Corp (ABTC), mined 932 Bitcoin (BTC) in the second quarter of 2026, with its strategic reserve growing by 14%, the company said on Monday ahead of its earnings call. Total holdings of the firm increased by 981 BTC from roughly 7,021 at the end of the first quarter (Q1), with the majority coming from mining output. Currently, the firm holds 8,002 BTC. The Bitcoin mined represents roughly 26% of all Bitcoin the majority-owned Hut 8 (HUT) subsidiary has mined since launching in March of last year, according to the company. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Mining revenue was $67 million, an increase of about 8% versus $62.1 million in Q1. Revenue per Bitcoin mined was $71,900, down about 5% from $76,000 in the first quarter, but held up better than the roughly 12% decline in Bitcoin's price over the same period. Gross margins stayed around 50% even with the price decline. Of the 8,002 BTC, 3,090 BTC have been committed to miner purchases in BITMAIN contracts, said the firm. The company also had a net loss of $57.2 million in the second quarter, compared with a loss of more than $81 million in the first quarter. Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) improved to negative $45 million from negative $91.3 million in Q1. The results were well below Wall Street expectations. Analysts had forecast EBITDA of $113.8 million and normalized earnings of $0.30 per share, according to Koyfin data. ABTC stock was down by over 3% during morning trade. On Stocktwits,  retail sentiment around ABTC remained in the ‘bullish’ zone, while chatter around it stayed at ‘extremely low’ levels over the past day. CEO Mike Ho said the company was focused on compounding Bitcoin per share through scaled mining infrastructure rather than simply holding the asset on its balance sheet. "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," Ho said. Co-Founder and Chief Strategy Officer Eric Trump said the company's goal was to "deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul." The company now owns a total fleet of 89,242 miners. The cost to mine each Bitcoin held roughly flat at around $36,500, despite a 12% decline in Bitcoin's price during the quarter. Bitcoin's price was trading around $63,134 at the time of writing. On Stocktwits, retail sentiment around Bitcoin remained in the 'bearish' zone, while chatter stayed at 'low' levels over the past day. Read also: Forget AI – This Macro Risk May Be The Biggest Threat To Bitcoin's Rally Right Now, Says Analyst For updates and corrections, email newsroom[at]stocktwits[dot]com. Anushka Basu has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: Snap CEO Bets Big On Subscription Revenue Runway After Q2 Beat Sends Stock Soaring: ‘Substantial Room To Grow’ Why Did AMZN, SNOW, BMY Stocks Surge To 52-Week Highs Today? SLS Stock Logs Best Day In Over 2 Weeks: Citigroup Builds Nearly $5M Stake Ahead Of Key AML Trial Trigger

Interested in American Bitcoin Corp.? Here are five stocks we like better. Record production: American Bitcoin mined 932 Bitcoin in Q2, up 14% sequentially, while revenue rose 8% to approximately $67 million after scaling its Drumheller facility. Profitability affected by Bitcoin prices: Gross margin declined to about 49%, and the company posted a $57.2 million GAAP net loss, largely due to a $71.2 million unrealized fair-value loss on digital assets. Growing reserves amid power competition: The company increased its Bitcoin reserve to 8,002 BTC and expanded its owned fleet to nearly 90,000 miners, while intensifying competition for power from AI data-center developers is shaping its site-selection and expansion strategy. The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords American Bitcoin (NASDAQ:ABTC) reported higher second-quarter Bitcoin production and revenue as the company brought its Drumheller facility online at scale, while a decline in Bitcoin prices contributed to a GAAP net loss tied largely to fair-value accounting for its digital-asset holdings. The company mined 932 Bitcoin in the second quarter of 2026, up about 14% from 817 Bitcoin in the first quarter and representing its highest quarterly production on record. Revenue rose 8% sequentially to approximately $67 million, from $62.1 million in the prior quarter. → Lost in Space: Why Aerospace Valuations Are Plummeting Right Now Chief Executive Officer Mike Ho said the production increase reflected the April energization of the Drumheller site, which added roughly 3 exahash of next-generation capacity, as well as a downward adjustment in network difficulty. He said revenue growth occurred despite a roughly 12% period-end decline in Bitcoin prices from the first quarter and a peak-to-trough decline of about 28% between May 10 and June 26. Cost of revenue increased to approximately $34 million from $29.6 million in the first quarter, primarily because of marginally higher energy costs at select sites. Gross profit was about $33 million, compared