American Bitcoin mined 932 bitcoins in the second quarter of 2026, the highest output since the company launched operations in March 2025. The Miami-based firm collected $67 million in revenue during the three-month period ending June 30, up 8% from the previous quarter, despite bitcoin prices falling roughly 12% over the same stretch.
The company's strategic reserve now sits at 8,002 bitcoins, a jump from 7,021 coins three months earlier. That 14% expansion happened even as the broader market tanked, forcing most bitcoin producers to cut costs or pause operations. American Bitcoin kept its gross margins hovering near 50%, with mining revenue averaging $71,900 per coin while production costs held steady around $36,500 per bitcoin.
The Numbers Keep Climbing
Production surged 14% quarter-over-quarter, accounting for roughly 26% of all bitcoins the company has accumulated since day one. CEO Mike Ho credited discipline on what management can actually control: energy efficiency, hardware uptime, and relentless accumulation. The satoshis-per-share metric, adjusted for a 1-for-15 reverse stock split executed in early July, climbed 11% to 10,989.
Bitcoin reserves outpaced share dilution by a wide margin. While the company issued shares at a 3% pace, its actual coin stack grew 14%, a spread that matters for long-term holders betting on bitcoin appreciation against the cost of capital.
Market Pushback Versus Execution
The $67 million haul arrived in a quarter when bitcoin weakness typically hammers margins. Competitors either throttled operations or watched profitability compress. American Bitcoin instead pulled off higher production volumes, suggesting either superior energy deals, newer hardware, or both. Mining revenue per coin stayed above $71,000 even as spot prices tanked, a sign the firm locked in favorable rates before the downturn.
Management's framing is blunt: bitcoin is a capital asset with long-term compounding potential that should outrun the cost of capital over time. That thesis only works if the company keeps mining through cycles and stacking coins instead of selling into rallies.
This material is informational only and does not constitute financial or investment advice. Crypto mining economics and bitcoin prices carry substantial volatility and risk.
