American Bitcoin Names Paul Sacks Interim CFO as Matthew Prusak Departs
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Key Takeaways
- Matthew Prusak resigns as President and Interim CFO effective August 4, 2026, to pursue a role in Austin, Texas.
- Head of Derivatives Paul Sacks will serve as Interim CFO starting August 4, with no change to his current compensation.
American Bitcoin (NASDAQ: ABTC) has appointed derivatives executive Paul Sacks as interim CFO after Matthew Prusak said he would step down as president and interim CFO, reshaping the bitcoin miner’s leadership as it reports a narrower quarterly loss and expands its bitcoin holdings.
Sacks will take the finance role on Aug. 4 while continuing as head of derivatives, a position he has held since May, according to a regulatory filing Monday. His compensation and benefits will remain unchanged.
Prusak, who notified the company of his decision on July 30, is leaving to pursue a position in his hometown of Austin, Texas. His resignation was voluntary and didn’t result from a disagreement over American Bitcoin’s financial statements, operations, policies or practices, the company said. American Bitcoin didn’t identify a replacement for Prusak as president or say when it expects to appoint a permanent CFO.
Sacks, 53, joined American Bitcoin after serving as co-head of digital exotics at cryptocurrency trading-technology provider BlockFills from November 2022 through March 2026. He previously co-founded and managed Digital Gamma, a digital-asset trading and financial-technology business.
The appointment gives an executive with derivatives experience responsibility for American Bitcoin’s finances as the company uses hedging instruments and manages a growing bitcoin balance sheet. American Bitcoin reported an $18.3 million derivatives gain in the second quarter, compared with $37.3 million in the preceding three months.
The leadership change was disclosed the same day American Bitcoin released its second-quarter results. Revenue increased 8% from the first quarter to $67 million, while the net loss narrowed to $57.2 million from $81.8 million.
The quarter included a $71.2 million loss on digital assets, down from $117.2 million in the first quarter. Adjusted earnings before interest, taxes, depreciation and amortization remained negative at $45 million, compared with a negative $91.3 million in the prior period.
American Bitcoin mined about 932 bitcoin during the quarter, its highest quarterly production, up from 817 in the first quarter. Its holdings increased 14% to approximately 8,002 bitcoin as of June 30. That total included about 3,090 bitcoin pledged under agreements to purchase mining equipment from Bitmain.
Mining revenue per bitcoin produced declined about 5% to $71,900 as the cryptocurrency’s price fell during the quarter. The company said its cost to mine each bitcoin was roughly $36,500, little changed from $36,200 in the preceding period, while gross margin remained near 50%.
The miner ended June with an owned fleet of about 89,242 machines representing 28.1 exahashes per second of capacity. Its operating fleet totaled about 58,999 miners producing 25 exahashes per second after the energization of additional machines at majority owner Hut 8 (NASDAQ: HUT) Corp.’s Drumheller site in Alberta.
American Bitcoin, co-founded by Eric Trump and launched in March 2025, began trading on the Nasdaq in September following a merger with Gryphon Digital Mining. The company completed a one-for-15 reverse stock split on July 2.
