Trump-Backed American Bitcoin Surges Past 8,000 BTC Holdings
Bitcoin mining company American Bitcoin has significantly expanded its treasury after producing a record 932 BTC in Q2, according to a recent report. This brings the company's total holdings to approximately 8,002 BTC, valued at around $512 million.
The company saw a notable increase in its mining revenue, reaching $67 million during the quarter, while its cost to mine each Bitcoin remained relatively steady at about $36,500. Despite a weaker Bitcoin price and higher energy costs, American Bitcoin managed to narrow its quarterly net loss from $81.8 million in Q1 to $57.2 million.
Co-founder Eric Trump emphasized the company's focus on delivering relentless growth and building a strong foundation for long-term success. CEO Mike Ho expressed optimism about the future of the company, stating that it is an operating business with a competitive advantage through its scaled infrastructure.