Q2 2026 American Bitcoin Corp Earnings Call

August 3, 2026

Speaker #1: Good morning, and welcome to American Bitcoin's second quarter 2026 earnings call. Following prepared remarks, we will open the line for questions. As a reminder, this call is being recorded, and a transcript will be made available on ABTC.com.

Operator: Good morning, welcome to American Bitcoin's Q2 2026 Earnings Call. Following prepared remarks, we will open the line for questions. As a reminder, this call is being recorded and a transcript will be made available on abtc.com. Before we begin, please note that during this call, forward-looking statements will be made within the meaning of the Federal Securities Laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of the risks and uncertainties that could cause actual results and events to differ, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K for the fiscal year ending 31 December 2025, and its subsequent quarterly reports on Form 10-Q.

Speaker #1: Before we begin, please note that during this call, forward-looking statements will be made within the meaning of the federal securities laws. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially.

Speaker #1: For a detailed discussion of the risks and uncertainties that could cause actual results and events to differ, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2025, and its subsequent quarterly reports on Form 10-Q.

Speaker #1: American Bitcoin undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law.

Operator: American Bitcoin undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law. During this call, the company may also discuss certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the company's earnings release, which is available on the investor relations section of our website and was furnished with the Form 8-K filed with the SEC. I would now like to turn the call over to American Bitcoin's Chief Executive Officer, Michael Ho.

Speaker #1: During this call, the company may also discuss certain non-GAAP financial measures. A reconciliation of these measures to the most directly comparable GAAP measures is included in the company's earnings release, which is available on the investor relations section of our website and was furnished with the Form 8-K filed with the SEC.

Speaker #1: I would now like to turn the call over to American Bitcoin's Chief Executive Officer, Mike Ho.

Speaker #2: Thank you, and good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business.

Michael Ho: Thank you, and good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business, because it explains the decisions behind the results we will cover today. Our conviction is simple. We believe Bitcoin is a growing capital asset, and that its long-term compounding will outperform our cost of capital. At its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow. That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin's market cycles. At the same time, we are clear-eyed about the environment. Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural.

Mike Ho: Thank you, and good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business, because it explains the decisions behind the results we will cover today. Our conviction is simple. We believe Bitcoin is a growing capital asset, and that its long-term compounding will outperform our cost of capital. At its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow. That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin's market cycles. At the same time, we are clear-eyed about the environment. Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural.

Speaker #2: Because it explains the decisions behind the results we will cover today. Our conviction is simple: we believe Bitcoin is a growing capital asset, and that its long-term compounding will outperform our cost of capital.

Speaker #2: At its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow.

Speaker #2: That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin’s market cycles. At the same time, we are clear-eyed about the environment.

Speaker #2: Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural. On the cost side, competition for power has intensified as demand from other large-scale use cases grows. Bitcoin price declined during the quarter, which compressed mining revenue across the industry.

Michael Ho: On the cost side, competition for power has intensified as demand from other large-scale use cases grow. On the revenue side, the Bitcoin price declined during the quarter, which compressed mining revenue across the industry. The next halving will reduce block subsidy again. On the schedule, Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them. We believe the hallmark of an enduring business is the ability to create value across market cycles, and we view this stretch as a period of opportunistic growth for this company. Our conviction in Bitcoin's long-term adoption is unchanged, and we are continuing to evaluate opportunities in which we can improve our unit economics and grow our operating business. We will share more as those opportunities take shape. Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics.

Mike Ho: On the cost side, competition for power has intensified as demand from other large-scale use cases grow. On the revenue side, the Bitcoin price declined during the quarter, which compressed mining revenue across the industry. The next halving will reduce block subsidy again. On the schedule, Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them. We believe the hallmark of an enduring business is the ability to create value across market cycles, and we view this stretch as a period of opportunistic growth for this company. Our conviction in Bitcoin's long-term adoption is unchanged, and we are continuing to evaluate opportunities in which we can improve our unit economics and grow our operating business. We will share more as those opportunities take shape. Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics.

Speaker #2: And the next halving will reduce the block subsidy again, according to the schedule that Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them.

Speaker #2: We believe the hallmark of an enduring business is the ability to create value across market cycles, and we view this stretch as a period of opportunistic growth for this company.

Speaker #2: Our conviction in Bitcoin’s long-term adoption is unchanged, and we are continuing to evaluate opportunities to improve our unit economics and grow our operating business.

Speaker #2: We will share more as those opportunities take shape. Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics. Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle.

Michael Ho: Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle. To earn your confidence the only way it can be earned, through execution quarter after quarter. I will cover the quarter in three parts: the performance of the mining platform and our financial results, the growth of our strategic reserve and what it means per share, and our near-term priorities. With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth, and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin compared with 817 Bitcoin in Q1, an increase of approximately 14%. This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly 3 exahash of next-generation capacity. Q2 was the first quarter in which the site contributed at scale.

Mike Ho: Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle. To earn your confidence the only way it can be earned, through execution quarter after quarter. I will cover the quarter in three parts: the performance of the mining platform and our financial results, the growth of our strategic reserve and what it means per share, and our near-term priorities. With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth, and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin compared with 817 Bitcoin in Q1, an increase of approximately 14%. This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly 3 exahash of next-generation capacity. Q2 was the first quarter in which the site contributed at scale.

Speaker #2: And to earn your confidence the only way it can be earned—through execution, quarter after quarter. I will cover the quarter in three parts.

Speaker #2: The performance of the mining platform and our financial results, the growth of our strategic reserve, and what it means per share, and our near-term priorities.

Speaker #2: With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth, and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin, compared with 817 Bitcoin in the first quarter.

Speaker #2: An increase of approximately 14%. This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly 3 exahash of next-generation capacity.

Speaker #2: So, Q2 was the first quarter in which the site contributed at scale. Revenue was approximately $67 million in Q2, compared with $62.1 million in Q1.

