Trump-Backed American Bitcoin Posts $57M Loss as Holdings Swell
American Bitcoin, backed by President Donald Trump's son Eric, has reported a net loss of $57.2 million for the second quarter of 2026. The mining firm attributed the biggest reason for this loss to an unrealized loss on its digital asset holdings, totaling $71.2 million.
Despite the significant financial blow, American Bitcoin continued to grow its operations and increased its Bitcoin holdings by 14% to more than 8,000 BTC. A notable portion of these holdings has been pledged under miner purchase agreements with Bitmain.
The company's mining business remained strong, with mining revenue increasing 8% quarter over quarter to $67 million. Chief Executive Officer Mike Ho emphasized that the company remains focused on building long-term value rather than reacting to short-term price swings.