Trump-Backed American Bitcoin Posts Second Straight Quarterly Loss
American Bitcoin Corp, co-founded by Eric Trump and Donald Trump Jr, reported its second consecutive quarterly loss after a decline in the value of its Bitcoin holdings. The company posted a $57 million loss, or 80 cents per share, for the second quarter compared to a $82 million loss in the first quarter.
Revenue was $67 million, up from $62 million in the previous quarter. The price of Bitcoin slipped 14% during this period, trading at around $63,150 on Monday. American Bitcoin's holdings increased by about 14% to around 8,000 tokens as of June 30.
Eric Trump, chief strategy officer, defended the company's approach: 'Bitcoin does not move in a straight line, and we've never built this company assuming it would. We understand the headwinds faced by this industry this year. But our conviction is unchanged.'