American Bitcoin, a mining company co-founded by Eric Trump, son of U.S. President Donald Trump, reported a net loss of $57.2 million for the second quarter of 2026.
The primary contributor to the loss was the decline in the value of bitcoins on its balance sheet. During the quarter, American Bitcoin mined 932 $BTC and increased its reserves by 14%, to 8002 $BTC (ranking 16th among the largest corporate bitcoin holders according to BitcoinTreasuries).
Mining revenue for the quarter grew by 8%, reaching $67 million. The company stated its cost to mine one bitcoin was approximately $36.5 thousand, with the market price around $63 thousand at the beginning of August. Out of the company's 8002 $BTC, about 3090 $BTC are pledged as collateral under agreements with mining hardware manufacturer Bitmain.
Bitcoin mining is conducted on equipment from the mining company Hut 8, which received 80% of American Bitcoin's shares at launch in exchange for its data centers and equipment. In November 2025, Eric Trump posted a video showing him walking through a data center where equipment racks displayed Hut 8 logos. By the end of the quarter, the company had 89,242 miners with a total hash rate of 28.1 EH/s.
In September 2025, American Bitcoin went public, but since then, its ABTC stock has plummeted by over 90%.
At the end of April, Forbes published an investigation claiming the company uses the Trump name to attract investors and primarily buys bitcoin with raised funds rather than engaging in efficient mining. In response, Eric Trump called Forbes a "disgrace to journalism."
Michael Saylor's company, the world's largest corporate holder of bitcoin, reported a net loss of $8.2 billion for the second quarter of 2026. Similar to American Bitcoin, the loss was driven by a decline in the value of bitcoins on its balance sheet.
In 2025, Eric Trump stated that besides mining, he sees American Bitcoin as a way to give investors stock exchange access to bitcoin, similar to Saylor's company. He called Saylor a "dear friend" and referred to himself as a "bitcoin maximalist."
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