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American Bitcoin holds 8,002 BTC after mining and reserve buildout
The miner ended June with 8,002 BTC, while first-half cash uses of $129.1 million relied heavily on ATM share sales rather than being self-funded by operating cash flows.
American Bitcoin said it ended June with 8,002 BTC after mining about 932 BTC in the second quarter, with Q2 revenue reported at $67.015 million.
CryptoSlate reports that American Bitcoin’s reserve buildout was not fully self-funded by operations. In the six months through June 30, the company used $63.795 million for operations and $65.316 million for digital-asset purchases, while recording $144.088 million of net proceeds from at-the-market share sales as its main financing inflow.
On a holdings basis, mining accounted for most of the quarter’s BTC increase, with BTC holdings rising by about 981 BTC from March 31 to June 30 and the 932 BTC produced equaling roughly 95% of that increase. The filing also notes that the ATM remained available after a July reverse split, keeping future equity issuance relevant even as BTC per share increased.
American Bitcoin said not all of its BTC reserves were freely available, classifying 3,090 BTC, or 38.6% of holdings, as restricted under Bitmain miner-purchase agreements, and recording a $371.687 million related liability.
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