American Bitcoin built an 8,002 BTC reserve, but nearly 40% of it is quietly tied up with Bitmain
American Bitcoin mined about 932 BTC in Q2 and reported $67.0 million in revenue. By June 30, it held 8,002 BTC, up about 981 BTC from March 31, with mining accounting for most of the increase. Holdings rose faster than share count, so implied BTC per share still increased despite dilution. First-half cash flows did not show a self-funding reserve strategy. Operations used $63.8 million in cash, digital-asset purchases used $65.3 million, and the main funding source was $144.1 million from at-the-market share sales. The filing does not tie those proceeds to any specific use. Reported per-BTC economics are not fully loaded because depreciation and amortization were excluded from the stated cost metric. The $57.2 million GAAP net loss also did not equal cash burn because it included large noncash fair-value and derivative adjustments. About 3,090 BTC, or 38.6% of holdings, were restricted under Bitmain-related purchase agreements.
