American Bitcoin Expands BTC Holdings to 8,002 Units Amid Record Mining Production

American Bitcoin, a company co-founded by Eric Trump and a majority-owned subsidiary of Hut 8, has expanded its BTC holdings to 8,002 units in Q2. This represents a 14% increase from the 7,021 BTC held as of March 31. The growth is attributed to a record-breaking mining production of 932 BTC during the quarter.

CEO Mike Ho stated that despite 'bitcoin headwinds' in Q2, American Bitcoin delivered its highest quarterly production on record and strengthened the foundation of its business.

The company reported mining revenue of approximately $67 million for the three months ended June 30. However, a net loss of $57.2 million was incurred primarily due to unrealized losses on the value of its BTC holdings during the quarter.