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Trump-Backed American Bitcoin Posts Second Quarter Loss

Guavy AI Editorial Team
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American Bitcoin, backed by Donald Trump's sons, posted a net loss of $57.2 million in the second quarter due to market volatility and declining cryptocurrency prices.

The company's focus on mining allowed it to produce a record 932 bitcoins in the quarter, but this was not enough to offset losses from its holdings in Bitcoin.

American Bitcoin's holdings in Bitcoin grew by 14% in the quarter to over 8,000 units, while prices slid by 11% from April to June.

CEO Mike Ho stated that despite the challenges, the company remained focused on what it could control.

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