American Bitcoin Surges with Record-Q2 BTC Output and Narrowed Losses

American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., reported record-breaking Bitcoin production in the second quarter. The company's mining output lifted revenue by 8% to $67 million from $62.1 million.

The Nasdaq-listed miner achieved this milestone despite a net loss of $57.2 million, narrowing from a $81.8 million Q1 loss. This improvement in financials comes after American Bitcoin completed a 1-for-15 reverse stock split last month to maintain its Nasdaq listing.

The company's shares closed at $5.52 on Friday and edged up less than 0.5% in premarket activity on Monday, according to Yahoo Finance. As of June 30, American Bitcoin held about 8,002 BTC and had pledged about 3,090 tokens under agreements with Bitmain to purchase mining equipment.