with $32.5 million in the prior quarter, while gross margin declined to approximately 49% from 52%. → MarketBeat Week in Review – 07/27- 07/31 Ho said the margin decline resulted from lower Bitcoin prices rather than deterioration in the company’s underlying cost structure. Revenue per Bitcoin mined was approximately $71,900, down about 5% from roughly $76,000 in the first quarter. Cost to mine one Bitcoin was approximately $36,500, compared with about $36,200 in the first quarter. General and administrative expense was approximately $7.7 million, up from $6.9 million in the preceding quarter, but remained around 11% of revenue, according to the company. → GE HealthCare Stock Climbs on Vital Diagnostics Demand On a GAAP basis, American Bitcoin posted a net loss of approximately $57.2 million, improving from a net loss of $81.8 million in the first quarter. The second-quarter result included a $71.2 million loss on digital assets, compared with a $117.2 million loss in the prior quarter. Ho said this figure reflected required fair-value measurements for Bitcoin held on the balance sheet and was not a realized trading result. At the end of the quarter, American Bitcoin’s owned fleet totaled nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity. About 25 exahash was operational, with average efficiency of about 14 joules per terahash. The company increased its strategic Bitcoin reserve to 8,002 Bitcoin at quarter-end from approximately 7,021 Bitcoin at the start of the quarter. The increase of nearly 1,000 Bitcoin, or about 14%, was primarily generated through mining, supplemented by approximately $4 million in at-market Bitcoin purchases. The company said it did not sell Bitcoin from its balance-sheet reserve during the quarter. American Bitcoin reported approximately 11,000 satoshis per share at quarter-end, compared with about 9,950 at March 31, an increase of roughly 11%. Ho said the company uses satoshis per share, or Bitcoin per share, to assess whether its Bitcoin reserve is growing faster than its share count. The company said approximately 82% of its at-the-market equity program capacity remained available at quarter-end. Ho said management evaluates potential share issuance based on the value received, deployment opportunities, liquidity needs and the impact on Bitcoin ownership per share. During the question-and-answer session, Ho said competition for power has intensified as Bitcoin miners, artificial-intelligence data-center developers and other large-scale users pursue available generation and interconnection capacity. He said American Bitcoin continues to seek sites that may be less attractive to AI operators because of latency and fiber constraints. Bitcoin mining can operate with lower bandwidth requirements and is less dependent on proximity to major data-center markets, he said. Ho also said the company has observed stable or declining overall network hash rate. He attributed part of that trend to other public mining companies converting existing mining sites to AI data-center uses under long-term agreements. According to Ho, capacity moved to those uses may not return to the Bitcoin mining network even if mining economics improve. The company expects summer conditions, particularly in Texas, to affect production and power economics, and said it will prioritize economic output rather than simply maximizing uptime. Ho announced that President and Interim Chief Financial Officer Matt Prusak will leave the company after Aug. 4 to pursue another opportunity in Austin. Paul Sacks, American Bitcoin’s head of derivatives, will become interim chief financial officer. Chief Strategy Officer Eric Trump said the company had grown from roughly 10 exahash of capacity at its March 2025 launch to approximately 28.1 exahash in the second quarter of 2026. He said the company’s reserve had reached approximately 8,300 Bitcoin as of the earnings call, compared with 8,002 Bitcoin at quarter-end. Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "American Bitcoin Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

This article first appeared on GuruFocus. Bitcoin Mined: 932 Bitcoin in Q2 2026, up 14% from 817 Bitcoin in Q1, a record quarterly production. Revenue: Approximately $67 million in Q2, up 8% from $62.1 million in Q1. Cost of Revenue: Approximately $34 million, up from $29.6 million in Q1. Gross Profit: Approximately $33 million in Q2, compared with $32.5 million in Q1. Gross Margin: Approximately 49% in Q2, down from 52% in Q1. General and Administrative Expense: Approximately $7.7 million, up from $6.9 million in Q1, flat as a percentage of revenue at ~11%. Net Loss (GAAP): Approximately $57.2 million in Q2, compared with a net loss of $81.8 million in Q1. Loss on Digital Assets: $71.2 million in Q2, compared with a $117.2 million loss in Q1. Revenue per Bitcoin Mined: Approximately $71,900, down 5% from ~$76,000 in Q1. Cost to Mine per Bitcoin: Approximately $36,500, up