Michael Ho: Revenue was approximately $67 million in Q2, compared with $62.1 million in Q1, an increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period end over period end from Q1, including a peak-to-trough decline of approximately 28% from 10 May to 26 June. The increase from Q1 was driven by higher production, the first quarter of Drumheller at scale, and a downward adjustment in network difficulty, not by a favorable price environment. Cost of revenue was approximately $34 million, compared with $29.6 million in Q1. Gross profit was approximately $33 million in Q2, compared with $32.5 million in Q1, and gross margin was approximately 49% in Q2, compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure.

Mike Ho: Revenue was approximately $67 million in Q2, compared with $62.1 million in Q1, an increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period end over period end from Q1, including a peak-to-trough decline of approximately 28% from 10 May to 26 June. The increase from Q1 was driven by higher production, the first quarter of Drumheller at scale, and a downward adjustment in network difficulty, not by a favorable price environment. Cost of revenue was approximately $34 million, compared with $29.6 million in Q1. Gross profit was approximately $33 million in Q2, compared with $32.5 million in Q1, and gross margin was approximately 49% in Q2, compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure.

Speaker #2: An increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period-end over period-end from Q1. This included a peak-to-trough decline of approximately 28% from May 10 to June 26.

Speaker #2: The increase from Q1 was driven by higher production in the first quarter of Drumheller at scale and a downward adjustment in network difficulty, not by a favorable price environment.

Speaker #2: Cost of revenue was approximately $34 million, compared with $29.6 million in Q1. Gross profit was approximately $33 million in Q2, compared with $32.5 million in Q1.

Speaker #2: Gross margin was approximately 49% in Q2, compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure.

Speaker #2: The increase in cost of revenue quarter over quarter was primarily driven by marginally higher energy costs at selective sites. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1.

Michael Ho: The increase in cost of revenue quarter-over-quarter was primarily driven by marginally higher energy costs at selective sites. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1, and remained roughly flat as a percentage of revenue at approximately 11% quarter-over-quarter. On a GAAP basis, net loss for the quarter was approximately $57.2 million, compared with a net loss of $81.8 million in Q1. The result includes a loss on digital assets of $71.2 million, compared with a $117.2 million loss in Q1. That reflects the required fair value measurement of Bitcoin we continue to hold, an accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity, of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash.

Mike Ho: The increase in cost of revenue quarter-over-quarter was primarily driven by marginally higher energy costs at selective sites. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1, and remained roughly flat as a percentage of revenue at approximately 11% quarter-over-quarter. On a GAAP basis, net loss for the quarter was approximately $57.2 million, compared with a net loss of $81.8 million in Q1. The result includes a loss on digital assets of $71.2 million, compared with a $117.2 million loss in Q1. That reflects the required fair value measurement of Bitcoin we continue to hold, an accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity, of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash.

Speaker #2: And remained roughly flat as a percentage of revenue, at approximately 11% quarter over quarter. On a GAAP basis, net loss for the quarter was approximately $57.2 million, compared with a net loss of $81.8 million in Q1.

Speaker #2: The result includes a loss on digital assets of $71.2 million, compared with a $117.2 million loss in Q1. That reflects the required fair value measurement of Bitcoin we continue to hold.

Speaker #2: An accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity.

Speaker #2: Of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash. Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1.

Michael Ho: Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1. That compares with a Bitcoin price decline of approximately 12% over the same period on a period end basis. In other words, revenue per Bitcoin held up better than the price move. With record quarterly production on top of it, total revenue still grew approximately 8%. Production, not price, drove our growth this quarter. Cost to mine was approximately $36,500 per Bitcoin, compared with approximately $36,200 in Q1, an increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business. Holding our unit cost roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites.

Mike Ho: Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1. That compares with a Bitcoin price decline of approximately 12% over the same period on a period end basis. In other words, revenue per Bitcoin held up better than the price move. With record quarterly production on top of it, total revenue still grew approximately 8%. Production, not price, drove our growth this quarter. Cost to mine was approximately $36,500 per Bitcoin, compared with approximately $36,200 in Q1, an increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business. Holding our unit cost roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites.

Speaker #2: That compares with the Bitcoin price decline of approximately 12% over the same period on a period-end basis. In other words, revenue per Bitcoin held up better than the price move, and with record quarterly production on top of it.

Speaker #2: Total revenue still grew approximately 8%. Production, not price, drove our growth this quarter. Cost to mine was approximately $36,500 per Bitcoin, compared with approximately $36,200 in Q1.

Speaker #2: An increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business.

Speaker #2: And holding our unit cost roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites. Looking ahead, summer conditions can affect production and power economics.

Michael Ho: Looking ahead, summer conditions can affect production and power economics, particularly in Texas. We will continue to focus on optimizing for economic output rather than simply maximizing uptime. Next, let me turn to the strategic reserve. We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, growth of nearly 1,000 Bitcoin or roughly 14% in a single quarter. That growth reflects how our accumulation model is built. Mine production is the foundation, supplemented by strategic at-market purchases when we believe they are accretive. This quarter, the increase came primarily from mine production, supplemented by approximately $4 million of strategic at-market purchases. We did not sell a single Bitcoin from our balance sheet reserve. Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount. Purchases are opportunistic.

Mike Ho: Looking ahead, summer conditions can affect production and power economics, particularly in Texas. We will continue to focus on optimizing for economic output rather than simply maximizing uptime. Next, let me turn to the strategic reserve. We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, growth of nearly 1,000 Bitcoin or roughly 14% in a single quarter. That growth reflects how our accumulation model is built. Mine production is the foundation, supplemented by strategic at-market purchases when we believe they are accretive. This quarter, the increase came primarily from mine production, supplemented by approximately $4 million of strategic at-market purchases. We did not sell a single Bitcoin from our balance sheet reserve. Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount. Purchases are opportunistic.

