The Trump family-backed American Bitcoin said Monday it expanded its Bitcoin reserve to more than 8,000 BTC, worth roughly $512 million, during the second quarter after producing a record 932 Bitcoin, underscoring its strategy of pairing large-scale mining with long-term…
cumulation. According to American Bitcoin, the company ended June with approximately 8,002 BTC, up about 14% from roughly 7,021 BTC at the end of March
The increase came as the company generated its highest quarterly Bitcoin production since launching in September. “Our view of the world is simple: Bitcoin is a growing capital asset, and we believe its long-term compounding will outperform our cost of capital,” CEO Mike Ho said in 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.” Mining revenue rose to $67 million from $62.1 million in the first quarter, while the company’s cost to mine a Bitcoin held relatively steady at about $36,500 despite higher energy costs. American Bitcoin said its gross margin remained close to 50% even as Bitcoin’s average price declined roughly 12% from the prior quarter. The company also reported a net loss of $57.2 million, an improvement from the $81.8 million loss posted in the first quarter.
Co-founder and Chief Strategy Officer Eric Trump said the quarter was evidence of the company’s rapid growth and long-term Bitcoin strategy. “A little over a year ago, American Bitcoin was just an idea. Today, we hold more than 8,000 Bitcoin, operate one of the world’s largest Bitcoin mining platforms, and just delivered our highest quarterly production on record,” Trump said in a statement. “Our conviction in Bitcoin remains absolute, and our goal is simple: to deliver relentless growth, quarter after quarter, and build the preeminent American Bitcoin powerhouse for the long haul.”…