American Bitcoin, a bitcoin company backed by the Trump brothers, reported a net loss of $57.2 million for the second quarter, compared with a $3.4 million profit a year earlier. The company said it mined a record 932 bitcoins during the quarter, lifting its holdings to more than 8,000 BTC.
Bitcoin fell 11% over the quarter, while heightened geopolitical tensions pushed investors into a risk-off stance, according to the report cited by Channel NewsAsia. Even with those headwinds in the crypto market, American Bitcoin said revenue more than doubled year over year to about $67 million.
The company’s chief executive said the team remains focused on parts of the business it can control. The results show a quarter in which operating growth and bitcoin accumulation continued, even as earnings moved sharply into the red versus the same period last year.
American Bitcoin, a bitcoin company backed by the Trump brothers, reported a net loss of $57.2 million in the second quarter, versus a profit of $3.4 million in the same period last year.
The company mined a record 932 BTC during the quarter, bringing its holdings to more than 8,000 BTC. Bitcoin fell 11% in the period, and rising geopolitical tensions drove investors into a risk-off mode.
Even so, revenue rose more than twofold from a year earlier to about $67 million. The chief executive said the team is focused on the parts of the business it can control.
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