American Bitcoin Corp (ABTC) Stock: Shares Rise as Revenue Hits $67 Million and Bitcoin Reserve Tops 8,000 BTC in Q2
TLDR
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ABTC shares rise 3.80% as Q2 revenue reaches $67 million and output hits a record.
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American Bitcoin mines a record 932 BTC as total reserves exceed 8,000 BTC.
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A $71.2 million digital asset loss pushes the miner to a $57.2 million loss.
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Mining gross profit reaches about $33 million while margins remain near 49%.
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Nearly 39% of American Bitcoin’s reserve remains pledged under Bitmain deals.
American Bitcoin Corp (ABTC) shares rose 3.80% to $5.73 by 12:49 p.m. EDT after a volatile morning rebound. The miner reported $67 million in second-quarter revenue and expanded its reserve to approximately 8,002 BTC. However, a $71.2 million digital asset loss pushed the company toward a $57.2 million net loss.
Digital Asset Loss Drives Quarterly Deficit
American Bitcoin recorded the digital asset charge within operating expenses during the second quarter. The charge declined from $117.2 million during the first quarter but still exceeded mining revenue. Meanwhile, depreciation and amortization added $28.2 million to total quarterly expenses.
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