Key Highlights
- American Bitcoin reported $67 million in Q2 revenue and mined a record 932 BTC, up 14% quarter-over-quarter.
- As Bitcoin treasury holdings reach 8,002 BTC, Paul Sacks has been appointed Interim CFO, effective August 4.
- Matthew Prusak resigned as President and Interim CFO, while the President role remains vacant.
The Eric Trump-led American Bitcoin has announced a major leadership transition while reporting second quarter results with record Bitcoin production.
It has appointed Paul Sacks as Interim Chief Financial Officer (CFO) following the resignation of President and Interim CFO Matthew Prusak.
The announcement coincides with American Bitcoin’s second-quarter earnings. It has reported continued growth in its Bitcoin mining operations and treasury strategy despite softer-than-expected revenue.
Who is American Bitcoin’s New CFO Paul Sacks
The executive reshuffle was disclosed in a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC). The board of directors approved Sacks’ appointment on July 31.
Sacks will continue serving as Head of Derivatives, alongside his role of American Bitcoin’sCFO.
The appointment is significant as Sacks recently joined American Bitcoin in May 2026 after serving as Co-Head of Digital Exotics at BlockFills, where he focused on institutional digital asset derivatives. Prior to that, he co-founded Digital Gamma, a firm specializing in cryptocurrency derivatives and risk management.
The company also entered into a standard indemnification agreement with Sacks, similar to those signed by its other executive officers.
The move comes after American Bitcoin’s Matthew Prusak resigned from his dual roles as President and Interim Chief Financial Officer, effective August 4.
According to the SEC filing, Prusak’s departure was voluntary and not the result of any disagreement with the company regarding its operations, accounting practices, financial reporting, or corporate policies. In his Linkedin post, Matthew announced that he is joining Giga Energy as Chief Business Officer and Interim CFO.
While American Bitcoin moved swiftly to appoint Sacks as Interim CFO, the company has not named a replacement for the President position, leaving the role vacant.
American Bitcoin Reports Record Bitcoin Production in Q2
The executive transition comes at an important stage for American Bitcoin. The Trump brothers-led company is expanding both its mining operations and Bitcoin treasury strategy.
In its Q2 2026, American Bitcoin generated $67 million in revenue even though it missed analysts’ consensus estimate of $73.8 million. Despite the revenue miss, the company delivered strong operational performance.
As per its official release, during the quarter, American Bitcoin mined a record 932 BTC, marking a 14% increase quarter-over-quarter. It also expanded its corporate Bitcoin treasury to 8,002 BTC by the end of June.
Q2 2026 was $ABTC highest quarterly Bitcoin production on record.
“Despite Bitcoin headwinds in Q2, we stayed focused on what we can control: we delivered our highest quarterly production on record, grew our strategic reserve to over 8,000 Bitcoin, and strengthened the… pic.twitter.com/050e1UyK7r
— American Bitcoin (@ABTC) August 3, 2026
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Despite missing revenue estimates as per a CoinGape report, management remained confident in its long-term strategy. CEO Mike Ho said in the earnings calls that “production, not price, drove our growth this quarter”. He emphasized that record Bitcoin output, rather than favorable market conditions, fueled the company’s performance.
Ho also reiterated the firm’s commitment to its Bitcoin treasury strategy, noting that “we did not sell a single Bitcoin from our balance sheet reserve”. This is similar to Strategy, whose Executive Chairman Michael Saylor recently clarified that the company would remain a net buyer of BTC despite speculation around a potential $5 billion Bitcoin sale.
Ho also highlighted growing competition from artificial intelligence infrastructure, saying that “since the ChatGPT moment, we’ve seen a flurry of new developers coming in to source the same power”. This comes as AI data centers are now increasingly competing with Bitcoin miners for electricity and suitable sites.
Both Eric Trump and Mike Ho reiterated American Bitcoin’s focus on scaling mining infrastructure. It now eyes improving operational efficiency, and strengthening its balance sheet through disciplined capital allocation.
Thus, with more than 8,000 BTC on its balance sheet and record quarterly Bitcoin production, the company is focusing on scaling operations while strengthening its financial leadership. Investors will now be watching for the appointment of a permanent CFO and a new President as American Bitcoin pursues its next phase of growth.
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