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Crypto

Trump-Backed American Bitcoin Reports Second Quarter Loss

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

The company saw a 14% increase in its holdings in Bitcoin, with over 8,000 assets held at the end of the quarter, but this was not enough to offset the losses caused by the 11% drop in Bitcoin prices from April to June.

American Bitcoin's focus on mining led to a record quarterly production of about 932 Bitcoins. CEO Mike Ho said 'Despite bitcoin headwinds in Q2, we stayed focused on what we can control.'

The company's revenue jumped to around $67 million from $30.3 million in the same period last year.

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