Speaker #2: Particularly in Texas, we will continue to focus on optimizing for economic output rather than simply maximizing uptime. Next, let me turn to the strategic reserve.

Speaker #2: We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, a growth of nearly 1,000 Bitcoin, or roughly 14% in a single quarter.

Speaker #2: That growth reflects how our accumulation model is built. Mined production is the foundation, supplemented by strategic, at-market purchases when we believe they are accretive.

Speaker #2: This quarter, the increase came primarily from mined production, supplemented by approximately $4 million of strategic at-market purchases. And we did not sell a single Bitcoin from our balance sheet reserve.

Speaker #2: Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount. Purchases are opportunistic. We weigh liquidity, market conditions, and our cost of capital.

Michael Ho: We weigh liquidity, market conditions, and our cost of capital. When those factors do not support per share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price. Fair value accounting will make that movement visible in the income statement each quarter. Our operating policy is not based on that quarterly mark. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per share figures. All per share comparisons today are presented on a consistent basis with prior periods restated to match. A quick reminder on terminology. Satoshis per share and Bitcoin per share measure the same thing. One Bitcoin equals 100 million Satoshis, so the difference is simply one of scale.

Mike Ho: We weigh liquidity, market conditions, and our cost of capital. When those factors do not support per share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price. Fair value accounting will make that movement visible in the income statement each quarter. Our operating policy is not based on that quarterly mark. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per share figures. All per share comparisons today are presented on a consistent basis with prior periods restated to match. A quick reminder on terminology. Satoshis per share and Bitcoin per share measure the same thing. One Bitcoin equals 100 million Satoshis, so the difference is simply one of scale.

Speaker #2: And when those factors do not support per-share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price, and fair value accounting will make that movement visible in the income statement each quarter.

Speaker #2: Our operating policy is not based on that quarterly mark. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per-share figures.

Speaker #2: All per-share comparisons today are presented on a consistent basis, with prior periods restated to match. And a quick reminder on terminology: Satoshis per share and Bitcoin per share measure the same thing.

Speaker #2: One Bitcoin equals 100 million satoshis, so the difference is simply one of scale. At quarter end, satoshis per share stood at approximately 11,000, compared with approximately 9,950 as of March 31.

Michael Ho: At quarter end, Satoshis per share stood at approximately 11,000, compared with approximately 9,950 as of 31 March, growth of approximately 11% in a single quarter. Since our Nasdaq listing on 3 September 2025, Satoshis per share has grown approximately 170%. Satoshis per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count. Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program. We do not view share issuance as an end in itself. It must be evaluated against the value received, the deployment opportunity, liquidity needs, and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance. When they are, the ATM gives us flexible capital without a fixed financing calendar.

Mike Ho: At quarter end, Satoshis per share stood at approximately 11,000, compared with approximately 9,950 as of 31 March, growth of approximately 11% in a single quarter. Since our Nasdaq listing on 3 September 2025, Satoshis per share has grown approximately 170%. Satoshis per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count. Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program. We do not view share issuance as an end in itself. It must be evaluated against the value received, the deployment opportunity, liquidity needs, and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance. When they are, the ATM gives us flexible capital without a fixed financing calendar.

Speaker #2: Growth of approximately 11% in a single quarter. Since our NASDAQ listing on September 3, 2025, Satoshi’s per share has grown approximately 170%. Satoshi’s per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count.

Speaker #2: Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program. We do not view share issuance as an end in itself.

Speaker #2: It must be evaluated against the value received, the deployment opportunity, liquidity needs, and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance.

Speaker #2: When they are, the ATM gives us flexible capital without a fixed financing calendar. Before I hand the call over, let me leave you with our near-term priorities.

Michael Ho: Before I hand the call over, let me leave you with our near-term priorities. We remain focused on our core business, running an efficient mining platform and growing our Bitcoin ownership per share. We are not stepping back from our thesis. We are doubling down on it, on Bitcoin, and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute. On a more personal note, our President and interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin. For many of us, our relationship with Matt goes back more than 10 years, long before American Bitcoin existed. Through the US Bitcoin Corp days, to our merger with Hut 8, then through ABTC's launch, and everything we have built together since.

Mike Ho: Before I hand the call over, let me leave you with our near-term priorities. We remain focused on our core business, running an efficient mining platform and growing our Bitcoin ownership per share. We are not stepping back from our thesis. We are doubling down on it, on Bitcoin, and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute. On a more personal note, our President and interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin. For many of us, our relationship with Matt goes back more than 10 years, long before American Bitcoin existed. Through the US Bitcoin Corp days, to our merger with Hut 8, then through ABTC's launch, and everything we have built together since.

Speaker #2: We remain focused on our core business—running an efficient mining platform and growing our Bitcoin ownership per share. We are not stepping back from our thesis.

Speaker #2: We are doubling down on it—on Bitcoin and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute.

Speaker #2: On a more personal note, our President and Interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin.

Speaker #2: For many of us, our relationship with Matt goes back more than 10 years—long before American Bitcoin existed. Through the US Bitcoin Corp days, to our merger with Hut 8, then through ABTC's launch, and everything we have built together since.

Speaker #2: Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin, and any team member's success is a feather in all of our caps.

Michael Ho: Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin, and any team member's success is a feather in all of our caps. He will remain in his role through 4 August to support a smooth transition, and Paul Sachs, our head of derivatives, will step in as interim chief financial officer. Matt, thank you. Congratulations, and all of us are excited for you as you begin this next chapter. With that, I will turn the call over to our Chief Strategy Officer, Eric Trump.

Mike Ho: Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin, and any team member's success is a feather in all of our caps. He will remain in his role through 4 August to support a smooth transition, and Paul Sachs, our head of derivatives, will step in as interim chief financial officer. Matt, thank you. Congratulations, and all of us are excited for you as you begin this next chapter. With that, I will turn the call over to our Chief Strategy Officer, Eric Trump.

