Eric Trump's American Bitcoin treasury tops 8,000 BTC as Q2 mining production hits record

American Bitcoin, the bitcoin mining and treasury firm co-founded by Eric Trump and a majority-owned subsidiary of Hut 8, said it expanded its bitcoin holdings to 8,002 BTC in the second quarter. 

That total marked a 14% increase from the 7,021 BTC held as of March 31 after the company mined a record 932 BTC during the quarter. Satoshis per share rose 11% to 10,989 as shares outstanding increased about 3%, according to a statement. 

“Despite bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 bitcoin, and strengthened the foundation of our business,” CEO Mike Ho said.

According to the statement, mining revenue was approximately $67 million for the three months ended June 30. The company reported a net loss of $57.2 million, compared with a net loss of $81.8 million in the previous quarter. However, the net loss was primarily due to unrealized losses on the value of its bitcoin holdings during the quarter.

Meanwhile, revenue per bitcoin mined declined about 5% quarter over quarter to roughly $71,900, while gross margin remained near 50%. The company said its cost to mine bitcoin was approximately $36,500 per BTC in the second quarter, compared with about $36,200 last quarter. 

American Bitcoin also ended the quarter with 89,242 owned miners representing 28.1 EH/s of capacity. Its operational fleet totaled 58,999 miners producing 25 EH/s following the April energization of 11,298 next-generation mining machines at Hut 8's Drumheller site, per the statement.

Last month, the company effected a 1-for-15 reverse stock split, with the adjusted share count reflected in its per-share bitcoin metrics.

American Bitcoin shares closed down 6.4% at $5.52 on Friday, according to The Block's ABTC price page.