American Bitcoin ended June with an 8,002 BTC reserve, of which 3,090 coins (38.6%) are classified as restricted under Bitmain miner-purchase agreements, with a related liability of $371.687 million. In the second quarter, the company mined 932 BTC and generated $67.015 million in revenue, but first-half operations used $63.795 million in cash and digital-asset purchases consumed another $65.316 million. At-the-market share sales provided $144.088 million in net proceeds, demonstrating that equity financing remains central to liquidity. Mining accounted for approximately 95% of second-quarter reserve growth, though nearly two-fifths of BTC remain tied to miner-purchase commitments.
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