Speaker #2: He will remain in his role through August 4 to support a smooth transition, and Paul Sachs, our head of derivatives, will step in as interim chief financial officer.

Speaker #2: Matt, thank you. Congratulations, and all of us are excited for you as you begin this next chapter. With that, I will turn the call over to our Chief Strategy Officer, Eric Trump.

Speaker #1: Thank you, Mike. And good morning, everybody. I want to step back and talk about what this team has built, because it's worth remembering how far this company has come in such an incredibly short period of time.

Eric Trump: Thank you, Mikey. Good morning, everybody. I want to step back and talk about what this team has built because it's worth remembering how far this company has come in such an incredibly short period of time. Just over 16 months ago, American Bitcoin did not exist. We launched ABTC on 31 March 2025, mining with roughly 10 exahash of capacity. Within months, we completed an oversubscribed private raise of approximately $220 million. Just five months later, on 3 September 2025, we went public on the Nasdaq. Hard to believe that was exactly 11 months ago from today. On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on Earth. From there, this team kept building. We scaled the fleet to approximately 25 exahash.

Eric Trump: Thank you, Mike. Good morning, everybody. I want to step back and talk about what this team has built because it's worth remembering how far this company has come in such an incredibly short period of time. Just over 16 months ago, American Bitcoin did not exist. We launched ABTC on 31 March 2025, mining with roughly 10 exahash of capacity. Within months, we completed an oversubscribed private raise of approximately $220 million. Just five months later, on 3 September 2025, we went public on the Nasdaq. Hard to believe that was exactly 11 months ago from today. On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on Earth. From there, this team kept building. We scaled the fleet to approximately 25 exahash.

Speaker #1: Just over 16 months ago, American Bitcoin did not exist. We launched ABTC on March 31, 2025, mining with roughly 10 exahash capacity. Within months, we completed an oversubscribed private raise of approximately $220 million.

Speaker #1: Just five months later, on September 3, 2025, we went public on the NASDAQ. Hard to believe that was exactly eleven months ago from today.

Speaker #1: On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on Earth. From there, this team kept building.

Speaker #1: We scaled the fleet to approximately 25 exahash. We ended 2025 with 5,401 bitcoin and moved into the top 20 publicly traded bitcoin companies anywhere in the world.

Eric Trump: We ended 2025 with 5,401 Bitcoin and moved into the top 20 publicly traded Bitcoin companies anywhere in the world. We continue to grow. In Q1 of this year, our reserve topped 7,000 Bitcoin, and we continue to increase our compute, energizing our Drumheller site, which was fully online by Q2. This resulted in more growth, approximately 28.1 exahash per second, nearly three times the compute from our launch date. Almost 90,000 mining machines of owned capacity working around the clock. We ended Q2 of this year with 8,002 Bitcoin in our strategic reserve. This number makes us the 16th largest publicly traded Bitcoin company in the world. Every day we continue to grow. Every day we continue to build. Today we sit on approximately 8,300 Bitcoin in our treasury.

Speaker #1: We continued to grow. In the first quarter of this year, our reserve topped 7,000 Bitcoin. And we continued energizing our Drumheller site, which was fully online by the second quarter.

Speaker #1: This resulted in more growth—approximately 28.1 exahash per second, nearly three times the compute from our launch date. Almost 90,000 mining machines of owned capacity working around the clock.

Speaker #1: We ended Q2 of this year with 8,002 Bitcoin in our strategic reserve. This number makes us the 16th largest publicly traded Bitcoin company in the world.

Speaker #1: Every day we continue to grow. Every day we continue to build. And today, we sit on approximately 8,300 Bitcoin in our treasury—from zero to roughly 8,300 Bitcoin.

Eric Trump: From zero to roughly 8,300 Bitcoin, 28 exahash, and almost 90,000 mining machines in a little over 16 months. From a non-existent company to the 16th largest Bitcoin company on Earth in a little over 16 months. On our last call, I told you we are focused on two races, accumulating the most Bitcoin and doing it at the lowest possible cost. This quarter, through an extremely volatile market, a market where the price of Bitcoin is down almost 50% from all-time highs, we kept singular focus on both. Despite price compression, every quarter since our launch, our gross margin has held at approximately 49% or higher, including this quarter. That's an astonishing statistic. Nearly 50% gross margin despite a period of declining Bitcoin price. That's what makes American Bitcoin, and that's what makes what we have built so incredibly unique.

Speaker #1: 28 exahash, and almost 90,000 mining machines in a little over 16 months. From a non-existent company to the 16th largest Bitcoin company on Earth.

Speaker #1: In a little over 16 months. On our last call, I told you we were focused on two races: accumulating the most Bitcoin and doing it at the lowest possible cost.

Speaker #1: This quarter, through an extremely volatile market—a market where the price of Bitcoin is down almost 50% from all-time highs—we kept a singular focus on both.

Speaker #1: Despite price compression, every quarter since our launch, our gross margin has held at approximately 49% or higher—including this quarter. That's an astonishing statistic.

Speaker #1: Nearly 50% gross margin, despite a period of declining Bitcoin price. That's what makes American Bitcoin—and that's what makes what we have built so incredibly unique.

Speaker #1: Bitcoin does not move in a straight line, and we've never built this company assuming it would. We understand the headwinds faced by this industry this year.

Eric Trump: Bitcoin does not move in a straight line, and we've never built this company assuming it would. We understand the headwinds faced by this industry this year, but our conviction is unchanged. Bitcoin's global adoption is happening every single day on every corner of the Earth, and we believe continuing to build thoughtfully through challenging markets is exactly what positions us to capture Bitcoin's potential upside on the other side. We are building this company designed to endure decades. This is our singular mission. I want to thank everyone across the American Bitcoin team who has delivered this quarter. This progress belongs to our shareholders as much as it does to our team. Our management and largest holders are invested in this company's success alongside the rest of our shareholders, and we intend to keep building, delivering, and earning that trust every quarter. To Matt, congratulations, my friend.

