Trump brothers-backed American Bitcoin swings to second-quarter loss
FILE PHOTO: Eric Trump, Co-Founder and Chief Strategy Officer of American Bitcoin Corp., speaks during the the opening bell ceremony at the Nasdaq Market in New York City, U.S., September 16, 2025. REUTERS/Brendan McDermid/File Photo
Aug 3 : American Bitcoin, backed by two of U.S. President Donald Trump's sons, swung to a second-quarter loss on Monday, hurt by a selloff in the cryptocurrency.
Market volatility from surging geopolitical tensions has pushed investors into a risk-off mode, piling pressure on crypto asset prices.
Here are some details:
• American Bitcoin's holdings in the asset grew to over 8,000 in the quarter, a 14 per cent jump from the prior quarter
• Its focus on mining pushed quarterly production to a record, with about 932 bitcoin mined in the second quarter
• Bitcoin prices slid over 11 per cent in the quarter from April to June.
• "Despite bitcoin headwinds in Q2, we stayed focused on what we can control," CEO Mike Ho said.
• Net loss in the quarter was $57.2 million, compared with a profit of $3.4 million in the year-ago period.
• Revenue jumped to about $67 million from $30.3 million a year earlier.
