Key Highlights

  • Second-quarter 2026 Revenue was $67.0 million, with a net loss of $57.2 million driven largely by a $71.2 million loss on digital assets.
  • The company mined about 932 Bitcoin in the quarter and held about 8,002 bitcoin at 30 June 2026, up about 14 per cent from 31 March.
  • Matthew Prusak stepped down as president and interim chief financial officer from 4 August, with Paul Sacks appointed interim chief financial officer.

The company and its background

American Bitcoin Corp. (NASDAQ:ABTC) is the company formerly known as Gryphon Digital Mining, according to SEC records, which show the name change taking effect in September 2025. A one-for-fifteen Reverse Stock Split took effect on 2 July 2026.

Second-quarter results

The company reported second-quarter 2026 results on 3 August, with a call at 8:30 am Eastern Time the same day, and filed its Quarterly Report with the SEC on that date. Revenue was $67.0 million, up about 8% from $62.1 million in the first quarter. Cost of revenue was $34.0 million, giving a gross Margin of about 49%, against about 52% in the first quarter.

The operating loss was $74.1 million and the net loss was $57.2 million. The first-quarter figures were $118.2 million and $81.8 million. The release shows a loss on digital Assets of $71.2 million in the second quarter, which accounts for most of the operating loss. The first-quarter loss on digital assets was larger, at $117.2 million.

Adjusted EBITDA was negative $45.0 million, against negative $91.3 million. General and administrative expenses were $7.7 million, up from $6.9 million and roughly 11% of revenue in both quarters. Stock-based compensation was $812,000, up from $296,000.

Production and the reserve

The company mined about 932 bitcoin in the quarter, the highest quarterly total for the company and up from about 817 in the first quarter. Revenue per bitcoin mined was about $71,900, down about 5%, while the cost to mine was about $36,500 per bitcoin, against about $36,200.

Holdings rose to about 8,002 bitcoin at 30 June 2026 from about 7,021 at 31 March, an increase of around 14%. About 3,090 of those bitcoin were pledged for miner purchases under agreements with Bitmain. The company reported about 10,989 satoshis per share, up roughly 11%, while shares outstanding grew about 3%.

Fleet and capacity

The owned fleet at quarter end comprised about 89,242 miners with capacity of about 28.1 exahashes per second. The operational fleet, after the Drumheller deployment, was about 58,999 miners producing about 25.0 exahashes per second at an average efficiency of about 14.1 joules per terahash.

In April, about 11,298 next-generation miners were energised at Hut 8's Drumheller site, adding about 3.05 exahashes per second at about 13.5 joules per terahash. The company has set no numeric guidance in the release; its stated goals are qualitative, such as compounding bitcoin per share.

Leadership and disclosure

On 30 July Matthew Prusak gave notice that he would step down as president and interim chief financial officer from 4 August. The board appointed Paul Sacks, head of Derivatives since May 2026, as interim chief financial officer from the same date. The filing says the resignation was voluntary and not due to any disagreement with the company.

The release did not disclose cash or Debt balances, which are set out in the quarterly report. Because bitcoin is held on the balance sheet, reported profit can swing with the digital asset price, as the second-quarter loss on digital assets shows. Points to follow include production against 932 bitcoin, cost to mine against $36,500, holdings above 8,000, and any change in the 3,090 pledged bitcoin.