George TsagkarakisAmerican Bitcoin ended June with 8,002 BTC on its balance sheet. Roughly 38.6% of that pile, 3,090 coins, sits classified as restricted under miner-purchase agreements with Bitmain, against a recorded liability of $371.687 million.
That’s the number worth sitting with before anything else in the quarter.
The coins haven’t been sold and they haven’t been forfeited. They stay on the balance sheet because the company kept redemption or repurchase rights and continued economic exposure to them. But nearly two-fifths of a bitcoin reserve carrying a third-of-a-billion-dollar liability attached is a different asset than 8,002 unencumbered coins, and the headline reserve figure doesn’t make that distinction for you.
Mining did the coin-counting work
On coin count alone, the machines earned their keep. Holdings climbed by approximately 981 BTC between March 31 and June 30, and the 932 BTC American Bitcoin mined in the second quarter accounted for about 95% of that increase. The figures don’t trace individual coins, so treat it as an accounting of magnitude rather than provenance.
Revenue for the quarter came in at $67.015 million.
And dilution didn’t swallow the gain. Reverse-split-adjusted common shares rose 3.12% while holdings rose 13.97%, which lifted implied satoshis per share by 10.52%. That’s the metric bitcoin treasury shareholders actually care about, and it moved the right direction.
The cash flow statement tells a less flattering story
Look at six months instead of three and the self-funding narrative gets harder to defend. First-half operations used $63.795 million in cash. Digital-asset purchases used another $65.316 million. Combined, that’s $129.111 million out the door.
The principal financing inflow over the same stretch: $144.088 million in net proceeds from at-the-market share sales.
American Bitcoin sold 7,755,671 Class A shares through the ATM in the first half, including 2,151,127 shares that generated $33.585 million of net proceeds in Q2 alone. The filing doesn’t say those dollars were earmarked for any particular expense or bitcoin purchase. It doesn’t have to. Two disclosed cash uses totaling $129.111 million against $144.088 million of equity proceeds makes the point on its own: equity was central to liquidity.
The ATM stayed available after the company’s July reverse split, so future issuance remains on the table even with BTC per share moving up.
The $36,500 cost per BTC isn’t fully loaded
American Bitcoin reported about $71,900 in revenue per mined BTC against a stated cost of $36,500 per mined BTC. Healthy spread, on its face.
Read the 10-Q and the spread narrows. The $34.009 million cost-of-revenue figure sitting behind that unit metric excludes a separate $28.237 million depreciation-and-amortization charge. Mining rigs wear out and get written down whether or not the unit-economics slide says so. The company’s cost-per-BTC measure isn’t fully loaded, and any comparison you make against another miner’s number should account for that.
A $57 million loss that isn’t $57 million of burn
The GAAP net loss for the quarter was $57.151 million. That figure mostly reflects mark-to-market accounting, not money leaving the building.
A $71.178 million digital-asset fair-value loss drove a $74.081 million operating loss. Partial offsets came from an $18.315 million derivatives gain and a $22,000 warrant-liability gain before tax. The cash-flow reconciliation treats both the digital-asset loss and the derivatives gain as noncash adjustments, which means the net loss isn’t a measure of cash burn.
Cash burn is the $63.795 million of operating cash use. Different number, different question.
Both sides of the argument survive the quarter
Bulls get their evidence: mining added BTC faster than the share count grew, and per-share bitcoin exposure went up 10.52%.
Skeptics get theirs: first-half cash flows leaned hard on equity financing, and nearly two-fifths of the June reserve stays tied to miner-purchase commitments with Bitmain.
If you’re modeling this company, the line to watch next quarter isn’t the reserve total. It’s whether that 3,090 BTC restricted balance shrinks against the $371.687 million liability, or whether the next tranche of ATM proceeds is what keeps the lights on. Bitcoin is +0.47% over the past 24 hours and sits at rank #1 by market cap.
