American Bitcoin board member Justin Mateen demonstrated strong confidence in the company's prospects by purchasing 306,981 shares for approximately $1.93 million over two consecutive trading sessions. According to regulatory filings, Mateen bought about 145,000 Class A shares on August 5 for roughly $925,000 at an average price of $6.40 per share, followed by approximately 162,000 shares on August 6 for approximately $1 million at an average price of $6.19 per share. Following these transactions, Mateen now beneficially owns 492,297 Class A shares, reflecting adjustments made after the company's recent reverse stock split. Mateen, a co-founder of Tinder and board member since March 2025, is also a backer of the Trump-backed mining company alongside Eric Trump and Donald Trump Jr.
American Bitcoin Corp. reported a $57.2 million net loss for the second quarter ended August 3, according to official quarterly results. The loss included $71.2 million in digital asset losses, which remained the largest expense despite the company delivering record production. Revenue increased 8% to $67 million from $62.1 million in the previous quarter, while adjusted EBITDA improved to a $45 million loss from a $91.3 million loss in March. The loss narrowed from $81.8 million in the first quarter, demonstrating sequential improvement in operational performance. Shares showed limited movement out of the gate, trading around $5.53 in pre-market session, essentially flat from Friday's close of $5.52, leaving the company's market capitalization near $402 million. Despite the strong quarterly performance, the stock declined 7.38% in the last 24 hours and has fallen over 80% this year, with the company losing about $600 million in value according to recent Bloomberg reports.
The company achieved its highest quarterly production since launching in March 2025, mining approximately 932 BTC during the quarter, up from 817 BTC in the first quarter. This represented about 26% of all Bitcoin mined since the business began. Revenue per Bitcoin mined fell about 5% to $71,900 as Bitcoin prices weakened, but the cost to mine each coin remained near $36,500, compared with $36,200 in the previous quarter. Despite weaker market conditions, the company maintained a gross margin of almost 50%, demonstrating operational efficiency. The company completed the full energization of 11,298 next-generation miners at Hut 8's Drumheller site in April 2026, adding approximately 3.05 exahashes per second at an efficiency of 13.5 joules per terahash. As of the latest reporting, American Bitcoin now operates nearly 59,000 active mining machines across its facilities.
American Bitcoin's Bitcoin holdings increased by approximately 981 BTC during the quarter, rising from 7,021 BTC to 8,002 BTC, representing a 14% sequential increase. Mining produced 932 BTC, accounting for most of the increase. However, approximately 3,090 BTC, or nearly 39% of the reserve, remain pledged under miner purchase agreements with Bitmain. The company still includes these pledged coins in its total because it retains redemption rights and continued economic exposure. The operational fleet reached about 58,999 miners with 25 EH/s of computing power, while total owned fleet stood at 89,242 miners with about 28.1 EH/s of nameplate capacity as of quarter-end. As of the latest reporting, the company has completed the deployment of more than 11,000 next-generation miners, increasing its mining capacity to around 28.1 EH/s.
The company's satoshis per share increased 11% to approximately 10,989 during the quarter, with holdings growing 14% while outstanding shares increased about 3%. The figures account for the one-for-fifteen reverse stock split completed in July, which reduced issued shares from approximately 1.09 billion to about 73 million. General and administrative expense totaled about $7.7 million versus $6.9 million in Q1, holding steady at roughly 11% of revenue. Depreciation and amortization ran at $28.2 million, up from $26.6 million, reflecting the newly energized fleet. CEO Mike Ho expressed gratitude for the expansion, stating that despite Bitcoin headwinds in Q2, the company remained focused on execution, delivering record production while growing its strategic reserve. However, the company experienced a leadership change as Matt Prusak, former president and interim chief financial officer of American Bitcoin, left the company to join Giga Energy, according to CoinDesk reports.
