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About American Bitcoin
American Bitcoin (ABTC) is a Bitcoin mining and accumulation company that emerged from Hut 8, focused on maximizing Bitcoin holdings per share through large-scale self-mining operations. Its core competitiveness lies in low-cost mining powered by next-generation ASIC miners and access to Hut 8's energy infrastructure, enabling efficient Bitcoin production below market prices. The company addresses the market pain point of limited institutional-grade Bitcoin exposure by offering a pure-play, publicly traded vehicle that directly accumulates the asset without the operational complexity of direct custody or the premium/discount issues of traditional funds.
In the past six months (March to September 2026), ABTC reported strong operational growth. In Q2 2026, the company mined 932 BTC, bringing total reserves to over 8,000 BTC. Hashrate reached 28.1 EH/s with 89,242 owned miners, of which 58,999 were actively operating at 25.0 EH/s. A significant deployment of 11,298 Bitmain miners at the Drumheller facility was completed in April 2026, adding 3.05 EH/s. However, the company pledged 3,090 BTC (38.6% of holdings) as collateral for miner purchase agreements, with a carrying value of $184.9 million against non-current mining equipment liabilities of $371.7 million. ABTC recorded a net loss of $57.2 million in Q2, including $71.2 million in digital asset losses, partially offset by $18.3 million in derivative gains. The company also sold 2.15 million shares via an ATM program, raising $33.6 million in net proceeds.
American Bitcoin (NASDAQ: ABTC) was established in April 2025 as a subsidiary of Hut 8, with Eric Trump and Donald Trump Jr. holding a 20% stake. The company went public on September 3, 2025, via a reverse merger with Gryphon Digital Mining, marking its entry into the capital markets.
Key milestones include: raising $220 million in July 2025 for bitcoin and mining equipment purchases; surpassing 6,500 BTC holdings in January 2026, overtaking Galaxy; reaching 7,000+ BTC by February 2026, nearly tripling since listing; and expanding mining capacity to 28.1 EH/s with 11,000 new machines. The company ranked as the 16th largest publicly traded bitcoin holder globally.
In Q1 2026, the company reported a net loss of $82 million, marking two consecutive quarterly losses. To maintain Nasdaq listing compliance, a 1-for-15 reverse stock split was implemented on July 2, 2026. Despite challenges, the company's bitcoin holdings reached 7,500 BTC, demonstrating its long-term accumulation strategy.
Over the past six months, American Bitcoin (ABTC) has made significant operational progress. In March 2026, the company announced the purchase of 11,298 next-generation miners for its Drumheller site, which were fully energized by April 22, adding ~3.05 EH/s at 13.5 J/TH efficiency, bringing the total owned fleet to ~89,242 miners at ~28.1 EH/s.
Financially, ABTC reported Q1 2026 results on May 6: mined 817 BTC at a cost of ~$36,200 per BTC, growing holdings to ~7,021 BTC. Q2 2026 results (August 3) showed record production of 932 BTC, with total reserves surpassing 8,000 BTC and cost per BTC at ~$36,500. The company maintained a ~50% gross margin despite Bitcoin price declines.
Looking ahead, ABTC's stated strategy focuses on: 1) scaling hashrate through disciplined capital allocation and efficient hardware deployment; 2) accumulating Bitcoin at costs below spot prices; 3) growing Bitcoin holdings per share; and 4) strengthening its balance sheet while maintaining operational efficiency. The company emphasizes its core model of generating Bitcoin through scaled infrastructure rather than simply holding it.
Eric Trump (Co-Founder & Chief Strategy Officer, X: @EricTrump)
Mike Ho (Executive Chairman)
Michael Ho (CEO, X: @mikehomkh)