American Bitcoin, the mining firm co-founded by Eric Trump and backed by Donald Trump Jr., pledged nearly 40% of its Bitcoin to Bitmain for mining equipment as of June 30, 2026. The company disclosed the pledge in its Q2 earnings report, which also showed a $57.2 million GAAP loss. The 3,090 BTC — out of 8,002 total — had a carrying value of $184.9 million against a non-current miner-purchase liability of $371.7 million.
How the pledge works
The pledged coins stay on American Bitcoin's balance sheet because the company retains redemption rights and economic exposure. Redemption windows run about 24 months, and American Bitcoin can pay cash to keep the coins. A February 2026 agreement covered 11,298 miners priced at $49.4 million; 314 BTC were pledged toward 80% of the price, with the remaining 20% due one year after shipment.
A tough quarter for the books
American Bitcoin reported a $57.2 million GAAP loss in Q2 2026. That included a $71.2 million digital-asset loss, an $18.3 million derivatives gain, and $28.2 million in depreciation. The company sold 2.15 million split-adjusted Class A shares through its at-the-market program, raising $33.6 million net. Bitcoin holdings grew 14% quarter over quarter, and satoshis per share increased 11%. To avoid Nasdaq delisting due to minimum bid-price requirements, American Bitcoin executed a 1-for-15 reverse stock split.
Bitcoin price pressure
Bitcoin traded near $62,600 on August 3, 2026 — about 50% below its October 2025 peak. That decline explains much of the digital-asset loss on the quarter. The company was formed in 2025 by Hut 8 and American Data Centers, with Hut 8 holding an 80% stake. Eric Trump served as co-founder and chief strategy officer.
The next concrete milestone: the remaining 20% payment on the February miner order is due one year after shipment. American Bitcoin will need to decide whether to use cash or additional BTC to settle that obligation.
