American Bitcoin Posts Q2 Loss Despite Record Mining Output and Higher Revenue
American Bitcoin, a cryptocurrency mining company backed by two sons of US President Donald Trump, reported a net loss in Q2 despite record mining output. The company's bitcoin holdings increased by 14% during the quarter to more than 8,000 bitcoins.
American Bitcoin's mining operations produced a record 932 bitcoins between April and June, but a decline in bitcoin prices offset this gain. The company cited broader market volatility driven by heightened geopolitical tensions as the reason for the price drop.
The loss was $57.2 million for the quarter, compared with a profit of $3.4 million in the same period last year. Despite this, revenue more than doubled to approximately $67 million, up from $30.3 million a year earlier, driven by increased mining activity.
Chief Executive Officer Mike Ho said, 'Despite bitcoin headwinds in Q2, we stayed focused on what we can control.'