American Bitcoin closed out June carrying 8,002 BTC on its books. About 38.6% of that stack — 3,090 coins — is classified as restricted under miner-purchase agreements struck with Bitmain, offset by a recorded liability of $371.687 million.
Before anything else in the quarter gets attention, that figure deserves a long look.
Those coins were neither sold nor forfeited. They remain on the balance sheet because the company retained redemption or repurchase rights along with continued economic exposure to them. Still, nearly two-fifths of a bitcoin reserve encumbered by a third-of-a-billion-dollar liability is not the same asset as 8,002 unencumbered coins — and the headline reserve number draws no such distinction on your behalf.
Mining did the coin-counting work
Measured purely in coins, the machines paid for themselves. Between March 31 and June 30, holdings grew by roughly 981 BTC, and the 932 BTC American Bitcoin mined during the second quarter made up close to 95% of that gain. Because the figures don’t track individual coins, read this as an accounting of scale rather than of provenance.
Quarterly revenue landed at $67.015 million.
Dilution, meanwhile, didn’t erase the progress. Common shares adjusted for the reverse split increased 3.12% against a 13.97% rise in holdings, pushing implied satoshis per share up 10.52%. That is the metric bitcoin treasury shareholders genuinely track, and it went the right way.
The cash flow statement tells a less flattering story
Widen the lens from three months to six and the self-funding case becomes tougher to argue. Operations consumed $63.795 million of cash in the first half. Purchases of digital assets ate up another $65.316 million. Together, $129.111 million went out the door.
Over that same window, the main financing inflow was $144.088 million in net proceeds from at-the-market share sales.
Through the ATM, American Bitcoin moved 7,755,671 Class A shares in the first half — 2,151,127 of them in Q2 alone, producing $33.585 million of net proceeds. Nowhere does the filing state that those dollars were earmarked for a specific expense or bitcoin purchase. Nor does it need to. Two disclosed cash uses adding up to $129.111 million, set against $144.088 million of equity proceeds, makes the case by itself: equity sat at the center of liquidity.
Following July’s reverse split, the ATM remained available, so further issuance is still an option even as BTC per share climbs.
The $36,500 cost per BTC isn’t fully loaded
The company put revenue per mined BTC at roughly $71,900 versus a stated cost of $36,500 per mined BTC. At first glance, a healthy margin.
Open the 10-Q and that margin compresses. The $34.009 million cost-of-revenue line underpinning the unit metric leaves out a separate $28.237 million depreciation-and-amortization charge. Rigs degrade and get written down regardless of what the unit-economics slide shows. American Bitcoin’s cost-per-BTC measure is not fully loaded, and any comparison against a rival miner’s figure ought to factor that in.
A $57 million loss that isn’t $57 million of burn
American Bitcoin booked a GAAP net loss of $57.151 million for the quarter. Most of that reflects mark-to-market accounting rather than cash walking out the door.
The operating loss of $74.081 million was driven by a $71.178 million fair-value loss on digital assets. Offsetting it in part were an $18.315 million derivatives gain and a $22,000 pre-tax gain on warrant liabilities. In the cash-flow reconciliation, both the digital-asset loss and the derivatives gain show up as noncash adjustments — meaning the net loss is not a gauge of cash burn.
The burn figure is the $63.795 million of operating cash used. Different number, different question.
Both sides of the argument survive the quarter
Bulls have something to point to: mining stacked BTC faster than the share count expanded, and per-share bitcoin exposure rose 10.52%.
Skeptics have their own: first-half cash flows leaned heavily on equity financing, and close to two-fifths of the June reserve remains bound up in miner-purchase commitments with Bitmain.
Anyone modeling the company should watch something other than the reserve total next quarter. The line that matters is whether the 3,090 BTC restricted balance draws down against the $371.687 million liability — or whether the next round of ATM proceeds is what keeps the lights on. Bitcoin is up 0.47% over the past 24 hours and holds rank #1 by market cap.