American Bitcoin Posts Third Consecutive Quarterly Loss Amid Bitcoin Decline
American Bitcoin Corp, majority-owned by Hut 8, has reported its third consecutive quarterly loss. The Nasdaq-listed miner posted a $57.2 million net loss for Q2 2026 due to a decline in Bitcoin's price.
The steep drop of approximately 22% quarter-over-quarter led to more than $188 million in fair value declines on American Bitcoin's digital assets. This is despite the company managing to push its mining cost per Bitcoin down to around $36,200 thanks to recent equipment acquisitions from Bitmain.
Revenue tells a more interesting story, with ABTC pulling in about $67 million in Q2, up from $62.1 million in Q1. However, the non-cash impairments are swamping the actual business economics by a wide margin, making it difficult for investors to see the company's true financial picture.
The adoption of fair-value accounting for digital assets has been cited as a major contributor to this problem. This means companies must mark their crypto holdings to market price every quarter, leading to enormous non-cash losses when Bitcoin falls in value.