Trump-Backed American Bitcoin Reports Third Straight Quarter of Losses
American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., reported a net loss of $57 million in the second quarter, its third consecutive quarter of losses.
The company's revenue slightly increased from $62 million to $67 million, but this was not enough to offset the decline in cryptocurrency prices, particularly Bitcoin, which fell by 14% during the same period.
To maintain its listing qualifications on Nasdaq, American Bitcoin implemented a 1-for-15 reverse stock split in July. The company's stock price has dropped approximately 95% from its peak at the time of listing.
As of June 30, American Bitcoin held approximately 8,000 Bitcoins, but their asset valuation continues to be under pressure due to the decline in cryptocurrency prices.