Trump-backed Bitcoin company makes key move amid quarterly loss

Trump-backed Bitcoin company makes key move amid quarterly loss

Arjun Parashar

Tue, August 4, 2026 at 11:00 PM GMT+3 2 min read

• BTC-USD +1.06%
• ABTC +6.51%

American Bitcoin appointed Paul Sacks as its interim chief financial officer after President and interim CFO Matthew Prusak resigned, a day after the Trump-backed Bitcoin miner reported its second-quarter earnings.

The company said Prusak would step down effective Aug. 4 to pursue a new role at AI infrastructure firm Giga Energy. Sacks, who has served as American Bitcoin's head of derivatives since May, will assume the interim CFO role while retaining his current position.

The leadership reshuffle came after American Bitcoin reported mixed second-quarter results.

Related: Jim Cramer rethinks Bitcoin after IBM CEO's three-year warning

Revenue rose 8% quarter-over-quarter to $67 million, but the company swung to a net loss of $57.2 million as lower Bitcoin prices and digital asset losses weighed on results.

Despite the weaker bottom line, the miner posted record quarterly production of 932 Bitcoin, while its treasury expanded to more than 8,000 BTC.

American Bitcoin launched in 2025 and majority owned by Hut 8, trades on the Nasdaq under the ticker ABTC.

Trump-backed miner grows Bitcoin holdings despite weak quarter

American Bitcoin's second-quarter digital asset loss totaled $71.2 million, while adjusted EBITDA was negative $45 million.

The results followed a weak first quarter, when American Bitcoin reported an $81.8 million net loss after Bitcoin prices fell about 22%, though management highlighted improving mining economics.

During that quarter, the company cut its cost to mine one Bitcoin to roughly $36,200 from $46,900 and grew its treasury to more than 7,000 BTC.

Mining revenue per Bitcoin fell 5% to roughly $71,900 as Bitcoin prices declined during the second quarter of 2026, while the cost to mine one Bitcoin remained relatively stable at about $36,500.

The company also expanded its fleet to 89,242 owned miners with 28.1 EH/s of capacity.

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During the earnings call, investors asked CEO Mike Ho whether American Bitcoin would consider selling part of its Bitcoin treasury, similar to recent moves by Michael Saylor's Strategy, to support share buybacks or improve corporate economics.

Ho declined to commit to selling Bitcoin, saying the company's "North Star" remains increasing "Bitcoin per share."

He noted Bitcoin holdings increased about 14% during the quarter while shares outstanding rose roughly 3%, resulting in an approximately 11% increase in Bitcoin per share.

Eric Trump, the company's co-founder and chief strategy officer, reinforced that approach, telling investors:

"We are absolute Bitcoin maximalists. I mean, Bitcoin is obviously still leading the way. Cryptocurrency in general, but Bitcoin has such an incredible future."

American Bitcoin ended the quarter with more than 8,000 BTC on its balance sheet following its strongest mining quarter to date. Its shares traded at $5.97, up 2.05% on the day at press time.

Related: If you invested $1,000 in gold, Bitcoin and $TRUMP on Inauguration Day, here is what each is worth today

This story was originally published by TheStreet on Aug 4, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.