less than 1% from ~$36,200 in Q1. Strategic Reserve: Ended Q2 with 8,002 Bitcoin, up from 7,021 Bitcoin at the start of the quarter, a ~14% increase. Satoshis per Share: Approximately 11,000 at quarter end, up 11% from ~9,950 as of March 31. Mining Fleet: Nearly 90,000 miners, representing ~28.1 exahash per second of capacity, with ~25 exahash operational. Warning! GuruFocus has detected 3 Warning Signs with ABTC. Is ABTC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 03, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly Bitcoin production of 932 BTC, up 14% quarter-over-quarter. Revenue grew 8% to $67 million despite a 12% decline in Bitcoin price. Strategic reserve grew 14% to 8,002 BTC, with no Bitcoin sold during the quarter. Satoshis per share increased 11% in Q2 and 170% since the Nasdaq listing. Gross margin remained strong at approximately 49%, with cost per Bitcoin nearly flat at $36,500. Bitcoin price declined 12% quarter-over-quarter, with a peak-to-trough drop of 28% during the quarter. Gross margin compressed slightly to 49% from 52% in Q1 due to lower Bitcoin prices. GAAP net loss of $57.2 million, driven by a $71.2 million loss on digital assets. Increased competition for power from AI data centers is making site acquisition more challenging. The upcoming Bitcoin halving will reduce block subsidies, potentially impacting future revenue. Q: How is American Bitcoin thinking about future self-mining build-outs over the next 12 to 24 months, given the increasingly competitive energy market? A: CEO Michael Ho acknowledged that the energy market has become significantly more competitive, with AI data centers driving up demand and bids for power. He noted that while there is roughly 200 gigawatts of excess power in the US, the influx of new developers has made sourcing sites harder. However, he emphasized that Bitcoin mining's low latency requirements give it an advantage, as it can utilize remote locations with Starlink, whereas AI requires fiber infrastructure. The company continues to seek "silver linings" in site availability and will provide updates in coming quarters. Q: What is the company's "North Star" metric, and how is it evaluating treasury management strategies, including potential equity repurchases funded by Bitcoin sales? A: CEO Michael Ho confirmed that the primary North Star is increasing Bitcoin per share. He highlighted that in Q2, shares outstanding grew by only ~3% while Bitcoin holdings grew by ~14%, leading to an ~11% increase in Satoshis per share. He stated that the company's profitable operating business allows it to mine Bitcoin at a structural discount to spot prices, making opportunistic open-market purchases accretive. He did not indicate a shift toward selling Bitcoin for buybacks, emphasizing the long-duration strategic nature of the reserve. Q: How does American Bitcoin view the current network hash rate environment, and what is the expected impact of other miners pivoting to AI data centers? A: CEO Michael Ho observed that the network hash rate has stabilized or decreased, partly because roughly one-third of the network (primarily US public miners) has pivoted existing sites to AI data centers under long-term contracts. He noted that once this hash rate comes offline, it is unlikely to return even if mining economics improve, as the rack space is committed. This structural reduction in network hash rate has allowed American Bitcoin to increase its production share. Q: What is the pipeline for sourcing new mining sites, and how does American Bitcoin differentiate between sites suitable for Bitcoin mining versus those for HPC/AI? A: CEO Michael Ho explained that the key differentiator is latency. While AI data centers require low-latency fiber connections, Bitcoin mining is location-agnostic and can operate with low bandwidth via Starlink. Even if power is available for AI, the lack of fiber in rural areas creates a market opportunity for Bitcoin mining. The company is actively monitoring these underserved areas for expansion. Q: How is American Bitcoin positioning itself regarding the Clarity Act and broader legislation, and what is within the company's control? A: CEO Michael Ho stated that legislation like the Clarity Act is outside the company's control, and management is focused on operational metrics. He highlighted that despite a double-digit decline in Bitcoin price, the company mined a record number of Bitcoins, grew gross profit, and maintained gross margins near 50%. He expressed hope that the legislation passes as it benefits the entire industry, but reiterated that the company's focus remains on what it can control: operations. Q: Can you provide more detail on the quarter's financial performance, specifically regarding production, revenue, and cost of mining? A: CEO Michael Ho reported record quarterly production of 932 Bitcoin, up 14% from Q1, driven by the full energization of the Drumheller site. Revenue grew 8% to ~$67 million despite a 12% decline in Bitcoin price. Cost of revenue was ~$34 million, and gross profit was ~$33 million with a 49% gross margin. The cost to mine was ~$36,500 per Bitcoin, up less than 1% quarter-over-quarter, demonstrating cost discipline despite a volatile environment. Q: How did the strategic Bitcoin reserve grow during the quarter, and what was the role of at-market purchases? A: CEO Michael Ho stated that the reserve grew from 7,021 to 8,002 Bitcoin, a ~14% increase. The growth was primarily driven by mining production, supplemented by ~$4 million in strategic at-market purchases. The company did not sell any Bitcoin from its balance sheet. He emphasized that purchases are opportunistic and weighed against liquidity, market conditions, and cost of capital to ensure per-share accretion. Q: What is the company's approach to the ATM program, and how does it balance share issuance with Bitcoin accumulation? A: CEO Michael Ho explained that the company ended the quarter with ~82% of capacity remaining under the ATM program. He stated that share issuance is not an end in itself and is evaluated against the value received, deployment opportunities, and impact on Bitcoin ownership per share. When conditions are unattractive, the company can slow or pause issuance, and when they are attractive, the ATM provides flexible capital without a fixed financing calendar. Q: How does American Bitcoin's gross margin compare to the broader industry, and what is the significance of maintaining ~50% margins? A: Chief Strategy Officer Eric Trump highlighted that the company has maintained gross margins of approximately 49% or higher every quarter since launch, despite a Bitcoin price decline of nearly 50% from all-time highs. He emphasized that this is a unique achievement in the industry, driven by efficient infrastructure and competitive energy costs. He contrasted this with other Bitcoin companies that must buy Bitcoin at market prices, whereas American Bitcoin mines at roughly a 50% discount. Q: What are the near-term priorities for American Bitcoin, and how does the company view its growth trajectory? A: CEO Michael Ho reiterated that the company remains focused on running an efficient mining platform and growing Bitcoin ownership per share. He stated that the company is "doubling down" on its thesis and infrastructure, despite market headwinds. Eric Trump added that the company has scaled from zero to ~8,300 Bitcoin and 28 exahash in just 16 months, making it the 16th largest publicly traded Bitcoin company, and emphasized that the team is accelerating growth while others slow down. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Cryptocurrencies are tentatively recovering to begin the year’s third quarter. On July 3, Bitcoin (CRYPTO: $BTC) was trading at $62,128 U.S., having gained 1% in the last 24 hours. Bitcoin's price is back above the key support level of $60,000 U.S. that analysts say is needed for a sustained rally to begin. A week ago, Bitcoin was trading at a 21-month low of $58,000 U.S. Other cryptocurrencies are also staging a rebound, with Ethereum's price up 3% over the past 24 hours to $1,740 U.S. Heading into the July 4th holiday weekend in America, crypto prices were gaining ground as investors rotate capital out of high-flying microchip and semiconductor stocks such as Micron Technology (NASDAQ: $MU) and SanDisk (NASDAQ: $SNDK). Adding to the bullish sentiment around crypto is news that exchange-traded funds (ETFs) that track the spot price of Bitcoin have seen an influx of capital following a 10-day losing streak. Bitcoin ETFs attracted $221.7 million U.S. of capital on July 2, their biggest inflow in two months. The inflows ended a difficult 10-day outflow streak that saw investors pull a total of $2.73 billion U.S. from the funds. More From Cryptoprowl: Ripple, The Company Behind XRP, Is Valued At $50 Billion Eightco Secures $125 Million Investment From Bitmine And ARK Invest, Shares Surge Blockchain Projects Decline 75% As Developers Shift To A.I. Stanley Druckenmiller Says Stablecoins Could Reshape Global Finance New York Stock Exchange Invests $600 Million In Polymarket Here’s what else happened with cryptocurrencies over the past week… Strategy Announces $2 Billion Stock Buyback Program: Strategy (NASDAQ: $MSTR) has announced a new $2 billion U.S. stock buyback program as it looks to attract investors and boost its share price. Strategy’s board has also approved a “Bitcoin Monetization Program” that will allow the company to sell Bitcoin when management deems it advantageous. Proceeds from Bitcoin sales can be used to build or replenish the company's cash reserves, fund preferred stock dividends, make interest payments, and finance stock buybacks. American Bitcoin Conducts Reverse Stock Split: American Bitcoin (NASDAQ: $ABTC) has conducted a reverse stock split to avoid being delisted from the Nasdaq (NASDAQ: $NDAQ) exchange. American Bitcoin is the Bitcoin