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

American Bitcoin, backed by Donald Trump's sons, swung to a second-quarter loss due to market volatility from surging geopolitical tensions. The company's focus on mining pushed quarterly production to a record, with about 932 bitcoin mined in the second quarter.

Despite the headwinds, American Bitcoin stayed focused on what it can control, according to CEO Mike Ho. The company's net loss in the quarter was $57.2 million, compared to a profit of $3.4 million in the year-ago period. Revenue jumped to about $67 million from $30.3 million a year earlier.

Market volatility has pushed investors into a risk-off mode, piling pressure on crypto asset prices. Bitcoin prices slid over 11% in the quarter from April to June, which likely contributed to American Bitcoin's loss.