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Trump-Backed American Bitcoin Posts Second-Quarter Loss Amid Market Volatility

Guavy AI Editorial Team
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BTC
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American Bitcoin, backed by Donald Trump's sons, posted a second-quarter loss of US$57.2 million due to market volatility and a decline in Bitcoin prices.

The company's focus on mining led to a record-breaking quarterly production of about 932 Bitcoins, but this was not enough to offset the selloff in cryptocurrency markets.

American Bitcoin's holdings in the asset grew by 14% to over 8,000 in the quarter, while revenue jumped to US$67 million from US$30.3 million a year earlier.

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