Key facts
- American Bitcoin reported a Q2 net loss of $57.2 million.
- Q2 mining revenue increased to $67 million.
- The company achieved record Bitcoin production of 932 BTC in Q2.
- Bitcoin holdings grew to approximately 8,002 BTC by June 30.
- Analysts initiated coverage with 'Buy' ratings and price targets up to $15.
American Bitcoin Corp., a Bitcoin mining firm co-founded by Eric Trump and Donald Trump Jr., reported a second-quarter net loss of $57.2 million. This marks a swing to a loss from a narrower loss in the first quarter, despite an 8% increase in mining revenue to $67 million. The company achieved record Bitcoin production of 932 BTC during the quarter, contributing to an increase in its Bitcoin holdings to approximately 8,002 BTC as of June 30. Despite a roughly 12% decline in Bitcoin prices during the quarter, American Bitcoin maintained a gross margin around 50%, with average costs per Bitcoin at approximately $36,500. The company recently completed a 1-for-15 reverse stock split to maintain its Nasdaq listing. Analysts from Maxim Group, Roth Capital, and H.C. Wainwright & Co. have initiated coverage with 'Buy' ratings and price targets up to $15. Matt Prusak, the company's former President and interim CFO, is joining Giga Energy.