American Bitcoin, the company co-founded by Eric Trump and backed by Hut 8, held 8,002 BTC as of June 30, with 3,090 BTC (38.6%) pledged to Bitmain for mining equipment under redemption agreements that keep the coins on its balance sheet. The pledged Bitcoin carried a $184.9 million carrying value against $371.7 million in miner-purchase liabilities, and the company reported a Q2 GAAP loss of $57.2 million. Despite the loss, American Bitcoin raised $33.6 million through equity sales and grew its Bitcoin reserves by 14% quarter over quarter. Each redemption window, roughly 24 months long, determines when American Bitcoin must choose between paying cash to keep the pledged coins or letting them settle equipment purchases.
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