Speaker #1: But our conviction is unchanged. Bitcoin's global adoption is happening every single day, in every corner of the Earth. We believe that continuing to build thoughtfully through challenging markets is exactly what positions us to capture Bitcoin's potential upside on the other side.

Speaker #1: We are building this company to endure for decades. This is our singular mission. I want to thank everyone across the American Bitcoin team who has delivered this quarter.

Speaker #1: This progress belongs to our shareholders as much as it does to our team. Our management and the largest holders are invested in this company's success alongside the rest of our shareholders.

Speaker #1: And we intend to keep building, delivering, and earning that trust every quarter. And to Matt, congratulations, my friend. Matt has really poured himself into this company from the day we launched, and everyone on the American Bitcoin team is excited for him as he begins his new chapter in Austin.

Eric Trump: Matt has really poured himself into this company from the day we launched, and everyone on the American Bitcoin team is excited for him as he begins his new chapter in Austin. He will always be a big part of our incredible story. With that operator, we're happy to take any questions.

Speaker #1: He will always be a big part of our incredible story. With that, operator, we're happy to take any questions.

Speaker #3: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star, then the number one, on your telephone keypad to raise your hand and join the queue.

Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star then the number 1 on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star 1 again. Once again, to ask a question at this time, press star then the number 1 on your telephone keypad. Your first question comes from Greg Lewis with BTIG. Your line is open.

Speaker #3: If you would like to withdraw your question, simply press star one again. Once again, to ask a question at this time, press star, then the number one on your telephone keypad.

Speaker #3: Your first question comes from Greg Lewis with BTIG. Your line is open.

Speaker #2: Yeah, hey. Thank you, and good morning. And thanks for taking my questions. You know, Michael, I was hoping that you could talk a little bit more.

Greg Lewis: Yeah. Hey, thank you and good morning and thanks for taking my questions. Michael, I was hoping that you could talk a little bit more, now that the facility is up and running, how are we thinking about the future build-outs of self-mining here over the next 12 to 24 months?

Speaker #2: You know, now that the facility is up and running, you know, kind of how are we thinking about the future build-outs of self-mining here?

Speaker #2: You know, over the next 12 to 24 months.

Speaker #4: Good morning, Greg, and thanks for the question. I'll be candid—this is very apparent in today's macro environment when it comes to energy.

Michael Ho: Good morning, Greg, thanks for the question. I'll be candid, this is very apparent in today's macro environment when it comes to energy, when it comes to site availability. There is 1,000 gigawatts, roughly 1,000 gigawatts of total generation in the US, and 800 gigawatts is the peak. There's 200 gigawatts of excess power that companies like us, other developers are working on front-of-the-meter interconnects and tapping into that allocation. Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power. Electrons are fungible. It's the same power that is being used for AI data centers, and the market has become increasingly competitive. The value of these sites, the bids have become a lot more competitive given the economics of the AI data centers.

Mike Ho: Good morning, Greg, thanks for the question. I'll be candid, this is very apparent in today's macro environment when it comes to energy, when it comes to site availability. There is 1,000 gigawatts, roughly 1,000 gigawatts of total generation in the US, and 800 gigawatts is the peak. There's 200 gigawatts of excess power that companies like us, other developers are working on front-of-the-meter interconnects and tapping into that allocation. Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power. Electrons are fungible. It's the same power that is being used for AI data centers, and the market has become increasingly competitive. The value of these sites, the bids have become a lot more competitive given the economics of the AI data centers.

Speaker #4: When it comes to site availability, there is roughly 1,000 gigawatts of total generation in the US, and 800 gigawatts is the peak.

Speaker #4: So there's 200 gigawatts of excess power that companies like us and other developers are working on, with front-of-the-meter interconnects and tapping into that allocation.

Speaker #4: Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power. Electrons are fungible—it's the same power that is being used for AI data centers.

Speaker #4: And the market has become increasingly competitive. The value of these sites—the bids have become a lot more competitive, given the economics of the AI data centers.

Speaker #4: We continue to source the silver linings of site availability, as we've demonstrated in the past when it came to looking for renewables in congested areas.

Michael Ho: We continue to source the silver linings of site availability, as we've demonstrated in the past when it came to looking for renewables in congested areas. We believe that we can still continue to find competitive sites, we'll update more in the coming quarters.

Mike Ho: We continue to source the silver linings of site availability, as we've demonstrated in the past when it came to looking for renewables in congested areas. We believe that we can still continue to find competitive sites, we'll update more in the coming quarters.

Speaker #4: We believe that we can still continue to find competitive sites, and we will update in the coming quarters.

Speaker #2: Okay. Super, super helpful. And then I was just hoping, you know, obviously super focused on, you know, what's happening in the from a legislation perspective.

Greg Lewis: Okay. Super helpful. Then I was just hoping, obviously super focused on what's happening from a legislation perspective. I was kind of wondering, as we sit here in early August, how are you thinking about positioning the company into progress around the CLARITY Act?

Speaker #2: I was kind of wondering, as we sit here in early August, how are you thinking about positioning the company in terms of progress around the Clarity Act?

Speaker #4: What we control are operating metrics. This was a quarter that we've mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price, given our increased production.

Michael Ho: What we control are our operating metrics. This was a quarter that we mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price, given our increased production. Bitcoin decreased this quarter by double digits, we still held our gross margin percentage almost around 50%. The CLARITY Act and regulations go beyond our scope and our purview. It's out of our control, we are monitoring the progress, we hope it gets passed soon. It helps Bitcoin, it helps every participant. In the meantime, we're only able to focus on what we could control, that's our operations.

