Trump-Backed Miner Posts Third Straight Quarterly Loss

American Bitcoin Corp., backed by the Trump family, has posted its third consecutive quarterly loss. The Miami-based company reported a net loss of $57 million in the second quarter, after losing $82 million in the first three months of the year.

The firm's revenue reached $67 million, up from $62 million in the prior quarter, but this was not enough to offset the decline in Bitcoin's value. The price of Bitcoin slipped 14% during the quarter that ended June 30 and has fallen roughly 45% over the past year.

American Bitcoin is unusual among publicly traded miners as it still concentrates exclusively on producing new Bitcoin, unlike many industry peers who have shifted toward building computing infrastructure for artificial-intelligence companies.

Eric Trump, the company's chief strategy officer, stated that 'Bitcoin does not move in a straight line' and emphasized that the firm has never assumed it would. He added that their conviction remains unchanged despite the headwinds faced by the industry this year.