Trump-Backed Bitcoin Miner Posts Third Straight Quarterly Loss

American Bitcoin (ABTC), a bitcoin mining company founded by Eric Trump and Donald Trump Jr., has posted its third consecutive quarterly net loss of $57.2 million.

This is a significant improvement from the previous quarter's net loss of $82 million, but still reflects the challenges faced by the virtual asset market.

The company reported revenue of $67 million in Q2, an increase from the first quarter, but non-cash valuation losses of $71.2 million resulted in the net loss.

ABTC's stock price has plummeted about 95% since its listing on Nasdaq last year, and it recently underwent a 15-to-1 par value merger to meet listing requirements.