American Bitcoin Corp. (Nasdaq: ABTC) reported Q2 FY2026 revenue of $67.0M, up roughly 121% from $30.3M in Q2 FY2025, and produced 932 Bitcoin during the quarter - a record that pushed the strategic reserve past 8,000 Bitcoin for the first time. Satoshis per share advanced 11% sequentially, from roughly 9,943 to 10,989, on only 3% share dilution over the same window, which is the operating signal the equity story is meant to deliver. The reported quarter, however, was obscured by a $71.2M mark-to-market loss on digital assets as Bitcoin declined from approximately $68,222 at the start of April to approximately $59,847 at quarter-end, dragging GAAP net loss to $57.2M against $3.4M of net income a year earlier. Stripping the non-cash mark, Adjusted EBITDA was a $45.0M loss against a $15.2M gain a year ago, with the gap driven by a 122% increase in D&A as the Vega and Drumheller deployments came onto the depreciable asset base. The Q2 print is the first clean read on a now-fully-built mining fleet, and the load-bearing question for the next six months is whether cost to mine can stay near the $36,500 per Bitcoin the company printed while Bitcoin price holds above the level that matters for the $371.7M miner-purchase liability.