Trump-Backed Bitcoin Miner American Bitcoin Extends Quarterly Loss Streak

American Bitcoin, a bitcoin mining company co-founded by Eric Trump and Donald Trump Jr., has reported consecutive quarterly losses for the third time. The company's second-quarter net loss came in at $57 million, or 80 cents per share, narrowing from last quarter's $82 million. Despite a slight increase in revenue to $67 million from $62 million last quarter, the bear market has taken its toll on the company's stock price, which has plummeted by approximately 95% from its peak.

As part of measures to maintain its Nasdaq listing, American Bitcoin was forced to implement a 1-for-15 reverse stock split in July. The company's bitcoin holdings stand at around 8,000 units as of June 30, up about 14% from the first quarter. However, with a current price of approximately $63,150 per unit, the company's assets are still valued lower due to a year-on-year decline of around 45%.

Eric Trump, Chief Strategy Officer at American Bitcoin, stated in a phone call after the earnings release: 'Bitcoin never goes straight up or down. We never assumed it would when we started this company.' He emphasized that the company's focus on bitcoin mining has allowed it to maintain its position despite industry shifts towards artificial intelligence infrastructure services.