American Bitcoin Commits Nearly 40% of Reserves to Bitmain Mining Equipment
American Bitcoin has pledged nearly 40% of its 8,002 BTC reserve to purchase mining equipment from Bitmain. The company can redeem the coins with cash before each window closes, but if a redemption window expires, the BTC is used for the purchase and removed from the balance sheet.
At the end of June, American Bitcoin held 3,090 BTC pledged to Bitmain under miner equipment agreements. This amount represents 38.6% of the company's total reserve. The remaining 4,912 BTC remain outside of the disclosed miner-purchase pledge.
American Bitcoin reported a $57.2 million GAAP loss in Q2, which included a $71.2 million digital-asset loss and an $18.3 million derivatives gain. However, the company raised $33.6 million through its at-the-market program by selling 2.15 million Class A shares.
The company's Bitcoin holdings grew 14% in Q2, while satoshis per share increased 11%. The redemption windows for the pledged coins determine their timing, rather than the price of Bitcoin.