American Bitcoin Posts Q2 Loss Amid Cryptocurrency Price Volatility

American Bitcoin, backed by Donald Trump's sons, has swung to a net loss in its second quarter results. The company reported a net loss of $57.2 million compared to a profit of $3.4 million in the same period last year.

The loss was mainly due to a selloff in cryptocurrency prices, which fell over 11% from April to June. Despite this, American Bitcoin's revenue jumped to about $67 million from $30.3 million a year earlier.

CEO Mike Ho attributed the company's focus on mining as one of the reasons for its record quarterly production of about 932 bitcoin mined in the second quarter.