American Bitcoin Corp pulled 932 coins from the ground in Q2, the most in any quarter since the company fired up operations in March. Stock popped 3.80% to $5.73 by mid-afternoon, though a brutal $71.2 million digital asset loss erased any momentum underneath. Revenue hit $67 million. The bitcoin reserve crossed 8,000 coins. Yet the company still posted a $57.2 million net loss for the quarter.
The write-down on digital assets came in hot as an operating expense and actually exceeded the money the miners made from digging. It improved from Q1's nightmare $117.2 million charge, but that's not saying much. Toss in another $28.2 million for depreciation and amortization, and the damage stacks fast.
Mining itself printed about $33 million in gross profit. Each coin cost roughly $36,500 to extract, up slightly from $36,200 in the prior quarter. Energy bills climbed at some locations. Revenue per bitcoin dropped to $71,900 from $76,000 because bitcoin prices fell roughly 12% over that stretch. General and administrative costs ballooned to $7.7 million from $6.9 million.
The reserve grows while costs creep up
Output jumped 114 coins versus Q1, when American Bitcoin pulled 817 BTC. That 26% jump represented roughly a quarter of all coins mined since launch, a decent pace for six months of operations. Revenue grew 8% quarter-over-quarter, even though the per-coin haul declined about 5%.
Here's the uncomfortable part. Nearly 39% of the company's entire 8,002-bitcoin stash stays pledged under Bitmain equipment deals. That's a chunk of collateral tied up, not really yours until those contracts unwind. An $18.3 million derivatives gain did chip away at losses before taxes, bringing that number to $55.7 million, but adjusted EBITDA still sat negative at $45 million, way better than the $91.3 million hole from Q1 yet still underwater.
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