American Bitcoin Corp just posted another loss. The Nasdaq-listed miner, backed by Hut 8, lost $57.2 million in the second quarter of 2026. That marks three consecutive quarters of red ink.
Bitcoin prices fell roughly 22% between quarters. The company's balance sheet took a $188 million hit from fair-value declines on its digital asset holdings.
The numbers paint a strange picture. Revenue actually climbed to $67 million, up from $62.1 million the quarter before. Mining output improved too, with the company extracting 932 Bitcoin versus 817 BTC in Q1. Yet the loss still showed up on the bottom line.
ABTC has now burned through about $198.5 million across the last three quarters. The Q1 loss was worse at $81.8 million. Q4 2025 came in at $59.5 million.
Mining economics have tightened. The company pushed its cost per Bitcoin down to around $36,200, helped by fresh equipment from Bitmain. As of late June, ABTC held a strategic reserve of roughly 8,002 Bitcoin accumulated through mining and direct purchases.
The real culprit here is accounting. When Bitcoin rallies, miners look brilliant on paper. When it crashes 22% in three months, they're forced to book enormous non-cash losses under current financial reporting rules. Bitcoin tumbled as institutions bailed out, leaving companies like ABTC with massive impairments that dwarf actual revenue.
For Hut 8, which controls the company, these losses flow straight into the parent's financial results. The decision to spin out US mining operations into a separate public entity was partly a strategic move, though the math is now working against that thesis.
A $57.2 million loss on $67 million in revenue tells you the non-cash impairments are overwhelming the underlying business. Fair-value accounting means every quarter-end Bitcoin price swing becomes a headline loss or gain, regardless of whether the company actually sold anything.
This article is for informational purposes only and should not be construed as financial advice or investment guidance.
