Eric Trump’s American Bitcoin has pledged nearly 40% of its Bitcoin to buy mining equipment
American Bitcoin ended June with 8,002 BTC, of which 3,090 BTC were pledged to Bitmain for miner purchases and 4,912 BTC were unencumbered. The pledged coins stayed on the balance sheet because the company retained redemption rights and economic exposure. If American Bitcoin pays cash before each redemption window closes, it can keep the BTC; if a window expires, the pledged coins are used for the equipment purchase and removed from the balance sheet. The Q2 filing showed a $184.9 million carrying value for the pledged BTC and a $371.7 million non-current miner-purchase liability, but those figures reflect different accounting measures, not a simple loan shortfall. Most pledged BTC came from 2025 tranches, each with about a 24-month redemption window. A February 2026 deal covered 11,298 miners priced at about $49.4 million, with 314 BTC pledged toward 80% of the price. Bitcoin price changes affect economics, but redemption windows determine timing. American Bitcoin also reported a $57.2 million GAAP loss and raised $33.6 million net through an at-the-market share sale.