mining company that’s majority-owned by Hut 8 (NASDAQ: $HUT). The company’s shares are currently trading at $0.56 U.S. per share, putting them in danger of being delisted form the Nasdaq, which requires companies to keep their share price above $1 U.S. To avoid delisting, American Bitcoin executed a reverse 1-for-15 stock split on July 2. ABTC stock will begin trading on a split-adjusted basis when U.S. markets reopen July 6. Robinhood Launches Public Blockchain: Robinhood Markets (NASDAQ: $HOOD) has launched a new public blockchain as it expands its cryptocurrency offerings. The online brokerage has unveiled a public mainnet for “Robinhood Chain” as it moves further into decentralized finance (DeFi). Robinhood Chain is a Layer-2 blockchain built on Arbitrum (CRYPTO: $ARB) and designed for tokenized real-world assets and decentralized finance applications. The company said the goal is to allow its customers to trade tokenized stocks around the clock and use them across decentralized finance applications. Cathie Wood Bought The Dip In Crypto Stocks: Investor Cathie Wood bought the dip in several crypto stocks during June. Through her Ark Invest asset management firm, Wood bought more than $75 million U.S. worth of beaten down crypto stocks. Specifically, Wood bought $44 million U.S. worth of stock in cryptocurrency exchange Coinbase Global (NASDAQ: $COIN). She also purchased $25.25 million U.S. of equity in Circle Internet Group (NYSE: $CRCL) and bought $8.2 million U.S. worth of shares in cryptocurrency exchange Bullish (NYSE: $BLSH). Webull Launches Crypto Trading In Canada: Online trading platform Webull (NASDAQ: $BULL) has begun offering cryptocurrency trading in Canada. Webull says it is responding to investor demand by offering its Canadian clients access to crypto trading. Going forward, Webull will provide Canadian investors with access to digital assets in a secure, transparent way given that its trading platform is a regulated financial institution within Canada. Earlier this year, Robinhood officially entered Canada following its acquisition of WonderFi. Kalshi And Polymarket Could Become Takeover Targets: Prediction markets Kalshi and Polymarket could become takeover targets amid a wave of industry consolidation, say analysts at Wall Street brokerage Bernstein. The analysts argue in a note to clients that prediction markets are likely to see a spike in the number of mergers and acquisitions (M&A) as more companies look to enter sports betting and other forms of gambling. Bernstein says that new entrants in the prediction market space such as DraftKings (NASDAQ: $DKNG) and Robinhood could look to grow through M&A activity. Crypto Firms Are Biggest Political Spenders: Cryptocurrency firms have emerged as the biggest political spenders of the U.S. Midterm elections that are scheduled to take place this November. So far, crypto companies have poured a combined $189 million U.S. into their efforts at influencing the outcome of the midterm elections that will decide control of Congress. A report from consumer advocacy group Public Citizen estimates that the crypto sector accounts for more than one-third of all corporate political spending tied to this year’s congressional races. Cantor Fitzgerald Says Crypto Winter Near An End: Wall Street brokerage Cantor Fitzgerald says the cryptocurrency winter that began last autumn is nearing its end amid signs of investor capitulation. Analysts at Cantor Fitzgerald write in a note to clients that the crypto bear cycle is entering its final stages, with Bitcoin’s price likely to bottom in coming months. “Our belief is that we are only a few months away from the bottom of this pullback,” reads the report. In the previous three market cycles, Bitcoin bottomed an average of 384 days after peaking, implying that the current downturn could reach a low in late October of this year. Visa And Mastercard Launch New Stablecoin: A consortium led by credit card giants Visa (NYSE: $V) and Mastercard (NYSE: $MA) have launched a new global stablecoin. Coinbase Global is also part of the group that has launched a new stablecoin aimed at increasing adoption of digital tokens. The venture, called “Open Standard,” brings together more than 140 businesses for the stablecoin network and will issue a new U.S.-dollar pegged stablecoin called “Open USD.” The new stablecoin will help to address many of the issues and concerns that businesses encounter when scaling stablecoin adoption, says to the consortium. Solana Unveils New Governance Structure: The price of Solana (CRYPTO: $SOL) rose 5% on July 2 after a formal onchain governance system was introduced for the cryptocurrency. The system, called “Solana Governance Proposals,” enables validators with at least 100,000 SOL ($7.70 million U.S.) staked, or locked on the network, to propose changes to the network. Analysts say the new system is akin to a publicly traded company giving voting rights to its shareholders after years of letting only the board of directors and executives make decisions.