American Bitcoin Corp. (NASDAQ: MARA) announced a leadership transition in its finance department, appointing Paul Sacks as Interim Chief Financial Officer effective August 4, 2026. The appointment coincides with the departure of Matthew Prusak, who will step down from his dual roles as President and Interim CFO on the same date. This executive shuffle ensures continuity in financial oversight as Prusk leaves to pursue a new opportunity in his hometown of Austin, Texas.

The Board of Directors approved Sacks' appointment on July 31, 2026. Sacks, 53, currently serves as the Head of Derivatives at American Bitcoin, a role he has held since May 2026. He will retain his existing responsibilities in derivatives while assuming the interim CFO duties. The company confirmed that there will be no change to Sacks' existing compensation or benefits package as part of this expanded role.

Prusak's resignation was voluntary and effective August 4, 2026. In its filing, American Bitcoin stated that Prusak's departure was not the result of any disagreement with the company regarding financial statements, operations, policies, or practices. Prusak will leave to pursue a position in Austin, Texas.

Sacks brings extensive experience in digital assets to the interim role. Prior to joining American Bitcoin, he served as Co-Head of Digital Exotics at BlockFills from November 2022 to March 2026. Before that, he was a Co-Founder and Managing Member of Digital Gamma from January 2017 to November 2022. He holds a Bachelor of Business Administration from the University of Massachusetts Amherst.

Key Leadership Changes

In connection with his appointment as an executive officer, American Bitcoin entered into an indemnification agreement with Sacks. The form of this agreement was previously filed as Exhibit 10.1 to the company's Current Report on Form 8-K filed on September 3, 2025. The filing confirms there are no arrangements or understandings between Sacks and any other person regarding his appointment. Additionally, Sacks has no family relationships with any director or executive officer of the company and holds no direct or indirect material interest in any transaction required to be disclosed under Item 404(a) of Regulation S-K.

American Bitcoin Corp. (NASDAQ: ABTC) reported a second-quarter 2026 loss of $(0.80) per share, significantly missing the analyst consensus estimate of $0.15 by 633.33 percent. The company’s quarterly sales of $67.015 million also fell short of the $70.650 million estimate, missing by 5.15 percent. Despite these misses against market expectations, the results represent a substantial year-over-year improvement in top-line growth, with sales rising 121.28 percent from $30.285 million in the same period last year. The earnings decline reflects a 1433.33 percent drop from the $0.06 per share profit recorded in Q2 2025.

The divergence between the company’s operational expansion and its financial performance highlights the impact of market volatility on profitability metrics. While American Bitcoin achieved record Bitcoin production and expanded its strategic reserve, the net loss widened due to significant unrealized losses on digital assets. The company generated mining revenue of ~$67.0 million, an ~8% increase from the prior quarter, but this was offset by a $71.18 million loss on digital assets, down from $117.19 million in Q1 2026. Operating expenses totaled $107.09 million, including $28.24 million in depreciation and amortization.

Operational Performance

Mining production surged to ~932 BTC in Q2 2026 from ~817 BTC in Q1 2026, marking a record high for the firm. This output represents ~26% of the total Bitcoin mined since the company’s launch in March 2025. The cost to mine remained stable at ~$36,500 per Bitcoin, compared to ~$36,200 in the previous quarter. Revenue per Bitcoin mined was ~$71,900, down ~5% from ~$76,000, reflecting broader price declines but holding up better than the general market trend. General & Admin Expense remained flat as a percentage of revenue at ~$7.7 million.

Infrastructure Expansion

In April 2026, American Bitcoin completed the full energization of ~11,298 next-generation miners at Hut 8’s Drumheller site. This addition contributed ~3.05 EH/s of hashrate at an efficiency of ~13.5 joules per terahash (J/TH). As of quarter-end, the total owned fleet consisted of ~89,242 miners with ~28.1 EH/s capacity. Post-energization, the operational fleet grew to ~58,999 miners producing ~25.0 EH/s at an average efficiency of ~14.1 J/TH. This infrastructure scale supports the company’s strategy of building America’s Bitcoin backbone through self-mining operations.

Financial Results

The company reported a net loss of $57.15 million for the three months ended June 30, 2026, compared to a net loss of $81.79 million in the prior quarter. Adjusted EBITDA stood at a loss of $45.03 million, an improvement from the $91.28 million adjusted EBITDA loss in Q1 2026. Other income included a $18.32 million gain on derivatives. CEO Mike Ho stated that the company focused on controllable factors, delivering its highest quarterly production on record to compound Bitcoin per share for shareholders across market cycles. Co-founder and Chief Strategy Officer Eric Trump emphasized the company’s conviction in Bitcoin, noting the transition from an idea to one of the world’s largest mining platforms in just over a year.

What the Numbers Show

The primary driver of the earnings miss is the classification of digital asset losses within the net income calculation, which contrasts sharply with the operational success measured by Bitcoin production volume. While mining revenue grew 121.28% year-over-year, the inability to capture the full value of the mined Bitcoin in the current period’s P&L due to unrealized losses created a disconnect between operational scale and reported EPS. The narrowing of the adjusted EBITDA loss suggests improving operational efficiency, even as headline EPS deteriorated against analyst expectations.