American Bitcoin built an 8,002 BTC reserve, but nearly 40% of it is quietly tied up with Bitmain

American Bitcoin mined approximately 932 BTC and reported $67.015 million in revenue in the second quarter. But its six-month cash flows do not show that the broader reserve strategy was self-funding. The miner finished June with 8,002 BTC, while first-half operations used $63.795 million in cash and digital-asset purchases used another $65.316 million.

The cash-flow statement records $144.088 million of net proceeds from at-the-market share sales as the period’s principal financing inflow. American Bitcoin sold 7,755,671 Class A shares through the ATM during the first half, including 2,151,127 shares that produced $33.585 million of net proceeds in the second quarter. The filing does not say those dollars were earmarked for a particular expense or Bitcoin purchase. Still, the two disclosed cash uses totaled $129.111 million, showing that equity was central to liquidity.

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On a coin-count basis, mining did most of the quarter’s work. Holdings rose by approximately 981 BTC from March 31 to June 30, and the 932 BTC produced equaled about 95% of that increase, although the figures do not trace individual coins. Dilution did not erase the per-share gain: reverse-split-adjusted common shares rose 3.12%, while holdings rose 13.97%, lifting implied satoshis per share by 10.52%. The ATM remained available after American Bitcoin’s July reverse split, keeping future equity issuance relevant even as BTC per share increased.

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American Bitcoin’s unit-economics metric excludes a major accounting cost. The company reported about $71,900 in revenue per mined BTC and a stated cost of $36,500 per mined BTC. The quarterly results and 10-Q show that the $34.009 million cost-of-revenue figure behind that unit metric excludes a separate $28.237 million depreciation-and-amortization charge, so the company’s cost-per-BTC measure is not fully loaded.

The $57.151 million GAAP net loss also tells a different story from cash use. A $71.178 million digital-asset fair-value loss drove a $74.081 million operating loss, while an $18.315 million derivatives gain and a $22,000 warrant-liability gain provided partial offsets before tax. The cash-flow reconciliation treats the digital-asset loss and derivatives gain as noncash adjustments, so the net loss is not a measure of cash burn.

Not all of the reserve was freely held. American Bitcoin classified 3,090 BTC, or 38.6% of its holdings, as restricted under Bitmain miner-purchase agreements and recorded a $371.687 million related liability. Those coins had not been sold or forfeited. They remained on the balance sheet because the company retained redemption or repurchase rights and continued economic exposure.

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The quarter therefore supports both sides of American Bitcoin’s model. Mining added BTC faster than the share count grew, but first-half cash flows still drew heavily on equity financing, while nearly two-fifths of the June reserve remained tied to miner-purchase commitments.