The results also showed a net loss of $57.2 million, including a $71.2 million loss on digital assets, and negative Adjusted EBITDA of $45.0 million. Operating expenses included the digital asset loss, contributing to an operating loss of $74.1 million. The company also reported that approximately 11,298 new miners were fully energized in April, increasing the operational fleet to approximately 25.0 EH/s at quarter-end.
"Our view of the world is simple: Bitcoin is a growing capital asset, and we believe its long-term compounding will outperform our cost of capital," said Mike Ho, chief executive officer of American Bitcoin. "Despite Bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 Bitcoin, and strengthened the foundation of our business." Eric Trump, Co-Founder and Chief Strategy Officer, added that the company has moved from an idea to a scaled operation in just over a year.
Bitcoin traded at approximately $63,890 with a 24-hour volume of $25.5 billion and a market capitalization of $1.28 trillion at the time of the report. The broader crypto market has faced three consecutive quarters of decline, with total market capitalization falling 12.6% in Q2 to $2.1 trillion, the lowest level since September 2024.