American Bitcoin's BTC Stack Tainted by Bitmain Deal

American Bitcoin ended June with an impressive stack of 8,002 BTC. However, nearly two-fifths (38.6%) of this total - 3,090 coins - are restricted under miner-purchase agreements with Bitmain. This means the company has retained redemption or repurchase rights and continued economic exposure to these coins.

The 3,090 restricted coins were neither sold nor forfeited but remain on the balance sheet due to their tied status. To put this into perspective, nearly two-fifths of American Bitcoin's BTC reserve is encumbered by a $371.687 million liability.

Miners did the heavy lifting in terms of adding to the coin count. Between March 31 and June 30, holdings grew by approximately 981 BTC, with the 932 BTC mined during the second quarter accounting for nearly 95% of this gain.