Eric Trump-Backed American Bitcoin Shares Skyrocket on Beating Revenue Estimates

American Bitcoin Corp., backed by Eric Trump, saw its shares jump as much as 10% in pre-market trading after reporting fourth-quarter revenue that more than doubled Wall Street's expectations.

The company reported $185.2 million in fourth-quarter revenue, significantly higher than the estimated $80 million from analysts on Wall Street, according to Koyfin data.

Despite a net loss of $153.2 million, investors remained upbeat, possibly due to the removal of non-cash Bitcoin accounting adjustments. The company attributed its net loss to a $227.1 million mark-to-market loss on Bitcoin resulting from fair-value accounting adjustments.