second quarter of 2026
Filed Aug 3, 2026American Bitcoin Reports Second Quarter 2026 Results Grew Strategic Reserve to Over 8,000 Bitcoin, Driven by Record Quarterly Bitcoin Production
The Company reported record quarterly Bitcoin production, higher quarter-over-quarter revenue, and growth in Bitcoin holdings and Satoshis per share. Revenue per Bitcoin mined declined, cost to mine increased modestly, and the release did not include complete financial-statement, cash-flow, balance-sheet, or guidance data in the supplied text.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $67,015 (in USD thousands) | ~8% increase | – |
| Bitcoin holdingsother | ~8,002 Bitcoin | ~14% | – |
| Bitcoin pledged for miner purchases under agreements with BITMAINother | ~3,090 Bitcoin | – | – |
| Satoshis per shareother | ~10,989 | ~11% | – |
| Bitcoin minedother | ~932 Bitcoin | – | – |
| Revenue per Bitcoin minedother | ~$71,900 | down ~5% | – |
| Gross marginGAAP | nearly held around the 50% mark | despite a ~12% decline in Bitcoin price quarter-over-quarter | – |
| General and administrative expenseGAAP | approximately $7.7 million | remained roughly flat at approximately 11% of revenue quarter-over-quarter | – |
| Cost to mineother | ~$36,500 per Bitcoin | held roughly flat | – |
| Next-generation miners fully energizedother | ~11,298 next-generation miners | – | – |
| Capacity added at Hut 8's Drumheller siteother | ~3.05 EH/s | – | – |
| Efficiency of next-generation miners deployed at Hut 8's Drumheller siteother | ~13.5 joules per terahash (J/TH) | – | – |
| Total owned fleetother | ~89,242 Bitcoin miners | – | – |
| Total owned fleet capacityother | ~28.1 EH/s | – | – |
| Operational fleetother | ~58,999 Bitcoin miners | – | – |
| Operational fleet production capacityother | ~25.0 EH/s | – | – |
| Average operational fleet efficiencyother | ~14.1 J/TH | – | – |
What drove it
- Mining production increased to ~932 Bitcoin in Q2 2026 from ~817 Bitcoin in Q1 2026.
- The Company completed the full energization of ~11,298 next-generation miners in April 2026, adding ~3.05 EH/s at an efficiency of ~13.5 joules per terahash (J/TH), deployed at Hut 8's Drumheller site.
- Cost to mine was driven by marginally higher energy costs at selective sites.
- Q2 2026 production represented ~26% of the Company's total Bitcoin mined since its launch on March 31, 2025.
Concerns
- Revenue per Bitcoin mined was ~$71,900 in Q2 2026, down ~5% from ~$76,000 in Q1 2026.
- Bitcoin price declined ~12% over the same period.
- Cost to mine increased to ~$36,500 per Bitcoin in Q2 2026 from ~$36,200 per Bitcoin in Q1 2026.
- The Company identified risks related to the price of Bitcoin and concentration of Bitcoin holdings, failure to grow hashrate, liquidity constraints and failure to raise additional capital, dependence on Hut 8, electrical power requirements, and cybersecurity threats and breaches.
What to watch
- Bitcoin production and mining revenue following the April 2026 full energization of ~11,298 next-generation miners.
- Progress in Bitcoin holdings and Satoshis per share after holdings reached ~8,002 Bitcoin and Satoshis per share reached ~10,989 as of June 30, 2026.
- Revenue per Bitcoin mined, cost to mine, energy costs at selective sites, and gross-margin performance amid changes in Bitcoin price.
- Operational fleet deployment relative to the stated ~89,242 Bitcoin miners and ~28.1 EH/s of total owned capacity.
Balance sheet and cash flow
- Bitcoin holdings were ~8,002 Bitcoin as of June 30, 2026, including ~3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN.
- Bitcoin holdings grew from ~7,021 as of March 31, 2026 to ~8,002 as of June 30, 2026.
- Shares outstanding grew ~3% over the same period.
- Number of common shares issued and outstanding reflect a 1-for-15 reverse stock split effected on July 2, 2026.
Analysis
American Bitcoin reported $67,015 (in USD thousands) of revenue for the three months ended June 30, 2026, compared with $62,118 (in USD thousands) for the three months ended March 31, 2026. The release characterized mining revenue as ~$67.0 million, an ~8% increase from ~$62.1 million in Q1 2026. Production rose to ~932 Bitcoin from ~817 Bitcoin in Q1 2026, which the Company described as its highest quarterly production on record.
The strategic reserve increased from ~7,021 as of March 31, 2026 to ~8,002 Bitcoin as of June 30, 2026. The Company said this represented an increase of ~981 Bitcoin, or ~14%, while shares outstanding grew ~3% over the same period. Satoshis per share increased from ~9,943 to ~10,989, or ~11%. The reported June 30 holdings include ~3,090 Bitcoin pledged for miner purchases under agreements with BITMAIN.
The production increase was supported by the April 2026 full energization of ~11,298 next-generation miners at Hut 8's Drumheller site. Those miners added ~3.05 EH/s at an efficiency of ~13.5 J/TH. At quarter-end, the total owned fleet consisted of ~89,242 Bitcoin miners with ~28.1 EH/s of capacity. Post-Drumheller energization, the operational fleet was ~58,999 Bitcoin miners producing ~25.0 EH/s at an average efficiency of ~14.1 J/TH.
Pricing and cost trends warrant attention. Revenue per Bitcoin mined was ~$71,900, down ~5% from ~$76,000 in Q1 2026, while the Company cited a ~12% decline in Bitcoin price over the same period. Gross margin nearly held around the 50% mark despite that price decline. Cost to mine was ~$36,500 per Bitcoin compared with ~$36,200 per Bitcoin in Q1 2026, with marginally higher energy costs at selective sites cited as the driver. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1 2026, and remained roughly flat at approximately 11% of revenue quarter-over-quarter.
The supplied release did not provide forward financial guidance. It also did not provide complete results for cost of revenue, operating income or loss, net income or loss, earnings per share, adjusted EBITDA, operating cash flow, free cash flow, cash, debt, or capital returns because the consolidated statement excerpt ends after the beginning of the cost-of-revenue line. As a result, the reported period demonstrates operating and reserve growth, but the supplied document does not permit a complete assessment of GAAP profitability, liquidity, or cash generation.
Management, verbatim
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.
Mike Ho, CEO of American Bitcoin
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.
Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin
Not in the filing
stated, not guessed- Complete consolidated statements of operations, including cost of revenue, gross profit, operating income or loss, net income or loss, income tax provision, and earnings per share, were not included in the supplied text.
- Adjusted EBITDA amount and reconciliation to net loss were not included in the supplied text.
- Prior-year revenue and year-over-year revenue change were not reported in the supplied text.
- Prior-year comparisons for Bitcoin holdings, Satoshis per share, Bitcoin mined, revenue per Bitcoin mined, general and administrative expense, cost to mine, fleet size, capacity, and efficiency were not reported in the supplied text.
- Operating cash flow and free cash flow were not reported in the supplied text.
- Cash, cash equivalents, debt, liquidity, and other balance-sheet amounts were not reported in the supplied text.
- Share repurchases, dividends, and other capital-return amounts were not reported in the supplied text.
- Forward guidance for revenue, gross margin, operating expenses, tax rate, production, fleet capacity, or other operating metrics was not reported in the supplied text.
- Reportable segment revenue and segment profitability were not reported in the supplied text.
- No previous outlook section was provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.