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American Bitcoin pledges 38.6% of reserves to Bitmain for mining gear
In its Q2 filing, American Bitcoin reported 3,090 BTC pledged to Bitmain and said redemption windows, not Bitcoin price moves, govern when cash action is required.
American Bitcoin disclosed in its Q2 filing that it ended June with 8,002 BTC in reserve. Nearly two-fifths of that total, 3,090 BTC, had been pledged to Bitmain under mining equipment purchase arrangements.
The company said the remaining 4,912 BTC were not part of the disclosed miner-purchase pledge. American Bitcoin also stated the pledged coins stayed on its balance sheet because it retained redemption rights and economic exposure, with the ability to pay cash before each redemption window closes.
The filing described separate accounting lines for the pledged Bitcoin and the related miner-purchase obligations. It placed a $184.9 million carrying value on the pledged Bitcoin as of June 30 and booked a $371.7 million non-current miner-purchase liability tied to the purchase and redemption agreements.
American Bitcoin said the redemption windows determine when it must take action, and that no automatic trigger is set off by changes in Bitcoin’s price. It also described prior tranches that totaled 2,776 BTC pledged in 2025 and noted that Bitmain agreements can be satisfied through cash, Bitcoin valued at an agreed floor, or a combination, depending on the specific tranche terms.
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