ABTC Stock Rises on Record Q2 Revenue and Expanding Bitcoin Reserve

American Bitcoin Corp (ABTC) saw its stock rise by 3.80% to $5.73 after reporting second-quarter revenue of $67 million and expanding its reserve to approximately 8,002 BTC.

The company mined a record 932 BTC during the quarter, representing about 26% of all Bitcoin mined since operations began. However, a $71.2 million digital asset loss pushed the company toward a $57.2 million net loss.

The mining gross profit reached around $33 million, with margins remaining near 49%. The company's reserve increase was largely due to its record production and new equipment additions at Hut 8's Drumheller site.