Mike Ho: What we control are our operating metrics. This was a quarter that we mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price, given our increased production. Bitcoin decreased this quarter by double digits, we still held our gross margin percentage almost around 50%. The CLARITY Act and regulations go beyond our scope and our purview. It's out of our control, we are monitoring the progress, we hope it gets passed soon. It helps Bitcoin, it helps every participant. In the meantime, we're only able to focus on what we could control, that's our operations.

Speaker #4: Bitcoin decreased this quarter by double digits, and we still held our gross margin percentage at almost 50%. The Clarity Act and regulations go beyond our scope and purview.

Speaker #4: It's out of our control. And we are monitoring the progress. And we hope it's passed soon. It helps Bitcoin. It helps every participant. But in the meantime, we are only able to we're only able to focus on what we can control.

Speaker #4: And that's our operations.

Speaker #2: Okay, that's super helpful. Thanks very much.

Greg Lewis: Okay. That's super helpful. Thanks very much.

Speaker #3: Once again, to ask a question at this time, please press star, then the number one on your telephone keypad. Your next question comes from Matthew Galinko with Maxim Group.

Operator: Once again, to ask a question at this time, please press star one on your telephone keypad. Your next question comes from Matthew Galinko with Maxim Group. Your line is open.

Speaker #3: Your line is open.

Speaker #5: Hey, thanks for taking my questions, and congrats to Matt. Maybe, firstly, I'm hoping you could maybe talk about your pulse on the network hash rate.

Matthew Galinko: Hey, thanks for taking my questions and congrats to Matt. Maybe firstly, I'm hoping you could maybe talk about your pulse on the network hash rate, how responsive other miners have been, in your view, to this price environment, and what you expect from the other miner behavior as we move into the halving.

Speaker #5: How responsive have other miners been, in your view, to this price environment? And what do you expect from the behavior of other miners as we move into the halving?

Speaker #4: That's a great question, Matt. What we've seen is what we've seen is a stable or decreasing overall network hash rate. Environments. What the numbers show is about a third of the Bitcoin network was primarily driven by US public companies.

Michael Ho: That's a great question, Matt. What we've seen is a stable or decreasing overall network hash rate environment. What the numbers show is about a third of the Bitcoin network was primarily driven by US public companies, some of our peers. Our peers have, in the recent quarters, have all pivoted existing Bitcoin mining sites and have signed or are in the process of signing AI data center sites. These are typically long-durated, 10, 15, sometimes longer terms. Once that hash rate comes offline, that rack space no longer is available, even if we see improved hash prices and the economics of Bitcoin mining improve from here. What that means is this is a more of a permanent environment where those machines are coming off the network and won't make its way back on.

Mike Ho: That's a great question, Matt. What we've seen is a stable or decreasing overall network hash rate environment. What the numbers show is about a third of the Bitcoin network was primarily driven by US public companies, some of our peers. Our peers have, in the recent quarters, have all pivoted existing Bitcoin mining sites and have signed or are in the process of signing AI data center sites. These are typically long-durated, 10, 15, sometimes longer terms. Once that hash rate comes offline, that rack space no longer is available, even if we see improved hash prices and the economics of Bitcoin mining improve from here. What that means is this is a more of a permanent environment where those machines are coming off the network and won't make its way back on.

Speaker #4: Some of our peers. Our peers have in the recent quarters have all pivoted existing Bitcoin mining sites and have signed or in the process of signing AI data center long-durated 10, 15, sometimes longer terms.

Speaker #4: And once that hash rate comes offline, that rackspace no longer is available, even if we see improved hash prices and the economics of Bitcoin here.

Speaker #4: What that means is, this is more of a permanent environment where those machines are coming off the network and won't make their way back on, which is why we've seen, over the last few quarters, hashrate has maintained or decreased, allowing us to increase our production for the same participation of the network.

Michael Ho: Which is why we've seen over the last few quarters, hash rate has maintained or decreased, allowing us to increase our production for the same participation of the network.

Mike Ho: Which is why we've seen over the last few quarters, hash rate has maintained or decreased, allowing us to increase our production for the same participation of the network.

Speaker #2: Thank you. And maybe

Matthew Galinko: Thank you. Maybe as a follow-up to that question, I know you talked about the difficulty in sourcing additional sites, but do you have a sense for what the pipeline of unique sites that are appropriate for Bitcoin mining and not HPC or inference looks like? What do you think about opportunities for sourcing sites, and what's appropriate given your scale of operations versus where you could find sites that aren't necessarily suitable for AI?

Speaker #5: as a follow-up to that question, I know you talked about the difficulty in sourcing. You know, additional sites. But, you know, do you have a sense for what the pipeline of unique sites that are appropriate for Bitcoin mining and not HPC or inference looks like?

Speaker #5: Or, you know, what do you think about opportunities for sourcing sites? And what's appropriate, given your scale of operations, versus where you could find sites that aren't necessarily suitable for AI?

Speaker #4: Yeah, again, that's a great question, and I'll give you the simple answer to that. It really comes down to latency. Bitcoin mining is location agnostic. As we've seen with recent AI data centers moving away from the tier-one availability zones, like Northern Virginia and Atlanta, AI data centers are also open to new markets.

Michael Ho: Yeah. Again, that's a great question, and I'll give you the simple answer to that, and it really comes down to latency. Latency, Bitcoin mining is location agnostic, as we've seen with recent AI data centers moving away from the Tier 1 AZs like Northern Virginia, Atlanta. AI data centers are also open to new markets. Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install a Starlink. We're able to mine Bitcoin with very low bandwidth. Even if the power is available for AI offtake, they still require fiber, dark fiber in most cases, and fiber takes time to build to bring to these more rural areas. That is the market that we're tapping and we continue to monitor for our new expansion sites.

