Eric Trump’s American Bitcoin has pledged nearly 40% of its Bitcoin to buy mining equipment

American Bitcoin ended June with 8,002 BTC. Nearly two-fifths of that total, or 3,090 BTC, had been pledged to Bitmain for mining equipment. The other 4,912 BTC remain outside the disclosed miner-purchase pledge.The company was formed in 2025 by Hut 8 and American Data Centers, backed by Eric Trump and Donald Trump Jr. Hut 8 held an 80% stake at launch, while Eric Trump served as co-founder and chief strategy officer.The pledged Bitcoin equaled 38.6% of the reserve, and the coins remained on the balance sheet because the company retained redemption rights and economic exposure.American Bitcoin can pay cash before each redemption window closes to keep the coins. If a window expires, the pledged BTC is used for the purchase of the equipment and removed from the balance sheet.How the Bitmain pledge worksThe Q2 filing put a $184.9 million carrying value on the pledged Bitcoin and booked a $371.7 million non-current miner-purchase liability. Those numbers measure different things.The first represents the coins’ fair value on June 30, while the second reflects the purchase and redemption agreements. Reading them as a loan-to-value ratio or an immediately payable shortfall would combine t...