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management emphasized a dual-track strategy focused on accumulating the most Bitcoin at the lowest possible cost to drive Satoshis per share (SPS) growth. The company achieved a 23% sequential reduction in mining costs to approximately $36,200 per Bitcoin, effectively offsetting a 22% decline in spot prices to maintain gross margins above 50%. Operational velocity was highlighted by the Drumheller site deployment, which moved from purchase agreement to full energization in under two months via the Hut 8 partnership. Management views the current market as a 'thinning' competitive landscape where other miners are diverting power and chip supply toward AI, leaving more network share for dedicated Bitcoin miners. The company maintains an asset-light model to concentrate capital into Bitcoin and miners rather than heavy infrastructure ownership. Executive leadership reiterated that SPS is the primary metric for evaluating performance, noting that SPS grew 20% while share count only grew approximately 9% in Q1. Future capital allocation and M&A decisions will be strictly governed by their ability to be accretive to the Satoshi per share metric. Management expects G&A as a percentage of revenue to compress further as the mining platform scales and fixed costs are spread over higher production. The company plans to continue utilizing its ATM equity program to supplement organic mining production with strategic treasury purchases. The full energization of the Drumheller site is expected to improve blended fleet efficiency in upcoming periods due to the use of next-generation 13.5 J/TH miners. The reported GAAP net loss was driven primarily by a $117.2 million non-cash mark-to-market loss on Bitcoin holdings due to price compression during the quarter. A $37.3 million gain on derivatives related to miner purchase agreements partially offset the digital asset valuation losses. Management flagged that network difficulty declined roughly 10% quarter-over-quarter, which they interpret as a durable shift of global hash rate toward AI workloads. The company has utilized approximately 16.7% of its $2.1 billion shelf capacity through its ATM program as of quarter-end. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management attributed the 6% difficulty drop specifically to U.S. public miners pivoting hundreds of megawatts of capacity toward AI GPUs. They noted that once mining infrastructure is converted for AI, it is unlikely to return to the Bitcoin network quickly, reducing long-term competition. Management stated they are exploring several opportunities but will only proceed if the deal improves the Satoshi per share metric. The focus remains on supporting the Bitcoin ecosystem rather than diversifying into other compute categories like AI.

American Bitcoin expanded capacity and production, reporting about 90,000 miners and roughly 28.1 EH/s after Drumheller came online, and mined 817 BTC in Q1 (a monthly record of 286 BTC in March). Revenue fell to $62.1 million from $78.3 million due to lower Bitcoin prices, but unit economics improved with cost to mine around $36,200 per BTC and a mining gross margin of about 52%. The company increased its strategic reserve to 7,021 BTC (satoshis per share up ~20% to ~663 and cited as “over 690” on the call), while reporting a headline GAAP hit from a $117.2 million non‑cash digital asset revaluation loss. Interested in American Bitcoin Corp.? Here are five stocks we like better. The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords American Bitcoin (NASDAQ:ABTC) reported first-quarter fiscal 2026 results highlighting higher Bitcoin production, lower unit mining costs, and continued growth in its Bitcoin reserve, even as Bitcoin prices declined during the quarter and created significant non-cash accounting losses under fair value rules. Chief Strategy Officer Eric Trump said the company ended the quarter with a strategic Bitcoin reserve of 7,021 Bitcoin, up from 5,401 at year-end 2025, and said the company “did not sell a single coin” during the period. Trump also pointed to growth in owned mining infrastructure, saying American Bitcoin now has “nearly 90,000 miners” and “approximately 28.1 exahash per second of owned capacity,” up from roughly 78,000 miners at year-end. