American Bitcoin Corp. came to the Nasdaq through the September 2025 union of Hut 8's ASIC-mining compute business and the former Gryphon Digital Mining - a pure-play that mines Bitcoin with its own fleet and holds what it does not sell, now majority-owned by Hut 8 (roughly four-fifths of the vote through its Class B) with Eric Trump on the board as co-founder and Chief Strategy Officer. The second quarter gave the company its cleanest operating proof yet: 932 Bitcoin mined, the most in any quarter since launch, and the strategic reserve crossed 8,000 Bitcoin at quarter-end, up ~14% in three months to one of the largest treasury stacks among publicly traded companies. Read the income statement alone and the quarter looks like a setback - a $57 million net loss against a modest year-ago profit. Read it as management does and the swing is mostly accounting: the loss line is dominated by a $71 million non-cash mark-to-market write-down of the Bitcoin reserve during a quarter in which Bitcoin fell roughly 12%, from about $68,200 to $59,800.
The operating numbers moved the other way. Mining revenue rose 122% year over year to $67.0 million on roughly triple the Bitcoin produced, with gross margin holding near 50% on a cash-cost basis despite the weaker price. The engine is scaling ahead of the market's attention: the equity, at roughly $500 million of market capitalization, is priced at almost exactly the current fair value of the Bitcoin on the balance sheet (~$479 million). That is the central tension of this stock - the market is paying for the treasury and effectively nothing extra for the mine that produces it. The test ahead is whether the operating machine can compound Bitcoin per share (whole 11% higher this quarter, to ~10,989 satoshis per share) faster than a shareholder base that the company has leaned on, through an at-the-market share facility, to fund the build-out. The third quarter report will separate a real production turn from a price-driven footnote.