Trump-Backed American Bitcoin Reports Third Consecutive Quarterly Loss
Despite facing significant losses for the third consecutive quarter, American Bitcoin (ABTC.US), backed by the Trump family, continues to bet big on Bitcoin. The Miami-based company reported a second-quarter loss of $57 million, or $0.80 per share, compared to a first-quarter loss of $82 million.
The firm's revenue stood at $67 million in the second quarter, up from $62 million in the prior quarter, but this growth was overshadowed by the prolonged cryptocurrency bear market and shares of other companies with significant exposure to Bitcoin. As of June 30, American Bitcoin held approximately 8,000 Bitcoins, an increase of about 14% from the first quarter.
Founded by Eric Trump and Donald Trump Jr., American Bitcoin remains one of the few publicly listed firms focused exclusively on Bitcoin mining, a decision that has seen its share price plunge roughly 95% from its peak. The company went public in September last year but has since struggled to regain its footing.