I just reviewed American Bitcoin's numbers, and honestly, the quarter was quite challenging. They reported a net loss of $81.8 million with revenues of only $62.12 million, falling well below what analysts expected. The interesting part is that much of that decline came from the mark-to-market valuation of their Bitcoin holdings, as the price dropped about 22% during the period.

What did catch my attention is that they managed to significantly improve their Bitcoin mining cost. They reduced it to $36,200 per mined BTC, a 23% improvement compared to the previous quarter. That's much better than the average of other publicly traded miners, which hovers around $80,000. It seems that energy price discipline is working, in addition to spreading their fixed costs over a larger volume.

Another thing they noted is that they added 1,620 bitcoins to their strategic reserve during these three months, reaching a total of 7,021 BTC. That makes them the sixteenth-largest Bitcoin holder among public companies. But of course, the overall context is that other miners are pivoting toward AI and selling Bitcoin to fund that transition. American Bitcoin seems to be playing a different game, focusing on accumulating and improving efficiency in Bitcoin mining.

The stock fell 2.3% after these results. I guess the market was expecting less negative numbers, although considering the overall Bitcoin decline during the quarter, the operating result wasn't that bad.