American Bitcoin's Reserve Strategy Questioned Amid Nearly $371 Million Liability

American Bitcoin mined approximately 932 BTC in the second quarter and reported $67.015 million in revenue, but its cash flows do not show that its reserve strategy was self-funding.

The company finished June with 8,002 BTC, while first-half operations used $63.795 million in cash and digital-asset purchases used another $65.316 million.

Nearly two-fifths of the June reserve, or 3,090 BTC, was tied up with Bitmain under miner-purchase agreements, and American Bitcoin retained redemption or repurchase rights and continued economic exposure.