<\/p>\n
American Bitcoin Corp, the Trump family-backed miner launched last year just before the cryptocurrency tumbled from record highs, posted a third consecutive quarterly loss after a decline in the value of its holdings.<\/p>\n
The loss was $57 million, or 80 cents a share, in the second quarter, compared with a loss of $82 million in the first quarter, the Miami-based company said in a statement Monday. Revenue was $67 million, compared with $62 million in three-months ended March 31.<\/p>\n
American Bitcoin, co-founded by Eric Trump and Donald Trump Jr, has been one of the few public companies that stayed solely focused on minting the token amid an industry wide pivot to be the infrastructure providers to support artificial intelligence firms.<\/p>\n
\u201cBitcoin does not move in a straight line, and we\u2019ve never built this company assuming it would. We understand the headwinds faced by this industry this year. But our conviction is unchanged,\u201d Eric Trump, chief strategy officer, said during a conference call after the release of the results.<\/p>\n
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The price of the digital currency slipped 14% in the three months ended June 30. Bitcoin traded at around $63,150 on Monday, and is down roughly 45% in the past year.<\/p>\n
Eric Trump. Image: Michael M. Santiago\/Getty Images<\/p>\n
While the company has touted more efficient mining operations and higher computing power, the ongoing crypto bear market has dragged down its shares and those of other companies that have large or leveraged exposures to Bitcoin. American Bitcoin increased its Bitcoin holding to around 8,000 tokens as of June 30, an increase about 14% from the first quarter.<\/p>\n
After debuting with much fanfare in September, the stock has slumped around 95% from its peak, prompting the company to do a 1-for-15 reverse stock split in July to maintain its Nasdaq listing. The shares were down about 3.3% to $5.34 as of 9:57 a.m. in New York.<\/p>\n
American Bitcoin is also among the slew of companies that declared themselves digital asset treasury firms, or DATs, while the value of the token soared after the election of Donald Trump to a second US presidential term.<\/p>\n
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\u201cWhere I somewhat get annoyed is that we get lumped in the same bucket with DATs,\u201d Eric Trump said. \u201cDATs that are stagnant, DATs that have to go out and buy Bitcoin and other cryptocurrencies at fair market price. Our advantage is we\u2019re not buying at fair market price. Our advantage is that we\u2019re mining for roughly $0.50 on the dollar.\u201d<\/p>\n
The company is one of many crypto ventures backed by the Trump family, alongside projects such as the decentralised finance platform World Liberty Financial. Donald Trump was the biggest US crypto moneymaker last year with at least $1.4 billion generated from his crypto ventures, financial disclosures show.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Trump #familylinked #bitcoin #miner #posts #secondquarter #loss<\/p>\n","protected":false},"excerpt":{"rendered":"
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