American Bitcoin pledges nearly 40% of BTC to Bitmain miners

American Bitcoin pledged 3,090 of its 8,002 BTC reserve to Bitmain under miner-purchase agreements. The pledged coins remain on the company’s balance sheet because American Bitcoin retains the right to redeem them with cash before each contract’s redemption window closes. If a redemption window expires without payment, the pledged BTC will be applied to equipment purchases and removed from the balance sheet.

Filings for the quarter ended June 30 show the pledged coins had a combined carrying value of $184.9 million. The company also recorded a $371.7 million non-current miner-purchase liability tied to the purchase and redemption agreements. The carrying value reflects the digital assets’ fair value at quarter end, while the liability reflects the contractual obligations under the miner-purchase arrangements.

American Bitcoin began operations in 2025 after a combination of Hut 8 and American Data Centers. Eric Trump and Donald Trump Jr. backed the venture. At launch, Hut 8 held an 80% stake and Eric Trump served as co-founder and chief strategy officer. Most of the pledged balance came from several 2025 tranches totaling 2,776 BTC, with additional pledges added later.

Under the Bitmain miner-purchase contracts, each pledged tranche typically has a redemption window of about 24 months from its pledge date. During each window American Bitcoin can pay cash to retain economic exposure to the pledged BTC. If the company does not exercise that option before the window expires, the pledged coins are applied to the equipment purchase.

A February 2026 agreement covered 11,298 miners priced at about $49.4 million. American Bitcoin pledged 314 BTC toward roughly 80% of that price. The remaining 20% is due one year after shipment and may be settled in cash, Bitcoin at a pre-agreed floor price, or a combination of both. The contracts set redemption timing rather than tying settlement to Bitcoin’s market price.

Market prices affect the dollar value of pledged and unpledged coins. On Aug. 3, Bitcoin traded near $62,600, which would value the pledged pool at about $193 million and the remaining 4,912 BTC on the balance sheet at roughly $307 million. The June 30 accounting balances follow different valuation rules, so filing figures and spot market values can differ.

American Bitcoin reported a GAAP net loss of $57.2 million for the second quarter, which included a $71.2 million digital-asset loss, an $18.3 million gain on derivatives and $28.2 million of depreciation and amortization. To raise liquidity during the quarter, the company sold 2.15 million split-adjusted Class A shares through an at-the-market program, netting $33.6 million and increasing shares outstanding by about 3%. Reported Bitcoin holdings rose 14% quarter over quarter and satoshis per share increased about 11%.

The timing and accounting treatment of the pledged BTC depend on the individual redemption windows in the contracts. If those windows expire without redemption, the company’s reserve will be reduced by the amount of BTC used to pay for the miners.