American Bitcoin Bolsters Reserve Amid Q2 Stock Slump

American Bitcoin continued to expand its Bitcoin holdings during Q2, despite a decline in stock performance and missed revenue forecasts. The company added 981 BTC to its reserve, increasing it by 14% from March 31's 7,021 BTC to 8,002 BTC on June 30.

This growth led to an increase in Bitcoin backing per share, from 9,943 satoshis to 10,989 satoshis. Despite a modest dilution of outstanding shares, shareholders now have greater exposure to Bitcoin per share.

American Bitcoin's Chief Executive Mike Ho emphasized the company's focus on increasing Bitcoin per share, without committing to selling Bitcoin for equity buybacks. Co-founder Eric Trump repeated his support for Bitcoin, calling American Bitcoin 'absolute Bitcoin maximalists'.

The company mined a record 932 BTC during Q2, with mining revenue rising 8% to $67 million from the previous quarter's $62.1 million. However, revenue per Bitcoin mined fell 5% to $71,900 due to declining Bitcoin prices.