American Bitcoin built an 8,002 BTC reserve, but nearly 40% of it is quietly tied up with Bitmain

Aug. 7, 2026 at 10:50 am GMT • 2 min read 01 American Bitcoin mined 932 BTC in Q2 and ended June with 8,002 BTC. 02 ATM sales raised $144.1 million in the first half, funding most of the $129.1 million in disclosed cash uses. 03 Mining lifted BTC per share 10.52%, but 3,090 BTC remained restricted under Bitmain purchase agreements.American Bitcoin mined approximately 932 BTC and reported $67.015 million in revenue in the second quarter. But its six-month cash flows do not show that the broader reserve strategy was self-funding. The miner finished June with 8,002 BTC, while first-half operations used $63.795 million in cash and digital-asset purchases used another $65.316 million.The cash-flow statement records $144.088 million of net proceeds from at-the-market share sales as the period’s principal financing inflow. American Bitcoin sold 7,755,671 Class A shares through the ATM during the first half, including 2,151,127 shares that produced $33.585 million of net proceeds in the second quarter. The filing does not say those dollars were earmarked for a particular expense or Bitcoin purchase. Still, the two disclosed cash uses totaled $129.111 million, showing that equity was centra...