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries In operational remarks, a company representative (identified as Mike on the call) said American Bitcoin mined 817 Bitcoin in Q1, up from 783 in Q4 2025. He added that March production reached a monthly record of 286 Bitcoin. The company’s owned capacity at quarter-end was about 25 exahash per second, and following the full energization of the Drumheller site on April 22, nameplate capacity increased to about 28.1 exahash per second. Mike said the company completed the acquisition of about 11,298 next-generation miners during the quarter, adding approximately 3.05 exahash per second at about 13.5 joules per terahash. Those units were deployed to Hut 8’s Drumheller site in Alberta. He characterized the move from purchase agreement to fully energized site in under two months as enabled by American Bitcoin’s partnership with Hut 8. → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches President and Interim Chief Financial Officer Matt Prusak reported Q1 2026 total revenue of $62.1 million, down from $78.3 million in Q4 2025. He attributed the decline to lower Bitcoin prices during the quarter, noting Bitcoin fell from about $87,500 to about $68,200 over the three months ended March 31, 2026. “This is a pure price effect, not an operational one,” Prusak said, adding that production increased quarter-over-quarter and that revenue would have risen sequentially if Q4 price levels had held. Prusak said cost of mining, excluding depreciation and amortization, was $29.6 million, compared with about $36.7 million in Q4 2025. He reported a cost to mine of approximately $36,200 per Bitcoin, a 23% sequential improvement from about $46,900 in Q4, driven by higher production spread across a stable fixed cost base and “continued energy pricing discipline.” Mining gross profit was about $32.5 million, and gross margin was about 52%, compared with 53% in Q4. Prusak said the lower unit cost “effectively absorbed” the quarter’s 22% Bitcoin price decline, helping keep gross margin above 50%. Bitcoin mined: 817 in Q1 2026 vs. 783 in Q4 2025 Total revenue: $62.1 million vs. $78.3 million Cost to mine per Bitcoin: ~$36,200 vs. ~$46,900 Mining gross margin: ~52% vs. 53% → Tyson Foods' Total Returns: Tasty Treats for Income Investors? Prusak said the quarter’s “headline GAAP loss” was primarily driven by non-cash mark-to-market losses on Bitcoin holdings that were not sold, due to fair value accounting rules requiring quarterly revaluation through the income statement. He reported a $117.2 million loss on digital assets in Q1 2026, compared with a $112.2 million loss in Q4 2025. He added that the digital asset loss was partially offset by a $37.3 million gain on derivatives related to a miner purchase agreement, which he said was consistent with a $37.5 million gain recorded in Q4. Management repeatedly emphasized a per-share Bitcoin ownership metric it calls “satoshis per share” (SPS). Mike said the strategic reserve increased by about 1,620 Bitcoin during the quarter, reflecting 817 Bitcoin from mining and about 803 Bitcoin from treasury purchases funded through the company’s at-the-market (ATM) equity program. He said satoshis per share rose from 554 at year-end to about 663 at quarter end, an increase of roughly 20% in one quarter, while share count grew about 9%. Trump said satoshis per share was “over 690” as of the call date and argued that “every share of American Bitcoin owns substantially more Bitcoin today than it did three months ago.” On the ATM program, Prusak said cumulative proceeds through quarter-end totaled approximately $351.5 million, representing 16.7% of the company’s $2.1 billion shelf capacity. During Q1, American Bitcoin issued about 84 million Class A shares for about $111 million in gross proceeds, following 65.5 million shares issued in 2025 for $240.5 million. On the call’s lone analyst Q&A, BTIG’s Benjamin Sommers asked about the decline in network difficulty and whether it reflected miners shifting to AI or cyclical pressures from lower Bitcoin prices. Mike said difficulty is tied to the amount of mining capacity online and pointed to “hundreds of megawatts” shifting toward AI among leading U.S. public miners, which he said correlates with “tens of exahash” of compute coming offline. He said that pivot contributed to network difficulty dropping about 6% during the quarter, and earlier in his prepared remarks he noted a roughly 10% quarter-over-quarter decline. Sommers also asked about American Bitcoin’s approach to M&A amid the industry’s shift toward AI and high-performance computing. Trump said the company continues to look at opportunities, but its philosophy is centered on whether a transaction improves satoshis per share. “Is M&A, is a decision, is capital allocation going to improve that metric?” Trump said, adding that the company is exploring “a number of opportunities” and will provide updates as they progress. In closing remarks, Trump reiterated the company’s focus on accumulating Bitcoin at the lowest cost, citing Q1 gross margin of 52.4% and cost to mine Bitcoin of roughly $36,000, and said management is focused on efficiency and “every single penny” as it seeks to grow its Bitcoin reserve and per-share exposure. Gryphon Digital Mining is an innovative venture in the bitcoin space. Gryphon Digital Mining, formerly known as Akerna Corp., is based in DENVER. The article "American Bitcoin Q1 Earnings Call Highlights" was originally published by MarketBeat.