Trump-Linked Bitcoin Miner Posts Third Straight Quarterly Loss
Bitcoin miner American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., has posted losses for three consecutive quarters. The company reported a net loss of $57 million for the second quarter, down from $82 million in the previous quarter. Revenue rose slightly to $67 million from $62 million.
The decline in bitcoin prices continues to put pressure on American Bitcoin's asset valuation. As of June 30th, the company held about 8,000 Bitcoins, which is an increase of roughly 14% from the first quarter. However, with the spot price of Bitcoin at around $63,150 on Monday, down about 45% from a year ago, the value of these assets remains suppressed.
American Bitcoin was forced to implement a 1-for-15 reverse stock split in July this year to maintain its Nasdaq listing qualification. The company's share price has fallen about 95% from its post-listing peak, due in part to the prolonged bear market and the decline in bitcoin prices.