American Bitcoin Reports Third Consecutive Quarterly Loss Amid Crypto Bear Market
The Trump family's Bitcoin mining company, American Bitcoin, has reported its third consecutive quarterly loss. The company, which is co-founded by Eric Trump and Donald Trump Jr., posted a net loss of $57 million for the second quarter.
This marks a decline from the prior quarter's loss of $82 million, but revenue rose slightly to $67 million, up from $62 million in the same period last year. The company's share price has plummeted by approximately 95% from its post-listing peak.
American Bitcoin implemented a 1-for-15 reverse stock split in July to maintain its Nasdaq listing eligibility. Despite the losses, Eric Trump stated during a conference call that the company remains committed to Bitcoin mining and is confident in its ability to navigate the bear market cycle due to its low mining costs.
The company's holdings of approximately 8,000 Bitcoins have been affected by the decline in Bitcoin prices, which fell by 14% during the same period. As a result, American Bitcoin's asset valuation remains under pressure.