Mike Ho: Yeah. Again, that's a great question, and I'll give you the simple answer to that, and it really comes down to latency. Latency, Bitcoin mining is location agnostic, as we've seen with recent AI data centers moving away from the Tier 1 AZs like Northern Virginia, Atlanta. AI data centers are also open to new markets. Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install a Starlink. We're able to mine Bitcoin with very low bandwidth. Even if the power is available for AI offtake, they still require fiber, dark fiber in most cases, and fiber takes time to build to bring to these more rural areas. That is the market that we're tapping and we continue to monitor for our new expansion sites.

Speaker #4: So Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install Starlink.

Speaker #4: We're able to mine Bitcoin with very low bandwidth. Even if the power is available for AI offtake, they still require fiber—dark fiber in most cases.

Speaker #4: And fiber takes time to build, to bring to these more rural areas. That is the market that we're tapping, and we continue to monitor for our new expansion sites.

Speaker #2: Thanks. And if I could sneak

Matthew Galinko: Thanks. If I could sneak one additional question in, and then I'll jump back in the queue. Just I guess we've seen a bit of an evolution, whether from large scale Bitcoin miners taking on proactive treasury management or the last quarter, we've seen strategy take on kind of a different bent towards managing their treasury. Maybe just go back over what your North Star is. Is it Bitcoin per share? Given some of the changes we've seen across the industry, do you see the opportunity of leaning into equity repurchases, perhaps through the sale of Bitcoin to fund that as a potential opportunity for driving economics and returns for the business? Or maybe talk about some of the levers you have and how you're evaluating them. Thank you.

Speaker #5: One additional question, and then I'll jump back in the queue. Just, you know, I guess we've seen a bit of an evolution, whether from large-scale Bitcoin miners taking on proactive treasury management or, you know, the last quarter we've seen strategy take on kind of a different bend towards managing their treasury.

Speaker #5: Maybe just go back over what your North Star is. Is it Bitcoin per share? And given some of the changes we've seen across the industry, do you see the opportunity of leaning into equity repurchases?

Speaker #5: Perhaps through the sale of Bitcoin to fund that as a potential opportunity for driving economics and returns to the business? Or maybe talk about some of the levers you have and how you're evaluating them.

Speaker #5: Thank you.

Speaker #4: Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. And going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star—being increasing Bitcoin per share.

Michael Ho: Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. Going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star being increasing Bitcoin per share. Outside of treasury management and being opportunistic and being able to make open market purchases, we have a very profitable operating business that has remained true to our thesis that even in challenged times with headwinds of the Bitcoin price environment, we're able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market.

Mike Ho: Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. Going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star being increasing Bitcoin per share. Outside of treasury management and being opportunistic and being able to make open market purchases, we have a very profitable operating business that has remained true to our thesis that even in challenged times with headwinds of the Bitcoin price environment, we're able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market.

Speaker #4: Outside of treasury management and being opportunistic and being able to make open market purchases, we have a very profitable operating business that has remained true to our thesis—that even in challenged times, with the headwinds of the Bitcoin price environment, we’re able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market.

Speaker #3: This concludes the question and answer session. I'd like to turn the call back over to Eric Trump for any closing remarks.

Operator: This concludes the question and answer session. I'd like to turn the call back over to Eric Trump for any closing remarks.

Speaker #4: Well, guys, thank you. Greg, you know, Matt, thanks a lot for the question. I see a lot of we have a lot of analysts on the call today, so many of them have been so great.

Eric Trump: Well, guys, thank you. Greg, Matt, thanks a lot for the question. We have a lot of analysts on the call today. Many of them have been so great. Ben, Brian, I see you guys up here on the screen in front of me. Guys, we started this company 16 months ago. We've been public exactly 11 months today. It's kind of hard to believe. Literally, as we sit here right now, 11 months ago, we were ringing the bell on the Nasdaq exactly 11 months ago. You look at what we've created. We've created the 16th largest public Bitcoin treasury company in the world. In 11 months, we've gotten to that point. We're holding at almost 50% gross margins. If you look at it, Bitcoin is down 50% from its peak roughly, and yet we're holding at 50% gross margins.

Speaker #4: Ben, Bryan, I see you guys up here on the screen in front of me. You know, guys, we started this company 16 months ago.

Speaker #4: We've been public exactly 11 months today. It's kind of hard to believe as we sit here literally as we sit here right now, 11 months ago, we were ringing the, you know, the bell on the NASDAQ exactly 11 months ago.

Speaker #4: And you look at what we've created. I mean, we've created the 16th largest public Bitcoin treasury company in the world; in 11 months, we've gotten to that point.

Speaker #4: You know, we're holding at almost 50% gross margins. I mean, if you look at it, Bitcoin is down roughly 50% from its peak.

Speaker #4: And yet we're holding at 50% gross margins. I mean, name another company in the world that can do that. And I think, you know, for all of us here, we've done everything right.

Eric Trump: Name another company in the world that can do that. I think for all of us here, we've done everything right. We have almost 90,000 miners, 28 exahash. We have some of the cheapest power anywhere. Our Bitcoin stack is growing and growing. Obviously, as difficulties come down, that helps. Obviously, we've brought a lot of power onto market. We're doing a phenomenal job. Our average cost right now to mine a Bitcoin is roughly $36,000. Name another industry that wouldn't absolutely die for 49% profit margins. I'm incredibly proud of this team. What we've accomplished in this period of time is nothing short of spectacular. I think where I somewhat get annoyed is that we get lumped in the same bucket with DATs.

Speaker #4: We have almost 90,000 miners, 28 exa-hash. We have some of the cheapest power anywhere. You know, our Bitcoin stack is growing and growing.

Speaker #4: Obviously, it has difficulty come down. That's helped. But obviously, we've brought a lot of power onto market. We're doing a phenomenal job. But our average cost right now to mine a Bitcoin is roughly $36,000.

Speaker #4: Name another industry that wouldn't absolutely die for, you know, 49% profit margins. And so, I'm incredibly proud of this team. What we've accomplished in this period of time is nothing short of spectacular.

Speaker #4: I think where I somewhat get annoyed is that we get lumped in the same bucket with DApps. You know, DApps are stagnant—DApps that have to go out and buy Bitcoin and other cryptocurrencies at kind of fair market price.

Eric Trump: DATs that are stagnant, DATs that have to go out and buy Bitcoin and other cryptocurrencies at kind of fair market price. Our advantage is we're not buying at fair market price. Our advantage is that we're mining for roughly $0.50 on the dollar. I think this is a company that is just going to continue to do extremely well. Again, despite your price compression, despite price falling by 50%, we're maintaining the same margin as we have since the day that we founded this business. Revenue grew 8% this quarter, Bitcoin was down 12% that quarter. No one else in the crypto space, no one else in the Bitcoin space can tell our story. When I look at this incredibly lean team, we run some of the lowest SG&A in the industry. We maintain incredible cost discipline because we believe in Bitcoin.

Speaker #4: You know, our advantage is we're not buying at fair market price. Our advantage is that we're mining for roughly 50 cents on the dollar.

Speaker #4: And I think this is a company that, you know, is just going to continue to do extremely well. Again, despite our price compression—despite prices falling by 50%—we're maintaining the same margin as we have since the day that we founded this business.

Speaker #4: You know, revenue grew 8% this quarter, and Bitcoin was down 12% that quarter. No one else in the crypto space—no one else in the Bitcoin space—can tell our story.

Speaker #4: And so, when I look at this incredibly lean team, you know, we run some of the lowest SG&A costs in the industry. We maintain incredible, incredible cost discipline because we believe in Bitcoin.

Speaker #4: We want our treasury to grow; this is the asset that we believe in. I'm just incredibly, you know, proud. We've kept a lean team.

Eric Trump: We want our treasury to grow. This is the asset that we believe in. I'm just incredibly proud. We've kept a lean team. We've executed on our vision impeccably well. We've maintained margin. We've continued to grow our treasury despite probably the toughest environment or one of the toughest environments crypto has ever seen. I just think we, more than any company out there, are so well-positioned on the other side of this bell curve. We are absolute Bitcoin maximalists. You see what's happening around the world every single day. You see what's happening with the largest financial institutions in this country, whether it be the Charles Schwab or whether it be the Fidelity or the BlackRock. You see what's happening all around the world with the adoption of cryptocurrencies, but mainly Bitcoin. Bitcoin is obviously still leading the way.

Speaker #4: We've executed on our vision impeccably well. We've maintained margin. We've continued to grow our treasury, despite probably the toughest environment—or one of the toughest environments—crypto has ever seen.

Speaker #4: And I just think we, more than any company out there, are so well positioned on the other side of this bell curve, and we are absolute Bitcoin maximalists.

Speaker #4: You see what's happening around the world every single day. You see what's happening with the largest financial institutions in this country, whether it be the Charles Schwabs, or whether it be the Fidelities or the BlackRocks. You see what's happening all around the world with the adoption of cryptocurrencies.

Speaker #4: But mainly, mainly Bitcoin. I mean, Bitcoin is obviously still leading the way—cryptocurrency in general. But Bitcoin has such an incredible future. You know, we keep becoming stronger and stronger and stronger.

Eric Trump: Cryptocurrency in general, Bitcoin has such an incredible future. We keep becoming stronger and stronger and stronger. This is truly our life's work and our life's mission. What we've developed in 11 months is something that no other team anywhere on Earth could have pulled together. Our future is incredibly bright. This is just the beginning. We're not going to slow down at all. In fact, we're accelerating in a time when so many other companies are slowing down. I think that's a huge strategic advantage that we have as a company versus so many. So many other of these DATs are just kind of dead in the water. They're just sitting there kind of floating around, not doing a whole lot, have nothing exciting to announce. The cost of being public is eating them alive.

Speaker #4: And this is truly, you know, our life's work and our life's mission. And what we've developed in 11 months is something that no other team anywhere on Earth could have pulled together.

Speaker #4: And so, our future is incredibly bright. This is just the beginning. We're not going to slow down at all. In fact, we're accelerating at a time when so many other companies are slowing down.

Speaker #4: And I think that's a huge strategic advantage that we have as a company versus so many. And so many other, you know, of these DApps are just kind of, you know, they're dead in the water.

Speaker #4: They're just sitting there, kind of floating around, not doing a whole lot. They have nothing exciting to announce. The cost of being public is eating them alive.

Speaker #4: You know, we're sitting here operating at 49% gross margins, executing on our plan each and every day. To this entire team, we're incredibly proud of you.

Eric Trump: We're sitting here operating at 49% gross margins, executing on our plan each and every day. To this entire team, we're incredibly proud of you. This has been a hell of a journey. Hard to believe it's exactly 11 months right now we are ringing the bell. I know this is going to be our life's work for many, many years to come. To all the great analysts on here, thanks for the outcry of support. Some of the reviews on our company have been phenomenal. I see Clear Street on there. They've been amazing as I look up at the board. Ben, you've been incredible, and so many others. Guys, we appreciate you. We appreciate the conviction you have, and hopefully these numbers today speak for themselves.

Speaker #4: This has been a hell of a journey. Hard to believe it's exactly 11 months right now. We are ringing the bell, and I know this is going to be our life's work for many, many years to come.

Speaker #4: So, to all the great analysts on here, thanks for the outcry of support. I mean, just, you know, some of the reviews on our company have been phenomenal.

Speaker #4: I see Claire Street on there. They've been amazing as I look up at the board. And Ben, you've been incredible. And so many others.

Speaker #4: So, guys, we appreciate you. We appreciate the conviction you have, and hopefully these numbers today speak for themselves.

Operator: This concludes today's call. Thank you for joining. You may now disconnect and have a wonderful rest of your day.

Q2 2026 American Bitcoin Corp Earnings Call

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